Author(s): M Anthony, S Sasikumar
The world of money and finance is transforming before our eyes (Bryan Zhang Cofounder and Executive Director). The advent of Crypto currency is a phenomenon which influences and attracts the businessmen. Crypto currencies are based on block chain technology. It is a decentralized and transparent ledger. This digital currency reality creates history amidst fast growing usage of internet and various applications with advanced features. The active users of crypto currency are estimated between 2.9 million and 5.8 million. However it poses big threats, challenges, and uncertainties to all the investors and the entrepreneurs. Crypto currency which is a decentralized system and peer to peer technology and so it can lead to dismantling the system of financial institutions in India. Financial institutions will lead to economic development, entrepreneurial growth and the prosperity in India. But the system of crypto currency is doubtful in entrepreneurial growth in India at present. Moreover there are major banks, central banks and regulatory agencies reacted to Crypto currency positively and negatively. In this article the challenges and the opportunities of crypto currency and the functions and financial assistance of SIDBI (Small scale industries and development Bank of India), IFCI (Industrial Finance Corporation of India), IDBI (The Industrial Development Bank of India), NABARD (The National Bank for Agriculture and Rural Development) are analyzed and discussed based on the literature review articles from Google Scholar.