The Role of Virtual Currency in Developing Economies: A Case Study of India

Recent year’s virtual currency becoming more popular. In the near past virtual currency have been well-discussed and well-cited.due to the fear of loss of capital, the loss of faith in the banking sector, low interest rate and uncertainty of existing currencies, the ground of virtual currency was given. This research paper discusses on the use of virtual currency in developing countries and also its implication in there. This paper also analyzes the relationship between the most popular virtual currency bit-coin and a range of selected developing countries fiat currency. Virtual currency is a hot topic in finance due to their strict relationship with the block-chain system they originate from. Therefore a sample of 7 developing countries fiat currency and with assessment to bit-coin in US dollar exchange rate was taken and the secondary data was gathered through the reports, websites and literature reviews and annual reports. The gathered data was put in MS EXCEL to analyze the correlation between the fiat currencies and bit-coin. Bar graph and chard was used to show the graphical representation of the correlation between these currencies. Therefore the study stated that whether the virtual currency usable in developing economies or not and also its implication in there.