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INTRODUCTION Cryptocurrency is a virtual or Digital currency. It is the outcome of consistent growth of information technology in the last three decades. The fear is expressed whether emergence of this digital currency would render Central Banks obsolete. The virtual currency may one day serve as alternative means of payment and unit of account. That would reduce demand for fiat currencies or Central Bank money. This paper has endeavoured to seek an answer to the question, “Will Monetary policy remain effective in a world without legal tender money?” CRYPTOCURRENCY- ORIGIN AND GROWTH The origin of cryptocurrency maybe related to the year 1883, when American Cryptographer David Chaun created cryptographic electronic money called as e-cash. However, it failed to attract the attention of the household and the business sectors for large scale application as medium of exchange and unit of account in day-to-day transactions in all types of markets.

United statesUnited kingdomNirmala sitharamanSatoshi nakamotoRakesh sharmaAbhibhav dujodwalaMilton friedmanDavid chaunInternational financialCentral bank digital currencyFederal reserve bankCentral bankCentral banks or international monetary fundSupreme courtMonetary policyInternational settlement