Date of Publication :30th April 2023

Abstract: Bitcoin is a decentralized electronic currency that may be used everywhere in the world. Peer-to-peer transactions fuel the network, and encryption is employed to confirm the validity of these transactions worldwide. Block chain technology may be used to maintain a public distributed ledger. Generally, the public is entitled to obtain newly created Bitcoins as a reward by participating in a process known as "mining." Investors may also think of it as a feasible investment due to the possible future earnings this cryptocurrency may provide. The goal of this study is to determine the extent to which Bitcoin can be integrated into Mauritius' financial system given that it is at its infancy stage in the financial system of the Mauritian market and is therefore relatively new. Furthermore, comparatively with other markets in the region, and despite being a desirable platform for mining and investing, Bitcoin poses a challenge to traditional financial institutions and policy makers. This study employs a qualitative research design to assess the opinions and viewpoints of executives in the banking industry to gauge their views on the state of the digital currency acceptance in the local market. The study included respondents who were familiar with both Bitcoin and traditional transaction techniques. The study’s findings indicated that Bitcoin has the potential to replace the current monetary system in the future, but only if there is enough awareness, a user-friendly interface, real-world benefits, and efficient risk management.

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