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The Public Key Infrastructure (PKI) provides excellent security for e-transactions and other applications. However, in traditional PKI system, Private Key is often stored at central databases or inside distributed smart-cards and protected by password or PIN that may be lost, stolen, forgotten or guessed. Current trend for PKI system is to be based on physiological and behavioral characteristics of people, known as biometrics. But this approach still poses a threat which is the secrecy of template. Moreover, biometric based security system also faces some problems such as: noise in sensed data, intra-class variations, inter-class similarities, non-universality, spoofing attack. In this paper, we propose a Multibiometric Encryption Key Algorithm to overcome the aforementioned issues by using Fuzzy Vault Scheme - a cryptosystem - which secures both the Private Key and multi-biometric templates. We also present the BioPKI system in which the algorithm is integrated. The experimental results with the system are encouraging.