You really should not be using a general-purpose encryption/decryption algorithm such as RSA unless the decryption part is mandatory (hint: it isn't, 98% of the time). You should be using Crypt::Eksblowfish::Bcrypt to create a one-way hash out of the password. With a one-way hash, you can't decrypt and retrieve a password, which adds to the security.

Which method is the correct one depends on your needs. Could you elaborate on them?