‘bHaratcoin is coming’

The Sunday Guardian met a senior Indian Revenue Service officer, Rachna Singh, author of a recent book, Financial Felicity: Making Sense of Money Matters. We spoke to her about the meteoric rise in the value of Bitcoins. “Digital currency is the new buzzword in global financial circles,” she acknowledged. She said, “Digital currency would be a money saver in a big way, but crypto-currency like Bitcoin should move over as Bharatcoin is coming.” Rachna said, only 16.8 million Bitcoins are “mined” and are in circulation. The mining of Bitcoins has been capped at 21 million by 2040. “The supply is limited while the popularity and demand are on the rise. Many e-commerce sites are accepting payments in Bitcoins. The ATMs that exchange Bitcoins for dollars have been set up in San Diego and Vancouver. It can be traded at specific exchanges.”

“The fact that Bitcoin sale and purchase can be done without the layers of security clearances adds to its popularity,” she said. “The closure of Bitcoin exchanges in China this summer and clamping down of security measures have not dulled the lustre of this digital currency.” This currency, she said, received a shot in the arm when on 1 April the Japanese Parliament passed a law that accepted Bitcoin as a legal method of payment. It is true that Bitcoin is not an accepted legal tender in India, says Rachna, but it appears that the government may not be averse to a digitally-issued Central bank currency along Bitcoin lines. It looks like the birth of a “Bharatcoin” may be a distinct possibility in the near future.