Need for Dig­i­tal Cur­rency

Southasia - - EDITOR’S MAIL -

Re­cently, the In­dian gov­ern­ment has launched a de­mon­eti­sa­tion move to con­trol the flow of black money in the coun­try. In In­dia, the banned

cur­rency notes of the de­nom­i­na­tion of Ru­pees 500 and 1000 com­prise over 80 per cent of the to­tal cur­rency cir­cu­la­tion in the coun­try. How­ever, the sud­den ban on Rs 500 and Rs 1,000 notes has cre­ated a se­ri­ous cash cri­sis, caus­ing ma­jor un­rest among the peo­ple of the coun­try. Quite a bold step, the burn­ing is­sue of black money cir­cu­la­tion and its gen­er­a­tion needs to be han­dled with some sus­tain­able, long-term re­forms, com­pared to dras­tic, short-term in­ter­ven­tions or po­lit­i­cally-in­flu­enced one-time mea­sures. A long-term rem­edy, is­su­ing e-coins or e-cur­rency can help such cor­rup­tion-hit coun­tries as In­dia and Pak­istan to con­trol black money, erad­i­cate cor­rup­tion and en­cour­age the gen­eral pub­lic to dis­close their hid­den as­sets to the gov­ern­ment. Re­sort­ing to dig­i­tal cur­rency is a vi­able op­tion and will help erad­i­cate or, at least min­imise cor­rup­tion.

Syed Farman Ghani,

Torotno, Canada.

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