Need for Digital Currency
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,