India’s Tryst With Digital Currency — Random Musings
I will be coming straight to the point. Firstly,India is slowly but steadily making a bid to move towards a cashless society. Secondly, India is also trying to become a Digitally Empowered Society. The above two points are very closely related with the rise of Virtual or Crypto currencies. We have all heard of Bitcoin, Ether and other Crypto currencies. Let us now look at how virtual or crypto currency can realise our dream of Digital India. Firstly, The Reserve Bank of India should be (I am sure they are) exploring ways to digitise the Indian Rupee(₹). Presently, Virtual Currencies have not yet been recognised by the RBI. RBI should bring out Virtual or Crypto currencies and recognise other Virtual currencies. Doing this will greatly reduce the risk and volatility associated with Digital Currencies. Personally speaking, I have thought of a Crypto currency which I have named RBI-Kasu. This RBI-Kasu needs to be accepted by all banks operating in India. Banks will then need to set up a private blockchain where people across the Banking Industry can be trained. The Know Your Customer can then be centralised with more secure databases and can be distributed across. This will prevent duplication of data. This will also simplify complex audit procedures. RBI-Kasu will reduce fraudulent transactions to a great extent and will also usher in greater transparency. Real-Time tools may also be developed thereby reducing both cost and time. So what are we waiting for? Let us take the plunge into the world of Programmable currency. Jai Hind.