On November 8, 2016, our Prime Minister discontinued the legal tender of 500 and 1000 notes and left the whole country in shock. People had to stand up in long queues to get their money exchanged and it proved out to be a rather cumbersome process for us all.
Everyone had a different perception attached to it. Some criticized it for being such an unorganized step, while others swallowed it as a pill in the name of development. But, wait, do you think it was the last experiment with the currency? Well, it surely wasn’t. A new concept has surfaced in the Indian money market recently and that is cryptocurrency.
Time and again, RBI officials have warned the Indian public about investing in these cryptocurrencies. They have been skeptical about the dependence on digital currencies. Their resistance towards these cryptocurrencies is due to trust issues with non-fiat currencies. However, RBI’s actions tell a different tale. This is due to the growing effectiveness of these currencies.
According to a recent survey, it was found that over 2000 new persons are getting connected to all these digital currencies every day and over 2.5 lakh transactions are occurring every day on all these platforms. Can RBI or can any central bank afford to oversee this and stick to old conventional currencies and methods? Wiping out other currencies doesn’t seem practical at all, but there can be a parallel market altogether which deals in DIGITAL-ONLY mode and that is where our Government has to take a big step forward.
Recently, Venezuela launched its own crypto currency “Pedro”. There have been reports that RBI too has decided to develop the country’s cryptocurrency “Lakshmi”. This paves the way forward for what this cryptocurrency market holds for all.
These all digital currencies are based on one primary technology- BLOCKCHAIN.
Blockchain has been built on such effective grounds that it is almost impossible to breach its security. All transactions occur in real-time and conveyed to everyone in the chain. That makes it so effective and one to watch out for in the future market.
In the times where our banks are under the cushion for not being able to control online thefts and left wondering what to do, this blockchain-backed crypto currency can prove out to be an answer to these problems. It all depends on the acceptance of our Financial Ministry on how to take this forward and take the maximum advantage out of this technology.
What do you think the future of the Indian economy is going to be like? Will cryptocurrencies supersede the current transactional framework or the current trend will it continue to run as a parallel economy? Between the continuous battle in technological advancement, the possibilities are endless.
Did we miss out on anything important on ‘Crypto currency restructuring the Indian Economy’? We would certainly love to know.
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