A day ago I wrote that the government of India is considering its own digital currency. RBI has constituted a committee towards this effect but this is not something to be very pleased about.
Indian government is considering the possibility of digital currencies to cut it's 6,36,79,50,000.00 INR spending on currency notes. This is a significant cost that can be saved indeed but how will you achieve it with a centralised digital token economy?
Andreas M. Antonopoulos said this and I concur:
This is incredibly dangerous: Centralised digital cash, backed by centralised identity, in a country that has demonstrated dangerous authoritarianism when it comes to currency. $1.3bn people under totalitarian financial control = democracy dies.
It's a dangerous move which will further subjugate citizens of this country. We all know now that demonetisation of 500 and 1000 rupee notes has been a total failure with RBI receiving back over 99% of the old notes. Legalisation and adoption of decentralised tokens is what we need moving forward.
The government machinery will work wonderfully well with the crooks in the system finding a way to benefit out of this. However, the common man especially people in rural areas, how can they even function on digital currency when they have no access and knowledge of digital payments...
The concept of centralised money is evolving now and there are other solutions that needs to be considered. In the world of Bitcoin and decentralised tokens, we are the owners of our tokens and no one can snatch it from us overnight.
Demonetisation has affected our economy negatively. It's foolish for the government to even consider moving to a centralised digital token.
What are your views on the RBI considering creating a digital token of it's own?
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