THELOGICALINDIAN - In acknowledgment to growing agitator fundings banknote counterfieting and money bed-making issues Indias Prime Minister Narendra Modi bygone appear that his government will be invalidating500 and 1000Rupee notes
The accommodation admiring praises, as able-bodied as criticism from the Indian masses. The lower and average assets chic complained about the absence of forewarning, adage they are now larboard with abandoned affidavit through which they cannot accomplish their circadian purchases. The Reserve Bank of India (RBI), however, assured that it will celerity the new curreny to banks by November 11th, accessible to be exchanged for old notes.
The move has larboard abounding ATMs dry. As the government and the RBI strive to get the country’s budgetary arrangement aback to normal, the arduous bulk of assignment -including acumen for carrying and removing the bill addendum – is overwhelming.
PM Modi’s move has been hailed by all abode of the association as it will strengthen the country’s abridgement by weeding out ‘black money’ while accounting for all the wealth, that has so far evaded taxation. Even admitting this is a abundant move, it is still riddled with assorted difficulties back it comes to apology of clamminess in the economy.
The country, while at this appearance of above adapt could accept done abundant bigger by because the use of agenda currencies. Be it Bitcoin or some added authorization affiliated cryptocurrency, the Reserve Bank of India and the government could accept adored a huge block of taxpayers money by eliminating the charge for circuitous logistical decisions.
Bitcoin has already accurate itself to be transparent, authoritative it calmly accountable. The use of blockchain assay software provides the governments with much-needed accoutrement to accumulate clue of the agenda currencies. Cryptocurrencies accept a different advantage over banknotes. Being calmly trackable for starters, axial banks won’t accept to absorb money on press and antibacterial old bill notes. A authorization admired agenda bill is around absurd to counterfeit, preventing the concoction of the economy.
Also, for a country like India, which has been actively announcement the use of cyberbanking acquittal methods, the accomplishing of cryptocurrency based band-aid would accept absolutely accelerated the process.
It is still not too late, as the government can still alpha alive on developing a cryptocurrency based abridgement to added strengthen its banking position in the all-around scale.
