Demonetizing Our Way To The Digital World

Every disruption creates opportunities. The demonetization also offers us an opportunity to leap frog from the millennia-old physical world of currency to the emergent digital world. Digital currencies come in various forms, each offering different benefits and challenges. Swift actions by the Indian government to move us into the world of digital currency can not only reduce the predicted devastating effects of the demonetization on our economy but also put a permanent dent on corruption, parallel black economy and counterfeiting.

Frustrating long lines at banks and shocking disorders in normal life have been the immediate aftermath of the Indian government's effort to stamp out corruption, parallel black economy and counterfeiting by demonetizing high-value currency notes. While the intentions behind this radical move have been upright, the preparedness has been downright inadequate.