India’s own Cryptocurrency is coming ₹ 🚀🚀

Image showing 5 Rupee coins being metaphored to digtial currencies
  1. A lot of startups, researchers, founders would leave India if they are restricted
  2. We will lose our stance in world politics. As other countries will be launching their own such currencies. China is already in advanced stages and the UK just announced that they areconsidering launching their ownCentral Bank Digital Currency (CBDC).
Bitcoin V/s Gold Average True Range as a percentage of price via dailyfix.com
Bitcoin V/s Gold Average True Range as a percentage of price via dailyfix.com

Advantages of a digital rupee

Fight Fraud and Corruption

Graphical represntation by finshots.in showing sectors of Indian Government Expenditure

Why back it with crypto

Let us consider we go in a big fat war. Our currency becomes devalued with infrastructure dying out. Hyper-inflation is already ruining lives. How can you solve it?
Using an economic platform that is above governments

How it might operate

I would suggest this cryptocurrency be issued by the Reserve Bank of India firstly by simply converting the traditional rupee into this kind of one. List it on Foreign Currency Exchange. Using this does give the state full oversight of the transactions but it should be pseudo-anonymous which means it should be allowed to not directly link your identity if you don’t want to.

What is happening in China?

Since last October, China has started to issue small amounts of digital Yuan and has debut testing in smaller towns and cities. It also has tried various experiments which only allow citizens to buy goods from retail shops close to their homes, which had massive success . This gives a boost to the local economy. It is also a little concerning as it might try to push its digital Yuan aggressively to fight back US’s dominance in global trade.

Conclusion

Here we are freezing accounts if there is any bitcoin activity detected whereas other big Payments providers are allowing the trade of Cryptocurrency on their platforms.

Morning Brew tweet stating how Venmo followed CashApp and started allowing Bitcoin trading
Morning Brew tweet stating how Venmo followed CashApp and started allowing Bitcoin trading

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A 16 Y/o Maker and Learner || hi@vimarsh.info

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