An editorial in the Hindu newspaper is urging a digital currency, apparently a sovereign one.
The editorial says:
In India, where more than 95% transactions are cash-driven, the rural and semi-urban populations have not had complete inclusion in this financial methodology. Hence, it is imperative to introduce digital fiat currency as part of the remonetisation of the economy for monetary sovereignty and policy effectiveness.
It is our proposal that the government issue a digital fiat currency, titled digital India Rupee, which would bear the same characteristics as does the cash Rupee. It would be legal tender and accepted throughout India. It would be backed by the Government.
The amount of digital India Rupee in circulation would be controlled as are notes and coins today in circulation. It would be used by and exchanged between any digital payment schemes and would have full interoperability.
The digital India Rupee would be centrally issued by the government or a similar entity. And the Hindu adds that it “would also bring transparency on black money, tax evasion and other illicit activities under the legal framework” that the government is supposedly worried about.
The writer is the former head of Credit Suisse India and Lehman Brothers India and obviously is making points that top Wall Street firms and City personnel have made in the past.
The reality is indeed that certain powerful people behind government want as much control over currencies as possible. A digital currency would give them that. It would also allow them to hike taxes and do other things that would make today’s monetary policies look mild by comparison.
India is being run by a man who has a good many international ties and is wedded to globalist assumptions. He already took steps to remove cash and the next step would be to create a digital currency.
Chances are that this editorial is just an outgrowth of a larger intention – which is to start converting India’s currency to an all digital format. India middle classes in fact may not be against this until it is too late and what is rising the fastest is the prison population as more and more laws regarding digital currency are passed.
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