CBDC : Slow and Steady

 CBDC : Slow and Steady

 https://lnkd.in/ddq44bzQ
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MY  TAKE  :
 

Crypto : Corruption : Corona : China ………………………..[ 17 June 2020 ]

-       Where , I wrote :
 
Dear Smt Nirmala Sitharamanji / Shri RaviShankar Prasadji / Shri Piyush Goyalji,
 
I have no clue as to what mechanism could be used ( Inter-Currency

Exchange Rate ) for payment for Imports and remittances for Exports

, if – and when –we introduce IndiaBit


But if IndiaBit can ,

 #  To begin with bring out all BLACK MONEY ( stashed away as paper

    currency notes ) and deploy the  same into mainstream economy

for  productive purposes , 

 
and
 
#   Put a Full Stop to any future generation of Black Money ,

           -      then my proposal deserves a debate

 
What will convince RBI / Government to issue OFFICIAL VIRTUAL CURRENCY ?


Here is a brief ( non-comprehensive ) suggestion for proposed Law :


Ø  While banning Private Crypto, introduce IndiaBit ( Govt Virtual

Currency )

Ø  With some effective date, withdraw all Paper Currency ( forget

coins )

Ø  Minimum denomination will still be called a RUPEE ( easy

to convert from  paper to digital )
  

Ø  As of a given date, bank balances in everyone’s bank account gets

   converted to IndiaBits

Ø  Set time limit within which people can deposit their paper

currency into banks for instant conversion into IndiaBits
   
  
   
Ø  After set date, paper currencies held by anyone ( individual or any

legal entity such as a Company ), loses all value and become

illegal for any sell /  purchase transaction
  
   
Ø  All future financial transactions ( sell / buy of any goods or

services ) can only be through mobile-app based DIGITAL

transactions
   
  
Ø  Since all transactions will become DIGITAL, Govt would have full /

life-time LOG of each citizen’s 
  

  “ Sale  or Purchase “ 

   [ Who bought What , When , from Whom , at What

price , Where etc ] .

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