The game-changer digital rupee — a catalyst for financial inclusion and a leash on shady deals

Concept by Muhabit ul haq


India is looking to adopt a digital rupee. For a country with a chunk of its unbanked population facing problems of cash access and high transaction costs, it is an idea whose time has come. Moreover, a digital rupee can help curb age-old problems like fraud and money laundering, and emerging ones like online financial crime.

The inventor(s) of Bitcoin, known by the pseudonym Satoshi Nakamoto, would be disappointed. Many governments have banned the use of that pioneering cryptocurrency developed in 2009. But simultaneously, they have been exploring the concept of central bank-backed digital currencies (CBDCs). Nakamoto can, therefore, find solace in the fact that he (or they) perfected the technology which continues to power digital currencies — blockchain. Many

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