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RE: What will happen if Indian Government decides to bring it's own Virtual Currency?
Basically it would do a lot of good for the RBI. Firstly an estimate of Rs 3 to print the new Rs 500 note and Rs 3.7 for a Rs 2000 note, think of how much they can save in printing costs and then transportation costs,security and maintenance costs for ATM centers if people adopt to the digital rupee and are less dependent on cash. Also they want people to use the digital rupee more so banning other currencies makes kind of sense to me. and yes @arunava , stringent scrutiny over crypto traders is not possible I guess.
Thnx and lemme know what you think @arunava!
Yes you are right about the fact that if Indian Government goes for a Fiat based Cryptocurrency it will save a lot of Money in Printing Transportation etc but what I am worried is the Inflation.
Since it would be a Centralised Crypto they would be free to Inflate the Currency as they like and since there would be no cost for Making more Coins it makes them susceptible to the Temptation to make more Coins.
yes @arunava and also the governments change here and the new government will impose new rules, Moreover I think this dip is no normal dip. I guess some big whales and masterminds involvement over here!