(Dr Aruna Sharma is a Development Economist and a former Secretary to the Government of India. The column first appeared in Fortune India on October 28, 2021)
- In an environment where over 50% of all payments are taking place digitally, the modernisation of the global payments system is inevitable due to several reasons, including the need for financial inclusion, payments stability and efficiency. Cryptocurrencies are based on block-chain technology, which is like a new protocol in the digital economy, analogous to TCP/IP for the Internet economy. Block-chain technology maintains the entire trail but carries the risk of hacking and unauthorised access to money. This is an evolving story, hence neither a full ban nor unhindered access can be accepted for a system that has such monetary ramifications…
