Samvaad: The Economics Conclave

Speaker 1

Theme: Digital Currency & Crypto Currency- Paving their way in Modern Indian Economy

Currency serves as a medium of exchange of goods and services and is always in evolving mode right from the start of civilization. The barter system was the oldest exchange method and had been used for centuries, long before money was invented, which involved exchanging goods and services. Due to its various complications, money was introduced. To shatter the grip of corruption and black money, the central government sanctioned demonetization, which pushed the adoption of digital infrastructure, which helped cope with the pandemic's wrath. The digital revolution is sweeping the globe, and no other sector has seen such transformation as payment and settlement systems, resulting in a plethora of digital options for the commoner. When it comes to selecting a payment method to complete a transaction, consumers now have various options. The use of digital wallets rose in popularity as technology developed over the last decade. Consumers were urged to use digital wallets instead of traditional wallets by governments worldwide because they were more convenient in many ways. Then, with the introduction of Bitcoin and other cryptocurrencies, the use of digital wallets skyrocketed. In this panel, we will be discussing the following topics: Why should organizations and governments adopt cryptocurrency? If issued, what are the implications of digital currencies for the monetary system? How Industry, governments can leverage cryptocurrency more?