Covid-19: Time to Shift From Paper to Digital Currency

The Coronavirus outbreak has put the biggest governments under pressure. As they grapple with healthcare issues and contain the spread of this disease, the question of the economy’s future has largely been left answered. 

As for India, Prime Minister Narendra Modi recently stressed upon the motto of “Jaan bhi, jahaan bhi”, indicating that there is a need to strike a balance between economic activity and social distancing norms since neither can be neglected. 

Kunal Nandwani, founder of uTrade Solutions suggests that governments over the world will be convinced to print more money for circulation to revive their respective economies. However, this may not be such a wise decision. Kunal suggests that the time is ripe for governments to make the switch from paper currency to digital currency.

In this regard, he explains the reasons why printed money circulation should not be pushed for now and how technology can play a key role in making the shift to digital currency. 

This article was published on IBS Intelligence, it can be accessed here.