How digital money can revolutionize a country economically and socially?

 

Introduction

Digital money or currency is a form of money available only in digital or electronic form. It is also called digital currency, electronic currency. At present digital money or currency is not so common worldwide in comparison to their equivalent paper money or currency. Digital money, however, has huge potential in terms of their many economic and social benefits to a country which even paper money cannot provide at present. But central banks worldwide are very slow to implement it. 

 Digital money can revolutionize a country through their multiple benefits.

1. Digital money can save expenditure cost of printing & transporting paper money. It will also save environment. Going bank branches or ATMs for withdrawing and utilizing cash will be outdated.

2. Digital money will have ease of utility and will be safe to manage. Paper money can be robbed and hide, but digital money may not be hidden even with illegal theft from a person’s digital account as movement will be from one digital account to another so can be easily tracked and identified and culprits can be cached quickly.

3. Digital money will be useful in eliminating fake currency which is common in paper money.

4. Digital money will be useful in identifying and eliminating black money, money laundering and terrorism financing as hidden cash dealing will end.

5. Digital money will help to end illegal hoarding of materials in businesses as dealing in hidden cash will end.

6. Exploitation will end as anyone will not be able to do corrupt practices like on paper different wage and in hand different wage.

7. Corruption in work practices involving currency will be easily detectable.

8. Overall financial efficiency of a country, as a whole, will increase many times.