After the demonetisation, the central government can take another major step towards economic reform. If everything is fine then the government can issue a digital note (currency) on the lines of paper notes. According to the sources, the work is going on fast in this direction.
According to media reports, the committee, headed by the Secretary of Economic Affairs in this regard, submitted its draft report to the Central Government. The committee has made important recommendations in its draft report.
This report says that the government should seriously consider the launch of Digital Note. The government should issue electronic notes along with physical cash as well. This will help the government in dealing with virtual currency like Bitcoin.
The committee, headed by the Secretary of Economic Affairs, says that there should be complete control of RBI on issuing digital notes and circulation.
According to the media report, the finance ministry will soon meet with the RBI on this report, and after this, a big decision can be taken with the PMO.
Actually there will be a lot of changes to be seen before the arrival of digital currency in circulation. Firstly it is possible to rein in black money. From the monetary policy, the rules of lending and money transaction will also change, as well as transparency will come in the system.
According to the Committee, Digital Currency should be implemented under Digital Laser Technology (DLT) so that the transaction can be easily addressed abroad. Keeping a bitcoin-like crypto currency should be declared an economic offense as soon as it is implemented.
Apart from this, the committee said in its report that Digital Note should be released in the two category. The interest on type one currency and second should be used only in the transaction.