A country without cash?

A country without cash?

We witness a slow transformation of the global economy. With new means of payment, new currencies, new ways of buying and paying. We are getting used to making more and more purchases and paperwork using our Internet connected devices. This change of habits makes companies and institutions face the following two options: join the change or reject it.

To reject the change is to refuse to see the present as it is. That can happen to people or institutions that have been living in the same system for a long time. They are the ones that say “if it’s not broken, no need to fix or improve it”. The problem is that the system is a bit broken, and, apart from that, new ways of doing things and new methods appear, which may not intend to be the solution, but they are a good alternative plan.

And speaking of those who join the change, it turns out that the Reserve Bank of India, which is the central banking institution of India, is doing research on the blockchain technology with the intention of adopting that system at the national level. The functioning of various sectors of government, such as banking and insurance, and even part of formal procedures will soon become 100% digital.

This news is accompanied by the fact that they had been reducing the amount of physical money this last year. If the government carries out these plans as expected… maybe, within a few years India will become the first country without cash, the rupee being the first national and governmental cryptocurrency. And with that many things are going to change in the world.

I don’t know yet if these changes will benefit the currencies that don’t belong to any government, but what I know is that the economy and the world in general are changing in an inevitable and irreversible way, and that I have already been preparing for those changes.

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