Sunday, December 11, 2016

#Demonetization : Cashless economy, Digital currency : Trojan horse?

Hi friends,

As the excitement runs its course and gives way to clearer thinking, more and more articles are coming out now that are putting serious questions to previous and current grandiose declarations and assurances surrounding the Demonetization move. Sharing two such articles on digital / cashless economy issue. Enthusiasts for cashless economy, digitization-of-everything might need to eat some humble pie.

http://www.sundayguardianlive.com/opinion/7629-don-t-forget-danger-digital-black-money
Don't forget the danger of digital black money

A quote from it : Digital platforms offer masking, scale, automation and remote operations, something cash cannot ever provide. It is, therefore, a dream come true for black money hoarders, terrorists and organised criminals. The combination of virtual accounts and anonymising money transfers creates unprecedented opportunity to launder and hide black money.

(emphasis added by me)

And another article serves as a valuable predecessor to it, published just 2 weeks prior to the demonetization announcement:
http://www.sundayguardianlive.com/opinion/7100-pm-modi-must-protect-india-s-banking-system-hack-attack
PM Modi must protect India's banking system from 'hack attack'

Quote from there: With the government reportedly placing the Consolidated Fund of India within the ambit of such technology "disruptions" by the NPCI, a non government public company, the questions are  not only of conflict of public and private interests, but even more seriously about not how but when will India in the grip of compromisable technologies witness a cyberwar that will destroy the banking and financial system in minutes.

It's worth noting that this author isn't from the anti-BJP side at all, heck he's been an adviser to the Goa BJP govt! See his credentials:

Dr Anupam Saraph, a professor, future designer and former governance and IT adviser to former Goa Chief Minister Manohar Parrikar and the Global Agenda Councils of the World Economic Forum

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