The cashless economy is taking off in India.
India’s cashless societies have come into existence as a result of the government’s announcement of a cashless digital economy in December.
The first cashlessness society in India is set to launch on July 7, with participants receiving a token of their investment value as they sign up to join.
“I think the idea is that people will come to participate because of the value of their savings, or they will come for the digital economy,” said Jagan Sivaram, founder and managing director of Sivarama.
“People want to invest in something that has the potential to make a difference in their lives, and that has been our strategy from day one.”
“There are so many people who are saving money now, but there is no guarantee that they will be able to do so in the future,” he added.
Sivaranumam said he was inspired by India’s first digital currency, the rupee.
“Digital currency has really revolutionised the way money is transferred, and this is something that we really want to be a part of,” he said.
And this is an incredible time to be alive.” “
We are creating a world where we don’t have to be worried about getting paid.
And this is an incredible time to be alive.”
In India, the first cash-based digital currency was created in December 2016.
The system enables citizens to transfer cash from one person to another without having to go through banks or other financial institutions.
The idea of a digital cashless India is not new.
In 2016, a digital currency called Ripple made headlines with the launch of its Ripple Wallet, a payment app that allowed users to make payments via the Ripple network without having a bank account or any bank fees.
In May 2017, India’s Finance Minister Arun Jaitley announced that the country’s national currency would be pegged to the rupees, which was a sign that the government was moving away from a centralised system.
In October 2017, the Reserve Bank of India (RBI) released a circular announcing that a digital economy would not be able, under any circumstances, to be considered as an alternative currency.
Ripple’s founder, John McAfee, recently made headlines for a statement he made in which he said that India’s central bank should not regulate digital currencies.
“I do not think it is appropriate for the central bank of India to regulate digital currency,” he told CNBC.
“If it is allowed, then there will be a whole host of other problems that come up.”
India’s government also announced a plan in December 2017 to ban cash transactions by July 1.
In June 2018, India launched its first digital economy, the SBI Cashless Community, which is set up to facilitate payments from savings and investments.
“It will provide a framework for the implementation of a nationwide cashless system,” said Sivram.
Sivaram said that it would not take long before digital currencies are integrated into the existing cash economy in India, adding that the system will be “very popular” in India at the moment.
There is still a long way to go in India before a digital digital currency is truly integrated into everyday life.
India is currently ranked 130th out of 175 countries in terms of ease of doing business.