Are cryptocurrencies harbinger of official digital currency and the blockchain revolution in the world?
CRYPTO-CURRENCIES HARBRINGER OF DIGITAL CURRENCY AND BLOCKCHAIN REVOLUTION SUBHASH GARG Economy, Finance and Fiscal Policy Strategist and Former Finance Secretary, Government of India BITCOIN TO OFFICIAL DIGITAL CURRENCY Metallic and paper currencies are on their way out ‘Anything of value’ acceptable to the buyers and sellers of goods and services for settling the value transferred in the transaction can acquire the status of currency. While the value of a good or service bought and sold may differ in the perception of the buyer and seller, the value of currency which is exchanged to pay for the transfer of value in good or service is same for both. For anything to work as currency for transfer of value (the medium of exchange function of the currency), its own value should remain same or constant to measure the value of every other good or service (the unit of account function of the currency). There have been three distinct types of currency m...