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INTRODUCTION
Cryptocurrency is a virtual or Digital currency. It is the outcome of consistent growth of information technology in the last three decades. The fear is expressed whether emergence of this digital currency would render Central Banks obsolete. The virtual currency may one day serve as alternative means of payment and unit of account. That would reduce demand for fiat currencies or Central Bank money. This paper has endeavoured to seek an answer to the question, “Will Monetary policy remain effective in a world without legal tender money?”
CRYPTOCURRENCY- ORIGIN AND GROWTH
The origin of cryptocurrency maybe related to the year 1883, when American Cryptographer David Chaun created cryptographic electronic money called as e-cash. However, it failed to attract the attention of the household and the business sectors for large scale application as medium of exchange and unit of account in day-to-day transactions in all types of markets.
Blind optimism on GDP growth
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The projected 10.5% GDP growth for this year seems far-fetched, as the Covid second wave is bound hit the economy hard
The severity, penetration and pervasiveness of the second wave of the Covid pandemic the raises new questions on the optimism of the authorities in India as also of the multilateral institutions like the IMF and ADB on growth revival, particularly the projection of a 10.5 per cent increase in real GDP in 2021-22 over the previous year.
It is easy to see how and why this is not achievable, for certain. A growth of 10.5 per cent means the India’s real GDP must grow from ₹134,08,882 crore (official 2020-21 figure) to ₹148,16, 815 crore, an increase of around ₹14-lakh crore. We have not achieved this in the best of times. To say we will do it now is but blind optimism that hinders rather than helps any analysis that must guide policy in these difficult times.