"Union Budget 2022 has given Wings to the Digital India says Prof. Aman Agarwal, IIF

GREATER NOIDA, India - Feb. 19, 2022 - PRLog -- Indian Economy is on a Growth Path and India@100 is clearly visible from the Union Budget 2022 which has given Wings to the Digital India said Prof. Aman Agarwal, Director & Professor, Indian Institute of Finance while addressing the Councilsme Interactive Conference on "Demystifying Digital Rupee and Crypto Currency" held on 18th February 2022 from 4 PM to 5:30 PM which had over 320 registered participants from all over the world and was moderated by Prof. Asoke K Laha, Founder President & CEO, InterraIT USA and Vice-Chairman, Councilsme India.

According to Prof. Agarwal, the need for Digital platforms and Digital Currency to boast growth, prosperity and equity amongst the India's from all segments of society is clearly evident from the various schemes proposed in the Union Budget 2022 by FM Nirmala Sitharaman. India is the fastest growing economy in the world and the most favourite destination for investment globally. He expects Budget 2022, if implemented, will yield over 11-12% GDP Growth in 2022-23, through FM has projected a growth of 8-8.5%, while international agencies like World Bank, IMF, ADB and others have projected growth of 9-9.5%.

On questions on Crypto currency, Prof. Agarwal said Crypto Products (commonly known as Crypto Currency) have no underlying value, no legal sanctity, defies the basic principal of being currency (money), is not an Asset Class, their origination host and guarantor is not known and untraceable. Their mere existence in the world markets a threat to humanity, National security and hard earned savings of all. FM has rightly announced for RBI to issue digital currency.

Prof. Agarwal emphasised that the necessary technology similar to Blockchain is needed to be developed by RBI to enable introduce Digital Rupee in India, as the current Blockchain technology is vulnerable to hacking/theft and not safe for mass use.

The Tax and TDS proposed in Budget 2022 is applicable on all Virtual Assets with being transacted in India and holdings by individuals/organizations, however its implementation is still a big question as most of such products are held in wallets kept at un-known locations / clouds said Prof. Agarwal.

These crypto products are already funding, financing and extensively being used for illicit trades and wrongful money transactions as can be seen recent cases by Enforcement Directorate on Hawala transactions, Dark web portals and influencing IPL Games warned Prof. Agarwal.

Prof. Agarwal stressed that IIF studies indicated the need of the currency in Digital Format;  there is no need of mining of the digital currency; M5 as a Money Supply Measure will have to be introduced by Central banks once they launch the Digital Currency; the technology use can be of block chains or similar platforms.

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