Last year, the Indian government, led by Prime Minister Narendra Modi, launched a demonetization drive to control the flow of black money in the country — a rather bold step. The burning issue of black money generation and circulation needs to be handled with sustainable, long-term reforms, as opposed to drastic, short-term interventions or politically-influenced one-time measures. Black money hoarders can easily convert their illegal funds into other assets, or are able to exchange it as soon as the ban is lifted. How it worksWhen one goes to buy groceries, for instance, one will make a payment using e-coin. Commuters using public transport will be able to pay with e-coins, tapping on their POS machines to pay the bus fare.

Source: Dhaka Tribune January 30, 2018 16:18 UTC