My first Panel discussion on Digital Currency at IBS Gurgaon

 

All of you must have an opinion on any specific topic. That idea may be different, but we generally considered them either in favor or against the case.

 

If you notice, then you may find that there is a specific process or causing factors behind your opinions. It may be our perception, ethics, attitude, etc.

There may be many ways to express your thoughts, and when it goes on between two people, it may result in a debate.

 

 

Image source: https://www.lawctopus.com/wp-content/uploads/2022/05/debate-.png

As you know, the debate allows both parties to put forward their views, and in the end, either side will be considered a winner. The argument may vary in terms of effectiveness. However, when we move on to the next level of debate where the discussion is neither in favor nor against, the only agenda behind the panel discussion is to bring out the opinion about the public issue through expert knowledge. Such a mechanism is known as a panel discussion.

 

 

Image source: https://www.eventbrite.com.au/blog/wp-content/uploads/2022/06/panel.png

On a similar note, ICFAI Business School focuses on the delivery of knowledge efficiently and effectively to their students so that this knowledge will help them to be on the top of the ladder. 

 

Since I had joined this institute, I had unforgettable memories and indulged in various activities, either curricular or extracurricular. So, the formal announcement of conducting a panel discussion was an add-on to the list.

 

The announcement was about a panel discussion on the topic 'Digital Currency'. The reason for going for this topic was that the government declared a pilot project among a few cities for testing Digital Currency or E-Rupee.

 

 

Image source: https://english.cdn.zeenews.com/sites/default/files/styles/zm_700x400 /public/2022/11/30/1123714-digitalrupeepilot.jpg


Every section of the Batch 2022-2024 needs to provide the name of three students for becoming a panel members. The whole event had 21 participants divided equally into three panels, each with seven members.

 

Fortunately, I have cleared the screening test for the panelist among the other students in my section.

All panelists have been assigned the topics to cover by the panel head and provided two days to prepare. 

 

Now the day came when we all had to give our best to get the position of the winner among the three of us

 

Let us move towards the event where every panel was excited and energized to deliver their thoughts. Through the lottery, my forum gets the last turn. So, we decided to listen to other's views/thoughts very precisely. 

 

Here comes our turn, and the points we put forward as follows:

 

What is digital currency?

 

Digital currency is a digital form of paper currency issued and backed by a central bank as legal tender. It is the same as a fiat currency and is exchangeable one-to-one with the fiat currency.

 

Difference between digital currency and cryptocurrency

 

  • Centralization: The control over the monetary value of your coins is in the hand of the central bank, while in cryptocurrency, there is no central control.

 

  • Transparency: Every cryptocurrency transaction is public due to a decentralized ledger that records all the blockchain details. While only the banking authorities, along with the sender and receiver, are involved in the transaction with digital currency.

 

  • Stability: Digital currency is usually stable and relatively easy to manage. Also, it is accepted widely in the global market.

 

  • Legality: Countries always prefer backing their fiat currencies rather than allowing the use of cryptocurrency in their territory.

 

Need for digital currency


Image source: https://101blockchains.com/wp-content/uploads/2021/06/benefits-of-central-bank- digital-currencies.png

 

  • Dollar Dependency: India is looking forward to reducing its dependency on the Dollar, which affects its plans and policy making.

 

  • Governments Control: It will increase the control of the government and central banks over the transactions, which will help reduce the misuse of money against the Law

 

  • Transaction Speeds: It will increase the transaction speed and enable the real-time transfer of funds from one account to other.

 

  • Demoralize Cryptocurrency: The government's main motive is to demoralize the cryptocurrency and reduce its usage.

 

Challenges

 

  • Underlying Technology: The kind of technology involved in the usage of digital currency is very costly, and if it becomes unresponsive for a while, then it will affect the financial mechanism 

 

  • Validation Mechanism: The primary responsibility is to validate the whole mechanism and maintain the user's transparency to gain their belief and confidence.

 

  • Consequential Amendments: By introducing this concept of digital currency, the central government will also introduce adequate changes in the Coinage Act, Foreign Exchange Management Act (FEMA), Information Technology Act, etc.

 

  • Cyber Security Threat: The major challenge for digital currency is that it may witness cyber-attacks and possesses the risk of a breach in security. Eventually, it will create a panic moment among the users of the nation. 

 

Overall, the nature of the panel discussion is progressive, constructive, and problem-solving. Whenever local, national, and international issues come under the mechanism of the panel discussion, it will highlight the practical aspects, including their impacts and consequences on the common masses. Therefore, intellectuals prefer panel discussions to help societal growth and development.

Afterward, the results were waiting for all of the participants. Every panel put forward their points very well, but the judges had to declare the best performer among others. 

Fortunately, our panel got the runner-up position. We were hoping to get the winner's position. However, this event taught us many important lessons. It provided the key areas to work for the future, such as proficiency in the concepts, always valuing your time, maneuvering the content to a positive end, etc. 

 

 

Himanshu Gurjar

22BSP0623

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