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.
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.
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.
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
- 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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