Focus on the mundane

Money managers of the Bharatiya Janata Party (BJP) seem to have taken a leap of faith — from launching MUDRA to considering the introduction of an Indian cryptocurrency, “Lakshmi” — within a short span of two years. While the editorial, “Avoidable ‘Lakshmi’” (September 20), ably discusses the technical pros and cons of introducing an Indian cryptocurrency, I am baffled as to why it should be named after a revered Hindu goddess and consort of Lord Vishnu. 

Yes, Lakshmi is synonymous with prosperity and Hindu households pray for its arrival, especially during Diwali. Several families name their girls after the goddess, too. But prosperity and currency are different things. 

If a digital currency is named after the goddess, news headlines in the future may read like “Lakshmi has been devalued”, “Black Lakshmi of terrorists seized by the police”, “Lakshmi worth so and so confiscated”. Whether we have a cryptocurrency of our own or not, it would be better to choose a non-controversial name for it.

Cryptocurrency is coined from “crypto”, from which is also derived the word, “cryptomania”. One website, Term-wiki.com defines it as “a pathological striving to hide intents or thoughts, to do many things in secret”.

The government should concentrate on mundane issues in currency management such as enforcing the acceptance of its Rs 10 coin. Restoring faith in the existing currency should be a bigger priority than generating euphoria over the possibility of a new digital currency.

Y P Issar   Karnal

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