India's proposed digital rupee needs more thought and less haste

One gain from the asset will be for Indians working abroad, sending money home will become simpler and cheaper.

India has surprised the payments world by announcing that its central bank will issue a digital currency as early as the coming financial year, a crucial decision that most other major economies are refusing to make in a hurry. According to Finance Minister Nirmala Sitharaman, an electronic representation of India’s legal tender will give a big boost to its digital economy. How valid is that claim, and how risky is a hasty transition to a central bank digital currency, or CBDC? 

A digital rupee will be like banknotes, but minus the ATMs. Users will be able to transfer purchasing power