GOLD BACKED DIGITAL CURRENCY
Idea is "Govt launches Digital Currency backed by gold which will coexist with the fiat currency, whose 1 unit value is equal to 1gm of gold, It can be stored as an investment in a Digital wallet, and also can be used as a Currency with its integration with UPI, and also can be traded on the stock exchange as any other ETF, and also these units can be used to get loan just like physical gold." Benefit to People: 1) Keeping physical gold safe is a headache, and this GBDC provides an alternative investment avenue for people with the same benefits as physical gold. 2) Currency loses value to inflation, but with GBDC, there is no such risk, as one unit of GBDC is linked to one gram of gold, and Gold is the best protection against Inflation. 3) Makes it easy to buy and is relatively cheaper compared to buying physical gold. For eg, Goldsmith charges 4% of the Gold value as the making/dye charges for 24-carat gold coins; there will be no such charges f...