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In Germany, students are required to choose a topic and form a presentation at the end of their school career. The presentation counts as much as seven per cent towards the German High School Diploma (German Abitur). I was firmly convinced to pick a current, relevant topic and decided to choose computer science as a reference and economics as a supplementary subject. When paying at a local supermarket, I wondered what a world with a central bank-issued digital currency would look like. This is when I decided to construct a presentation about the technical and economic conditions required for a cryptocurrency to be authorized as legal tender in the Republic of India. Shortly thereafter, I did some research and could only find two sources of information. I contacted various users on Telegram and eminent people familiar with this topic and came to the resolution that the XEM-Blockchain offers a sustainable base for a central bank-issued digital currency. Feel free to contact me for questions, comments and complaints.
Technological and economic requirements for a central bank-issued digital currency
Cryptocurrencies – XEM-
Blockchain could replace Fiat
Kondratieff Cycles as Indicators
Counter-proposal to a central bank issued fiat currency (€, $, ¥)
Cryptocurrency - Basics
- Digital → Decentralised and safe environment
Miners: Use computing power to make transactions.
Bitcoin: Value through market balance of supply and demand.
Altcoins: All cryptocurrencies besides Bitcoin
Market-cap of crypto
What technical and economical conditions should
a cryptocurrency fulfil in order to be authorised as
a legal tender currency in the Republic of India?
General – India
Capital: New Delhi
Geo.-Koord.: 35° N, 77° O - 5° N, 77° O
Population: 1.339 Billion
The current banking system of India
Banking system today:
- Creation of a bank account very
- Transactions slow
- Time-consuming: Yearly KYC-
Cryptocurrency as a solution:
- Fast, one-time KYC/AML-Process
- Interview: Transactions through
Blockchain technology very fast
2016 2017 2018 2019 2020 2021 2022
Users of Mobile-
Payments in India
NEM as Basis
- Cryptocurrency and Blockchain-Platform
- Publication: 29. March 2015
- Benefit: Multiple ledgers can exist in a blockchain.
Advantages of NEM based on own cryptocurrency:
eRupee created in the TestNet
Distribution of XEM-Token
Current money in circulation in India
20.150.000.000.000 INR = 20.15 Billionen INR
(Comparison: ~ 260 billion €)
Thus: Anyone would get one (1) NEM token when exchanging 2239 INR.
Limited money circulation
More Mosaics More money in circulation
Different versions of eRupee
Private Blockchain: XEM
- Chronological recording of transactions
User 1 User 2
Registered Users = Central Banks
Private transactions can be monitored by the central bank.
Corruption and money laundering
Corruption and money laundering“
Reserve Bank of India Governor
2013 – 2016