Soon after Finance Minister Nirmala Sitharaman announced the decision to have India’s own digital currency, many have expressed their excitement and curiosity about the move.
In her budget speech, Sitharaman had announced a ‘digital rupee’ that will be issued using blockchain and other technologies. The Reserve Bank of India will be issuing the currency starting from FY 2022-23. India Today journalist Shiv Aroor took to Twitter to crowdsource the name for India’s upcoming digital currency and netizens did not disappoint.
What would you name India’s upcoming digital currency?
— Shiv Aroor (@ShivAroor) February 1, 2022
Economist and founder of Navam Capital, Rajeev Mantri came up with an interesting Indian version called ‘Laxmicoin’ as an ode to Goddess Laxmi, the Hindu goddess of wealth and prosperity.
U beat me to it by one minute. But mine sounds better. Digilaxmi
— Ram (@RamChama) February 1, 2022
‘Laxmicoin’ was challenged by another user with ‘DigiLaxmi’ suggestion money in the digital age.
Supreme Court Lawyer Shashank Shekhar Jha suggested a unique yet rooted alternative with ‘Pae’ which stands for Rupee in Maithali
Pae – Maithili
— Shashank Shekhar Jha (@shashank_ssj) February 1, 2022
Owing to the government’s mastery at naming policies with fitting acronyms that are words themselves, tweeple came up with some hilarious alternatives with SICCA which stands for (Systemically integrated crypto-currency application) and PMDRY (Pradhan Mantri Digital Rupee Yojna).
Sicca – Systemically integrated crypto currency application
— Ambar (@i_am_bar) February 1, 2022
PMDRY 🤣
— Sudhanshu ( try to avoid #MadeInChina) (@logiccool) February 1, 2022
Pradhan Mantri Digital Rupee Yojna
With a view to acknowledge historical names of currencies associated with glorious Indian empires and revered Kings, people also came up with names suggestive of India being referred to as ‘Sone ki chidiya’ (Golden sparrow) once.
"Rupyakam" which means Silvercoin.. its the sanskrit word from which the word Rupiya comes from
— Soumya Mohapatra ସୌମ୍ୟ ମହାପାତ୍ର (@soumyamhapatra) February 1, 2022
“Shivrai”
— Kaushik Rajaram (@rajaram_kaushik) February 1, 2022
The coins that were introduced by Shivaji Maharaj during his era were called as Shivrai. Lets bring it back!
The announcement for a digital Indian currency to enter the market has created a lot of buzz amongst the crypto enthusiasts. You can read more about it and the challenges it poses for Indian government here.
