Is demonetization a sheer example of arbitrary power?In the realm of democracy, though there is high scope of constructive changes, there is no place for abrupt transformation under the arbitrary power of the power at the centre. Because the core quality is that power flows from people not the other way around but demonetization was one of the strict checks on the financial sovereignty of billions of people in India.
As we trust the government with our money so we agree to have an institution like bank to grant us security and in return we can compromise our sovereignty to some extent but when the institution itself take over our wish as the mandate to harm our sovereignty even the intentions are good can prove to be harmful for the well being.
After a while demonetization was linked to have a robust digital payment system and indeed the digital transactions are improved in our country and have to be supported but with the digital payments at their disposal now people have gathered power in the form of crypto currencies where they can have their own financial structure without facing another radical step detrimental to their financial sovereignty. The government trying her best to control the cryptocurrency but I feel the government has lost the financial trust and cryptocurrency impart power to citizen in absolute sense.