1. Increased Cost of Goods and Services:

The varying value of currencies makes goods and services significantly more expensive across different countries. For instance, an item that costs ₹10 in India (Bharat) may be priced at $2 in the USA. When converted back, the same item in India would amount to approximately ₹140. This disparity makes international trade and travel costly and less accessible.

2. Complexity in Currency Conversion:Converting currency while traveling, trading, or conducting business internationally adds unnecessary complexity. Fluctuating exchange rates introduce unpredictability and can lead to financial losses, making it difficult for businesses and individuals to plan their expenditures accurately.

3. Exploitation of Resources by Developed Nations:Developed countries often exploit the resources of underdeveloped nations by taking advantage of lower wages and weaker economies. For example, Indian workers may earn ₹600 per day in India, whereas the same worker performing similar tasks in the USA might earn $14 to $50 per hour. This disparity enables richer nations to benefit disproportionately by sourcing cheaper labor and resources from developing countries.

4. Unequal Labor Compensation:Workers in developing countries are often paid significantly less compared to their counterparts in developed nations for performing the same work. This imbalance perpetuates poverty and inequality, as laborers in less developed nations receive minimal compensation while contributing to the wealth and growth of richer nations.

5. Barriers to Economic Equality:The existence of different currencies creates artificial economic boundaries that prevent the equitable distribution of wealth. Nations with weaker currencies remain trapped in cycles of poverty and underdevelopment, while wealth continues to accumulate in countries with stronger currencies.

Potential Benefits of a Single Global Currency:

1. Reduction in Complexity and Cost:

A unified global currency would eliminate the need for currency conversion, simplifying trade, travel, and international business. It would reduce transaction costs and promote smoother global economic interaction.

2. Equalization of Wages and Prices:

With a common currency, workers worldwide would receive fair compensation, reducing the exploitation of labor in underdeveloped countries. Products and services would also be priced uniformly, preventing artificial inflation or undervaluation in different regions.

3. Affordable Labor and Products for Developed Nations:Developed nations would benefit by gaining access to skilled labor at reasonable costs without exploiting workers. They would also be able to procure high-quality products from different countries at fair prices.

4. Global Economic Stability:A unified currency would stabilize the global economy by eliminating exchange rate fluctuations, minimizing the risk of economic crises triggered by devaluation or inflation of individual currencies.

5. Hidden Benefits for All Nations:A single currency could potentially reduce poverty, promote balanced growth, and encourage knowledge-sharing between nations. The wealth gap between rich and poor nations would shrink, fostering a more cooperative and just global economy.In conclusion, while maintaining different currencies creates unnecessary complexities and widens the economic gap between nations, adopting a single global currency could simplify transactions, promote equality, and bring numerous hidden benefits to both developed and developing countries.