India’s Mobile Internet Boom is Paving the Way to a Bitcoin Economy
It is no secret that India is one developing country to keep an eye on. Internet adoption in the country is ramping up exponentially, and projections indicate India will house 657 million Internet users by 2019. In fact, most of these Internet users will experience the world wide web for the first time on a mobile device, skipping the computer generation....
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The use of Bitcoin may get some more fortification in India as the region’s most wealthiest man is enabling super cheap 4G to a billion Indian citizens. India’s Richest Man Gives 4G Data to a Billion People. Mukesh Ambani is one of the richest men in India. Local consumers will have the opportunity to try Ambani’s new Jio Network, allowing 4G data at....
Mobile payment methods will replace cash and cards in UK by 2020, according to research by Visa Europe. The study, which was concluded upon the participation of 12,015 European consumers, predicted that the UK markets will stem a whopping £1.2 billion/week, with six in ten Britons expecting to use their mobile device for making payments by the aforementioned year. At present, only one in 12 people use mobile payment methods. "The UK mobile payments boom will see an upsurge in the weekly value spent using mobile devices, with the market growing to an estimated £1.2 billion per week by....
Speaking of Bitcoin in India, LocalBitcoins saw an increase in volume last week. If there is one thing India’s banknote ban has taught us, it is how the plan did not work. Swapping the most widely used currency for new bills was an attempt to remove “black money” from circulation. But it turns out most banknotes have been swapped successfully. Either there is no significant amount of black money in the cash economy, or the bad actors moved wealth into other assets. In the end, it appears this cash swap serves no real purpose. One of the more pressing questions is whether or not India’s....
India’s Prime Minister Narendra Modi announced on November 9, 2016, that 500 and 1000 rupee notes would be taken out of circulation in an effort to reduce corruption, terrorism, black money and counterfeiting, and will no longer be accepted as legal tender in India. His surprise announcement caused chaos in the country as citizens scrambled to adjust to a new monetary norm that banned about 85 percent of cash in circulation. This move was meant to bring billions of dollars worth of unaccounted money back into India’s economy. The Indian economy has thus far run primarily on cash....
India’s largest bank by assets, the State Bank of India (SBI), will be the first in the country to embrace branch-less banking by launching its digital-only bank, SBI Digi Bank. The move by India’s largest bank is significant, in a country that is exhaustingly reliant on banking at physical locations. The digital bank will see a launch sometime in the next 3-6 months, according to a report in Indian daily the Economic Times. The country’s largest lender is initiating its 100% digital banking endeavor within months of an unprecedented demonetization drive enforced by the Indian central....