India Encourages ‘Mission Mode’ Digital Currency Adoption

Arun Jaitley, Finance Minister of Corporate Affairs in the Cabinet of India, has said that banks should start to promote digital banking in ‘mission mode’ to limit the use of physical currency. It is hoped that by doing so cashless transactions will increase in the country, reports The Times of India. Only recently the Indian Prime Minister Narendra Modi announced the banning of two of the country’s biggest fiat banknotes in the country. The move, according to Modi, was to tackle corruption, black money, and terrorism. It is also believed that the withdrawal of the Rs 500 and Rs 1,000....

Since the announcement of the banning of India’s two biggest banknotes last November by Indian Prime Minister Narendra Modi, the country has pushed efforts toward digital banking. Yet despite the drive to make this happen, hurdles still face the country to make it a reality. At the news of India’s demonetization, the digital currency bitcoin reached new highs in the country with demand pushing the price of one bitcoin to $881 in November. With a surge of bitcoin adopters in India it appeared that a push toward digital banking was the way forward as more than a billion people faced....

Digital finance has great potential to improve life for consumers and merchants in India. But the lack of familiarity has impeded digital money’s growth in the country. This lack of awareness exists despite India Prime Minister Narendra Modi’s national mission for financial inclusion. To help improve India’s digital future, the United States Agency for International Development (USAID) conducted a study identifying ways to ensure the success of Modi’s national mission for financial inclusion. The report, “Digital Finance – Beyond Cash,” examines the current behaviors and perceptions of....

According to a report by TopTenFindings, India is the 9th dirtiest country in the world, a reason why the country's elected Prime Minister Narendra Modi launched Clean India Mission to the tackle this issue. The concept of digital currency is attracting a lot of interest all over the world, as it can be used in a variety of ways. The Clean India Mission has announced some interesting tidbits of information, including rewarding recyclable waste item deposits with a digital value token. But there is a twist, as users would not need a mobile device to receive these tokens, as they can be....

The Prime Minister of India calls for increased usage of digital currency as the country struggles with the scarcity of currency notes following "demonetization" of high-value banknotes. India recently made it to the news by doing the unthinkable — declaring two of its existing large denomination currency notes invalid. The move effectively removed an estimated 80 percent of the currency notes out of circulation drastically affecting the country’s economy. The government insists that the move will root out unaccounted cash and counterfeit currency, which is debatable. However, on....