Cashless Chaos: Life Comes to a Halt in Cash Starved India, Bitcoin Can Help
We are living in a brave new world here in India. Enough has been written about the “end of cash” and how there will be a day when we will all be using digital money. Well that future has arrived for the one bln plus people of India. Ever since the demonetization of the Rs. 500 and Rs. 1000 banknotes on the midnight of Oct. 9, 2016, life has turned into a ghastly nightmare for billions of teeming masses. Things that we took for granted have become a challenge, not unequal to climbing the highest of Himalayan peaks. Welcome to cashless chaos, the story of a demonetized India. Cash starved....
Related News
How do you take the hatchet to one of the fastest growing economies in the world? Simple: Remove 86 percent of the circulating currency and call it an anti-corruption measure. Prime Minister Modi of India and his sidekick Urjit Patel, governor of the Reserve Bank Of India, seem to have gone ahead and done just that. Now that you don’t have any circulating cash, hey presto, you have a cashless economy. Welcome to the brave new India. Cashless economy ahoy! Indians are discovering that without their familiar Rs.500 and Rs.1000 banknotes that made up nearly 86 percent of all circulating cash,....
Sarbananda Sonowal, chief minister at Assam, a northeastern state in India, has launched a digital banking campaign to instill in the local population that digital banking is the way forward, according to a report by The Times of India. Launched on Monday and in partnership with the State Bank of India, it is hoped that the campaign will help to spread awareness across the country to reduce the number of cash transactions. This news comes in light of the recent demonetization in India. Speaking to The Times of India, Sonowal, said: The Assam government is taking all possible measures to....
Every day one hears about the impending demise of physical cash - the dirty coins and banknotes that our grandfathers used for everyday transactions, and some filthy criminals still use today - and the upcoming transition to a cashless society. To us geeks that seems initially a good idea - more virtual, more wired, more connected, more cyber - but then one has second thoughts. Cashless society? I say NO, thanks. Not yet. Sweden Leads in Cashless Transactions. Cashless as they intend it means 24/7 surveillance. It's a tool of Big Brother. If you have doubts, let me lay them to rest for....
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....
As Denmark and Sweden spearhead the move to a cashless society, the ramifications of such a transition for humanity as a whole could result in the exclusion of certain groups and classes. A cashless society is one where people do not use physical cash; all purchases are made by credit cards, charge cards, checks or direct transfer from one account to....