In Midst of Demonetization Chaos, Bitcoin Purchases in India Increase by 20-30 percent

In Midst of Demonetization Chaos, Bitcoin Purchases in India Increase by 20-30 percent

The recent move by the Indian government to demonetize high value currency notes has resulted in higher demand for alternative assets. The premium that Bitcoin commands in the Indian market, as compared to international markets, has widened. Demonetization claimed to curb black money. In a move to tackle the twin problems of counterfeit money and undisclosed income, the Indian Government declared on Nov. 8 that currency notes of Rs 1000 ($15) and Rs 500 ($7.5) would cease to be legal tender. These notes will be replaced by new ones with additional security features. Indians were asked to....


Related News

Interview: Impact of Demonetization on Ordinary Indians

India’s ongoing demonetization process has created chaos and inconvenience for many Indians, especially the country’s middle and lower class. The government’s purpose is to scrap 86 percent of the current physical money in the system to curb counterfeiters and stop the financing of terrorist organizations. Bitcoin.com spoke to Sameera Pandilakshmi, an....

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....

India Dreams Of Cashless Society As Demonetization Nightmare Unfolds

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,....

India’s Unocoin Launches New Bitcoin All-in-one App, Capitalizes on Demonetization

Unocoin, one of India’s foremost Bitcoin companies, has launched a new mobile application for both the iOS and Android platforms. This new application has been developed by Unocoin themselves and will allow Unocoin customers to buy, sell, receive as well as store Bitcoin in one place. Interestingly, the application makes its way to users as Indians are trying to grapple with the demonetization of Rs.500 and Rs. 1000 banknotes by the Government of India. Bitcoin has hit new highs in the domestic Indian markets since demonetization occurred on the midnight of Nov. 8. All-in-one app for....

Bitcoin Use in India is Surging, Coin Dance Data Shows

The latest figures from LocalBitcoins show that there has been an increase in the number of users as well as the use of the world’s top digital currency, Bitcoin, in India. According to Coin Dance, weekly LocalBitcoins volume for Bitcoin rose by over 100 percent in the week of Nov. 26 compared to the previous week - that is 27.7 mln Indian Rupee (INR) in the week of Nov. 26 compared to 16.3 mln INR in the week of Nov. 19. Demonetization effect. Several factors could have been responsible for this surge. Top among them is the recent demonetization of certain denominations in India’s....