India’s Currency Ban Could Increase Bitcoin Demand
India’s new PM, targeting people who skirt taxes, outlawed 500 and 1,000 rupee bills – a staple in ATMs in the country. He did it in what’s being called a “shock and awe” manner so that black market savers didn’t have enough money to figure something out to do about it. People have stood in line at banks to receive new currency and ATMs, no longer stocked with the larger denominations, are running out of money. The moves will likely lead to an increase in demand for Bitcoin in India. When Beijing issued new capital controls late 2015 to ensure money didn’t leave mainland China, Bitcoin....
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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....
The past two months have been positive for Unocoin, as they raised US$1.5m in funding in October. Unocoin is one of India’s leading Bitcoin exchanges. The company has seen a lot of success in recent weeks, due to surging cryptocurrency demand in the country. To continually innovate the business, Unocoin has released their mobile app for both iOS and Android. This should help them increase their customer base even further in the coming months. Exciting things are taking place in India right now. That is, as far as cryptocurrency is concerned, as the demand for Bitcoinn is exploding.....
Over the course of the past few months, bitcoin use in India has been on the rise. During the first week of November Prime Minister Narendra Modi began a demonetization process removing high denomination rupee notes out of circulation. Since then the country has experienced a cash crisis and demand for bitcoin has grown exponentially. A Discussion With....
The overturning of India’s cryptocurrency ban has made the market a focal point for Bitcoin projects, with outside capital looking to take advantage. The post The Rush To Own India’s Bitcoin Market Is Back On appeared first on Bitcoin Magazine.
India’s Finance Minister Arun Jaitley said this week that banks should embrace the digital age and get into “mission mode.” The country has been in the headlines worldwide for its recent demonetization practices. The Finance Minister believes government needs to continue to discourage the use of physical currency. After Demonetization, India’s Finance....