India’s Demonetization: Cash is Not Holy Cow, in Bitcoin Blockchain We Trust
With the Indian Government’s demonetization drive resulting in chaos and a rush for cash, Indians are turning to god to tide over the crisis. Worship places requested to deposit cash received. The characterization of India as a spiritual place by most tourists is not wrong, considering that it is the birthplace of multiple religions including Hinduism, Buddhism and Sikhism. Religious institutions play an important role in daily life and receive a lot of money - including small bills - as donations. The Ministry of Finance has requested religious institutions to deposit their cash donations....
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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....
Indian Prime Minister Narendra Modi’s demonetization of 500 and 1,000 rupee banknotes has thrown India’s economy and financial systems into turmoil. Local residents now struggle to obtain cash to support and finance their day-to-day living. The government’s restriction on gold importation is also affecting the general population, as 78% of Indian....
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....
It was on Nov. 8, 2016, in a shock announcement, that Indian Prime Minister Narendra Modi announced around dinnertime that banknotes of Rs.500 and Rs.1000 would no longer be legal tender starting midnight. It has been exactly a month since he made that announcement. His key objectives in scraping 86 percent of the circulating currency in a country of over 1 bln people, was to remove “black money” out of the system, fight counterfeiters and stop the financing of terrorist organizations. While it can be argued that the measure may have had limited success in all of these fields, the....
On the eve of the New Year, the Indian Prime Minister Narendra Modi went on air to make an address to the nation, this would be his first televised speech after the Nov. 8, 2016, demonetization announcement. Mr. Modi is a Teflon coated slick politician who is both glib and prone to bouts of braggadocio. His televised appearances are the subject of many a Twitter joke and WhatsApp message, which act as a source of humor in times when many Indians are forced by his government to spend hours exchanging old notes for new and there isn’t much to feel cheerful about. They are also being harassed....