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,....
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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 has been a little slower than many Western - and indeed Asian - nations in its adoption of digital currency, but it looks as though we are finally seeing some movement in the right direction. In a television interview released earlier today, Raghuram Rajan, Gov of the reserve bank of India, voiced is opinion on bitcoin and its likely future in India. Seemingly in strong support for bitcoin adoption, the governor responded to a question from the audience of the television programme being filmed. He had this to say: I have no doubt that down the line, we will be moving towards....
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....
The panic created due to faulty implementation of demonetization has had experts believing that even if the panic is short lived, the people who have turned to bitcoin. The buzz around Bitcoin has been growing stronger steadily over the past few years. Though, a vast majority in India is still unaware of the digital currency. The government’s decision to demonetize Rs. 500 and Rs.1000 currency notes has catapulted Bitcoin into the foreground of people’s attention as they explore various cashless mechanisms in the face of currency ban in India. Zebpay, one of the major bitcoin exchanges in....
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....