Demonetization Brings Surge in Bitcoin Adopters in India
Bitcoin, a currency that is immune from governmental controls is seeing plenty of interest in India, a country still reeling from an unprecedented cash crunch that sees over a billion people face government-imposed limits on ATM and bank withdrawals. The move to demonetize 500 and 1000 rupee banknotes – a month ago to this day – meant that 86% of Indian cash in circulation was rendered obsolete overnight. The comprehensive reform sees everyday Indians’ lives disrupted as the Indian government struggles to replace old banknotes with new notes in the face of soaring demand. While the....
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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....
Abhishek Bhandari of Asiadigicoin (ADCN) explains how the ongoing demonetization of India helps Bitcoin and other digital currencies. Cointelegraph: Would you say the recent demonetization in India is a step in the right direction? Abhishek Bhandari: Well for centralized currency it is a great step and a temporary solution for a country like India where we are facing a lot of problems like corruption, fake currency, black money, etc. The Indian economy needed such a step to clean and refresh the whole currency mechanism. CT: Is the business community faring well from this initiative? AB:....
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,....
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....
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....