Copycat Currency: Venezuela Follows India into National Demonetization
2016 has become an all-out war against cash. Last month, India almost instantly demonetized their most used paper currency notes, the 500 and 1000 Rs. This has caused massive problems throughout the country, resulting in the deaths of people as they wait in line to exchange money, and a soaring market for Bitcoin. Now, embattled Venezuelan President Nicolas Maduro announced on Sunday that the 100-bolivar bill will be decommissioned. Haven’t we heard this before? In India, Prime Minister Narendra Damodardas Modi announced on Nov. 8 that the government would remove India’s most used currency....
Related News
Venezuela, which operates an economy that is crumbling down in debt and hyperinflation, announced the demonetization of 100 bolivar fuerte (Bf) banknotes effective in the next 72 hours. Until the central bank releases higher denomination bills, an India-like panic is presumed to occur. Since mid-2016, the Venezuelan economy worsened, as hyperinflation continued to lessen the value of its national currency that was already virtually worthless. By September, simple products like eggs or bread were sold at US$150 to the general population which in Venezuela was equivalent to stacks of cash.....
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:....
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....
The disappointed expectation in the price of the world’s top digital currency, which slumped to a low of $864 on Christmas Day, and the market cap that reversed on the previous gains to $13.88 bln is now being corrected, a push Indian market insiders say will continue till at least Q1 2017. Bitcoin is now worth $915 after a sloppy Dec. 25 market, with the market cap standing at $14.6 bln. Why India again. The effect of the Indian market on Bitcoin is in the news again. The co-founder of Zebpay, Sandeep Goenka, believes that India should still be in the Bitcoin picture even though the....
Pakistan has announced plans to remove its largest currency notes from circulation as Bitcoin buying has surged fourfold in the country. Pakistan Joins War on Cash. The demonetization policies that have been recently implemented in countries like India and Venezuela are now spreading across the globe. More and more countries are attempting to eliminate cash transactions in what is being called an effort to reduce corruption, money laundering and black market economy. This time, Pakistan is joining the front of the demonetization policy by withdrawing the high denomination Rs 5,000 currency....