Why Is It Almost Impossible in India to Hoard “Black Money” in Bitcoin?
Following the demonetization exercise in India, the mainstream media is urging the government to control Bitcoin, calling it the safe haven for tax evaders. India has been in the news quite often these days after the government decided overnight to demonetize existing high-denomination banknotes. The move, widely publicized as a step towards combating the country’s black economy was successful in causing widespread distress amid a shortage of valid currency. The loss of confidence in the Indian Rupee among a significant portion of the population drove them towards Bitcoin as a store of....
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Criminals rely on banks to facilitate money laundering, and will not go through the trouble of buying and selling Bitcoin to do so. The banknote ban in India is causing some rather unexpected results. Axis Bank’s Noida branch suffered from a similar incident as what happened to Wells Fargo customer not took long ago. Bank employees opened fictitious bank accounts to deposit a lot of money, allowing them to bypass the current demonetisation plans. Banks remain the perfect partner in crime to get illegal funds into the formal system. This news related to Axis Bank took quite a lot of people....
It is almost eerie how just as Bitcoin and the world of digital currency are developing steam through mainstream adoption worldwide that economic instruments of cash are increasingly under siege nation after nation. Bitcoin’s innovative blockchain technology may be bringing the world an unintended consequence of a loss of freedom and privacy as the financial world is getting in position to phase out cash in favor of a new digital economic system. Haven’t we met the “black economy” somewhere before? Australia is poised to pick up the baton when it comes to the global cash banning movement.....
As promised on its development roadmap for 2021, Hoard Exchange launches its NFT Marketplace on the Ethereum Mainnet today, May 26th. The marketplace comes with a host of features and capabilities, including the provisions to loan and stake using NFT as collateral for the loan. The Hoard marketplace, one of the two broad categories of […]
In a shock move, the Government of India has demonetized Rs. 500 and Rs 1000 banknotes. In India these are considered higher denomination banknotes, with the banknotes becoming obsolete starting from midnight on Nov. 9. The government has also announced the introduction of two new banknotes, Rs. 500 and Rs. 2000, to replace the demonetised money. Targeting so called ‘Black Money’. The government of India has taken this measure to effectively target people who conduct transactions primarily in cash and bypass the tax net. There is a belief within the government that most of this so called....
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....