Realisation Sets In As India’s Cash Swap Did Not End Corruption
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....
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India’s Prime Minister Narendra Modi announced on November 9, 2016, that 500 and 1000 rupee notes would be taken out of circulation in an effort to reduce corruption, terrorism, black money and counterfeiting, and will no longer be accepted as legal tender in India. His surprise announcement caused chaos in the country as citizens scrambled to adjust to a new monetary norm that banned about 85 percent of cash in circulation. This move was meant to bring billions of dollars worth of unaccounted money back into India’s economy. The Indian economy has thus far run primarily on cash....
In an unprecedented move, Indian Prime Minister Narendra Modi has announced the ban of two of the biggest fiat banknotes in the country. A surprise televised address by India’s prime minister Modi today has left a nation of over a billion-people bewildered after the country’s elected leader announced that ₹500 and ₹1000 bank notes (approx. $7.50 and $15) will be illegal effective November 9. The two currency denominations are the biggest bank notes issued by the Reserve Bank of India, the country’s central bank. The move, Modi said, was to tackle corruption, black money (illegally held....
A mayor in Puerto Rico pleaded guilty to accepting a bribe of more than $100,000 in cash last week. Following another corruption scandal, the government of Puerto Rico is reportedly seeking to improve its anti-corruption efforts by adopting blockchain technology.Puerto Rican House Speaker Rafael “Tatito” Hernandez announced that lawmakers will hold meetings with local blockchain enthusiasts this month to discuss the potential adoption of blockchain technology to reduce corruption.The implementation of blockchain and smart contracts could bring more transparency and accountability to the....
The specter of corruption rules the world. Indeed, over 6 billion people live in countries afflicted by an acute corruption problem. Brazil is a case in point. In the scandal du jour, the government-controlled oil company, Petrobras, allegedly has lost billions of U.S. dollars due to fraudulent contracts, bribery, and money laundering. Fortunately, there....
The deputy governor of the Reserve Bank of India has said that banks need to go digital in the face of FinTech or they could risk becoming obsolete as the industry continues to grow. According to a report from Bloomberg Quint, SS Mundra said, to an audience at the College of Agricultural Banking, that banks shouldn’t see financial technology companies as a threat, but that the two should work together to help under-served and credit-starved micro and small enterprises (MSMEs). He said: An estimate suggests that at present almost 93 percent of such (micro) units are outside the formal....