Quote from: Dudeperfect on November 08, 2016, 05:32:48 PM

Hello There,

India bans top currency notes such as Rs.500/- and Rs.1,000/- to prevent black money. Now there are only three notes in circulation Rs.10, Rs.20 and Rs.50

http://www.thehindu.com/news/national/live-narendra-modis-address-to-nation/article9320548.ece

Google for more news links.

Yes, There are some preventive measures taken to deal with the situation but still it is one of the masterstroke by India prime minister Narendra Modi against black money.

How do you see this action and what kind of impact this will create on the bitcoin in India?

Best
Dudeperfect

It will not have that huge impact as the news there is emphasizing. People will be more careful and will have more RS 50 rather than few RS 500. It will not be any problem for the black markets as they will find a way on how to deal with each other, they can do transaction in a car for example, they simply cannot be stopped. The true motive behind such move is to exert more power over the people.

I even checked how big is a RS 500 compared to RS 50 and I think it will be no problem for people to keep more RS 50 with them rather than a RS 500. So this move will not affect anything in terms of economics as far as I know from this field.