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.eceGoogle 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
I live in India, there are 4 notes in circulation now, Rs. 10, Rs. 20, Rs.50, and the Rs. 100.
The new notes will come in circulation from the Jan of 2017.
We just have to wait till then.
Glad to hear from a local perspective. ^smile^ How would this influence your decision to buy more or less bitcoins now? I cannot see how this will have any influence on people's decision to buy other currencies. Yes, they might have to settle for smaller denominations, but this will suit the poor people better, because they seldom use the larger notes.
Would like to hear your take on this. ^smile^