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 masterstrokes 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?
P-S : Adding some news headline since this move, worth reading
1) No cash, no plastic: India's demonetised economy rushes towards cryptocurrency.
2) Indias rupee restrictions are boosting demand for bitcoin.
3) Digital Currency the New Normal, says Indian Finance Minister After Cash Curb.
4) Why Bitcoin Will Succeed in India in Just Two Years.
5) India Encourages Mission Mode Digital Currency Adoption.
Best
Dudeperfect
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 masterstrokes 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?
P-S : Adding some news headline since this move, worth reading
1) No cash, no plastic: India's demonetised economy rushes towards cryptocurrency.
2) Indias rupee restrictions are boosting demand for bitcoin.
3) Digital Currency the New Normal, says Indian Finance Minister After Cash Curb.
4) Why Bitcoin Will Succeed in India in Just Two Years.
5) India Encourages Mission Mode Digital Currency Adoption.
Best
Dudeperfect
Interesting news about India and increasing demand for bitcoin since government bans Rs.500 and Rs.1000.
We know that fiat money has some disadvantages which could covered by bitcoin such as
Sandeep Goenka stated: With credit cards, you have to pay VISA/Mastercard 2-3 percent on every transaction and you get the money after a few days, and sometimes in case of a chargeback, you don't. None of these problems exist in Bitcoins.
But, what I concern is higher price to buy bitcoin there. It seems unfair if we could buy BTC1 / $750 outside the country but in India exchanges sell it about $100-200 higher than market price.
One bitcoin on the Indian exchange Unocoin is worth 55,405 rupees, or $817.97, at the time of writing. Dollar-denominated bitcoin currently costs around $709. and this>>>
Toward the end of November, the premium was soaring further, as the price to buy bitcoin reached $985 while Indian bitcoin exchanges continue to push for adoption.
I don't know for sure is it good or not for people there, but this mean increases adoption and higher price of bitcoin.
I think the price will always be higher than international markets because the charges for foreign remittance are high and also there are currency conversion fees and we have to pay tax like service tax (around 0.15% to 15% depending upon cases) on the top of that amount so it will cost the same for resident Indian buyer to purchase from International markets unless he is NRI (There are some provisions for NRI where they can maintain account in USD). I am working on the solution and in the process of research. Let's see what happenes.
I have another good news, Ground zero merchants from India are also getting aware about digital payments (although they are using fiat now but still they are getting used to digital payment technology) and that's very good sign for bitcoin and other cryptocurrencies.
Picture from the internet : A local street seller from India with a board Paytm accepted here. Paytm is a fiat wallet (backed by Alibaba), it is almost same as paypal but it is much more convenient and cheaper to use.
Now you anyone convert his bitcoins in Paytm cash, click following link to know more..
Best
Dudeperfect