Last week, former Indian finance minister P.Chidambaram said "not a single economist worldwide has approved the demonetization in India 2016
On November 08, 2016, Indian Prime minister made a sudden announcement that Rs 500 and Rs 1000 currency notes will be invalid from November 09, 2016. The Indian government plan was to destroy all black money/unpaid taxes hidden by Indians in cash in the form of Rs 500 and Rs 1000 notes.
Indian people were given time till November 23, 2016 to exchange the old currency notes at all the banks in India. So there were long queues outside Banks for depositing money and also withdrawing money. I was in the queue at the bank for 2 hours and 30 minutes.
Later Indian Congress leader 'Rahul Gandhi" said "91 people had died in queues outside banks and ATMs" which was the result of sudden announcement by PM Narendra Modi.
Prime Minister "Narendra Modi" is very proud of his actions
Here in my country news like that is not new and is always happening most especially in this season. Fiat money is the cause why people died every single day and that is what fiat did to the world. If people would use Bitcoin or any cryptocurrency as funds I think the risks would lessen due to the privacy feature of crypto. Though crypto is volatile I think we need to have both assets to make sure we are safe.