It even seemed strange to write the title of this post.
“India Bans Cash” is just an odd term because you just think, “How, what, when and why?”
But that is the reality. The leader of India, Pranab Mukherjee, told the people of India in November that the 500 and 1000 Rupee would not longer be legal tender. Oh yeah, and this going down in a matter of four hours. So, get your notes and deposit them in the bank for a numerical value.
I explain more about this in the video below:
Bare in mind:
- Around 70% of all transactions in India are done in cash.
- Around 60% of people don’t have bank accounts.
- Around 20% of people don’t the correct income, documents or identification to get a bank account.
Why would the government do this? I explain it in the video above ↑↑↑↑↑
As a cryptocurrency / bitcoin enthusiast it was really interesting to see what India’s exile of most cash in circulation did to their bitcoin market. Basically, it shot up.
In simple terms the Indian people said. “Well, forgot you (government), if you are going to put controls on my money, I am going to put it elsewhere”.
Bitcoin is acting as an escape, a safe haven, a way out, whatever you want to call it and I go over this point in a video straight after the one above.
Drop me a comment below with thoughts and reactions to this.