This week all eyes are watching India as citizens are having trouble accessing cash reserves as ATMs run dry throughout the country. Alongside these troublesome economic times, bitcoin trading is increasing substantially in India, as the country is one of the hottest bitcoin regions in the world right now next to China and Japan.
Right now there is significant demand in India for cash as banks and ATMs within the country are currently experiencing a shortage of physical notes. According to regional publications, some regions in India are reporting 90 percent of the local ATMs do not have cash. Sources in the country say the Reserve Bank of India (RBI) has moved some of its cash reserves to certain areas within the country due to the recent elections.
Read More Here >>> https://news.bitcoin.com/bitcoin-demand-rise-cash-run-dry-india/
Right now there is significant demand in India for cash as banks and ATMs within the country are currently experiencing a shortage of physical notes. According to regional publications, some regions in India are reporting 90 percent of the local ATMs do not have cash. Sources in the country say the Reserve Bank of India (RBI) has moved some of its cash reserves to certain areas within the country due to the recent elections.
Read More Here >>> https://news.bitcoin.com/bitcoin-demand-rise-cash-run-dry-india/
I'm not surprise by this news quite frankly, they have started demonetization since last year. The government of India decided to demonetize Rs 500 and Rs 1,000 notes on November 8 as a against black money, corruption, fakes and terror financing meant 90% of the currency in use ceased to be legal tender.
So this is the one of the reason for the increased demand of bitcoin in India because they are frustrated by the government's decision and are now looking for a way to store or accumulate their money to be out of government's reach.
