Scammers will miss this days on the future, it's so easy to make a note nowadays, you just need the right equipaments and products...
I doubt anyone can copy money in blockchain and that's why the bitcoin is the future.
Topic: India Bans Its Largest Fiat Currency Notes - page 10. (Read 7336 times)
It will not have that huge impact as the news there is emphasizing. People will be more careful and will have more RS 50 rather than few RS 500. It will not be any problem for the black markets as they will find a way on how to deal with each other, they can do transaction in a car for example, they simply cannot be stopped. The true motive behind such move is to exert more power over the people.
I even checked how big is a RS 500 compared to RS 50 and I think it will be no problem for people to keep more RS 50 with them rather than a RS 500. So this move will not affect anything in terms of economics as far as I know from this field.
I even checked how big is a RS 500 compared to RS 50 and I think it will be no problem for people to keep more RS 50 with them rather than a RS 500. So this move will not affect anything in terms of economics as far as I know from this field.
corruption and illegal currency is the biggest problem in india,the ban of rs 500 and rs 1000 all of a sudden is a big surprise and from tomorrow onwards those who are having the said currencies will not have any value and cannot exchange through stores ,the only way to exchange is through banks,since this news is announced in such a short notice it will be difficult for people having large amount of currencies stached inside their home to exchange it .
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 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
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 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
It will not have that huge impact as the news there is emphasizing. People will be more careful and will have more RS 50 rather than few RS 500. It will not be any problem for the black markets as they will find a way on how to deal with each other, they can do transaction in a car for example, they simply cannot be stopped. The true motive behind such move is to exert more power over the people.
I even checked how big is a RS 500 compared to RS 50 and I think it will be no problem for people to keep more RS 50 with them rather than a RS 500. So this move will not affect anything in terms of economics as far as I know from this field.
This is a sudden and surprising move by the Indian government to ban large fiat currency notes,if this thing happened in china the price of bitcoin would have reached a new level ,i really doubt with a population of over a billion people many does not have any clue about bitcoin and its investment features
The EU has already banned the EUR 500 note. Now India is following the stance.
The above is not correct. It has not been already banned but
Quote
The European Central Bank announced on 4 May 2016 that it would phase out the 500 euro note by the end of 2018.“Authorities increasingly suspect that they (€500 notes) are being used for illegal purposes, an argument that we can no longer ignore,” according to a high-ranking bank official, Benoît Cœuré.
I feel blockchain kind of transparent system must be the right solution for getting rid against money laundry/black economy. I believe financial experts may find many new things from this kind of moves from a government. Lets hope for any possible support for bitcoin ecosystem from this.
I hope it will not happen here in our country,those top currencies are very important because money is undervalued you will have to carry a lot of small paper currency when going to grocery,your wallet will be full of small paper currency..
surely it made the black marketting a lot harder now becaise they have to create many 50rs note to reach 1000rs so we can say their work is now 20x increased with that previous speed and efficiancy but on the other hand all it will increase is lots of notes and digitialization because i myself is not going to carry 500 50rs notes to buy a piece of cake.so i will be forced to open a bank ac
Sometimes make me think that with bitcoin we are playing right into the hands of the movement to restrict our funds.
Crypto is perfect for governments if they control it and can take it away in one click or divvy up the funds between the elite.
Its funny how those attracted to bitcoin initially wanted less government and now it is starting to look like government is going at it the same for total polar opposite reasons.
There is also a trend of eliminating the lower coins and bills in some Countries to eliminate costs and weighing people down with change.
This always looked to me as a reason to over charge the customer due to not having the smaller change and rounding up.
Crypto is perfect for governments if they control it and can take it away in one click or divvy up the funds between the elite.
Its funny how those attracted to bitcoin initially wanted less government and now it is starting to look like government is going at it the same for total polar opposite reasons.
There is also a trend of eliminating the lower coins and bills in some Countries to eliminate costs and weighing people down with change.
This always looked to me as a reason to over charge the customer due to not having the smaller change and rounding up.
The EU has already banned the EUR 500 note. Now India is following the stance.
The war on physical cash is in full effect. Fighting black market activities is only a pretext for the true motive: Exerting full control over people's finances to make them fully transparent in order to enforce negative interest rates and higher taxation. It's a sinister plan of central bankers who are desperate to keep the fiat money scam running. They try to prevent capital flight to safer alternatives.
For countries with high inflation like India it's an easy way to slow down price appreciation a bit as well.
Full governmental control over private finances is a horrific scenario, as it exposes the individual to arbitrary coercion by the metastasizing officialdom. Hopefully people will use the exit door soon enough and buy Bitcoin and precious metals.
ya.ya.yo!
The war on physical cash is in full effect. Fighting black market activities is only a pretext for the true motive: Exerting full control over people's finances to make them fully transparent in order to enforce negative interest rates and higher taxation. It's a sinister plan of central bankers who are desperate to keep the fiat money scam running. They try to prevent capital flight to safer alternatives.
For countries with high inflation like India it's an easy way to slow down price appreciation a bit as well.
Full governmental control over private finances is a horrific scenario, as it exposes the individual to arbitrary coercion by the metastasizing officialdom. Hopefully people will use the exit door soon enough and buy Bitcoin and precious metals.
ya.ya.yo!
There seems to be a lot of interesting things happening all at once in India and the cracking down on the black market seems to be a important drive for them. Was not long back we where reading about getting people to use banks and limit the gold exposure.
I do not know enough to think it will attract more Indians to bitcoin or not but I think it will create another off shoot business. India is great at creating jobs and its almost something they pride themselves on,as opposed to the West where its all about the bottom line.
Something I saw about India recently that got me thinking about bitcoin,was the black outs that roll through out the day(4-6 per day) and I thought this would be quite disruptive to bitcoin use.
I do not know enough to think it will attract more Indians to bitcoin or not but I think it will create another off shoot business. India is great at creating jobs and its almost something they pride themselves on,as opposed to the West where its all about the bottom line.
Something I saw about India recently that got me thinking about bitcoin,was the black outs that roll through out the day(4-6 per day) and I thought this would be quite disruptive to bitcoin use.
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) India’s 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) India’s 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
Jump to: