India Bans Its Largest Fiat Currency Notes - page 6.

Rude Boy

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Quote from: bitcoinmasterlord on November 11, 2016, 01:33:37 AM

Quote from: Rude Boy on November 10, 2016, 10:36:03 PM

This will not stop holding black money or black money holder in anyway. They might already changed the currency to USD or some other currency and they'll not be catch on red hand imo.

Not all people can do that easily because if you want to convert it to USD, then you should provide some documents to prove for some purpose or should be done some illegal ways. But this announcement has given many people surprise and even many politicians didn't have any clue of this is going happen. I don't think because of this it will stop, but to some extent, it will reduce the black money.

Not really. AFAIK, most of the politicians became safe even some peoples who's having black money. As this news was leaked before few days. I don't want to mention their name and company and they had gifted new cars to all their employees with n agreement that they should sell those cars after two months!

Victorycoin

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Quote from: fortunecrypto on November 08, 2016, 01:47:10 PM

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..

What you should pray instead is for there to be an effective and efficient cashless system in your country than the illusion that those top currencies does your country any good. In reality, those top currencies would be the main reason your grocery would get to be sold at a much high rate, because the small currencies sooner than later lose their purchasing power.

I must commend India for taking that step and it could not have come at a better time, than now as they concentrate their efforts to develop and advance their country. It is something other developing countries should embrace and you will find that it is even the poor countries that hasten to create high currencies notes and not so much for the interest of the country, but simply to facilitates looting by their very corrupt rulers.

Digitalbitcoin

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Its true that India have banned Largest Fiat Currency Notes in India to eliminate black money from Market, as 86% of currency is used in India with note of 500 Rs and 1000 Rs. I think This decision can really reduce black money supply to market, Its true but its too dangerous for common people who are genuine and stake some of note for security of financial freedom.

Still in India new launched currency note are not distributed to bank to avail for common citizen.

I personally think that bitcoin or any other decentralized digital currency can give best solution for such crisis of money supply and for reduction of black money use with centralized government acceptance with regulation for digital currency.

housebtc

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The information here is not true "not the largest Fiat currency note", we should try as much as possible to read the whole content of a news and not rely only on sensational headlines

BADecker

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Fiat and Bitcoin, and every other form of money, are essentially the labor of the people.

Governments are trying to suck up every dollar they can get. They are trying to eliminate the competition. They are using the sucked-up money to prepare for war. This does not look good for Bitcoin. Why? Because Bitcoin is sucking the money back to the people again.

The only way to grab the money is to destroy Bitcoin, or adopt her. Either of these things will not be an easy task for governments at this stage of the electronic/internet game. Attempts to absorb or destroy Bitcoin may result in a great big crash of the fiat Ponzi, worldwide, before Bitcoin is out of its infancy. This might destroy Bitcoin, as well, and turn the world into chaos.

Cool

qiwoman2

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I think not only black money will be affected here but a lot of fake banknotes that are going around. i think this is good in one sense and better for bitcoin as more and more educated people will seek to turn their fiat into either gold or bitcoin or both.

ABCbits

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I think their solution was a joke and some people might've realized that their government isn't as smart as they think.
Maybe people will start to think a way to save their money in case economic crisis.

Labumi

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Quote from: ABCbits on November 12, 2016, 07:59:43 AM

I think their solution was a joke and some people might've realized that their government isn't as smart as they think.
Maybe people will start to think a way to save their money in case economic crisis.

Ahah, this is all because the Government could not see the advantages given by bitcoin and they only concerned with individual interests than seeing the voice of the people. So they took the decision that actually does the right thing to do. But it all will not give negative impact, because those who want to use the bitcoin can still do so using the VPN or other. All of this just as a test for the users, and I am sure if one day bitcoin will be recognized by all countries

LLec

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Every currency in the world does this. It is not a ban but a replacement because of forfeiting the current money is the only way they know how to curb the counterfeiting trade.

7788bitcoin

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Replacing the old notes is not something new, but the way it is done is. I hope the banks are still willing to exchange the old notes for equal value of new notes for long enough. I guess many unbanked people in India are keeping their money using the notes and not bank accounts.

marleybobthedog

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Actually Indian government is not banning the highest denomination (₹500 and ₹1,000) paper notes. They are simply replacing the old notes with the new notes. And they have introduced the ₹2,000 banknote, which didn't existed earlier and news rumoured that there will be Nano GPS Chip in the note which will help tax department to track money through satellite.

arcanaaerobics

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Notes are so unsafe and not cheap to government print just like the coins...

And that's why cryptocurrencies are the future, we started trading goods, after metals, paper and now bytes.

Milkduds

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Quote from: classicsucks on November 11, 2016, 02:15:36 PM

Quote from: Milkduds on November 08, 2016, 01:19:09 PM

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.

A US federal prosecutor stated that you can't shut down bitcoin. http://motherboard.vice.com/en_ca/read/us-federal-prosecutor-you-cant-shut-down-bitcoin-kathryn-haun

I don't know how they would "divvy up the funds between the elite" with one click?

We are not talking bitcoin specifically when we are talking about crypto currency being a wet dream for government.
If a bank or government creates a crypto that is controlled by them,meaning they have written into the code a way to grab all funds or automatically charge interest,then you are one click away from that happening. It is a very clear point and issue,I do not mention bitcoin anywhere in my response.

To address the Federal prosecutor link I will just say the Elect President has gone on record about scraping laws and agreements he deems unfit. So with that same reasoning he could change the outcome and make the "you cant shut down bitcoin" a out of date statement. We have to remember that super powers wane and so does societies norms,you can not presume things are always going to be the way they currently are. To state it another way... Would you rather be prepared for that day or unprepared?

classicsucks

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Quote from: Milkduds on November 08, 2016, 01:19:09 PM

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.

A US federal prosecutor stated that you can't shut down bitcoin. http://motherboard.vice.com/en_ca/read/us-federal-prosecutor-you-cant-shut-down-bitcoin-kathryn-haun

I don't know how they would "divvy up the funds between the elite" with one click?

Milkduds

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Quote from: countryfree on November 10, 2016, 06:57:08 PM

Indians queuing to exchange their cash

Hey, what are you doing, today?
I'll spend the whole day at the bank, exchanging my cash...

Governments have such a twisted mind, they have invented the concept of black money (or dirty money). Money which is earned the usual way, by hard working people, but the government wants its share of it, just like the mafia, you know. So, it resorts to extortion, by forcing people to come out with their money, so the bad guys can get a piece of the cake.

Standing in line with all the bills in the air for some one to snatch and run off!

The crack down in India will be studied by other Countries and most likely copied to achieve more power over the currency. The USD is one of the most mattressed currencies in the world and any move to change the bills would cause a global ripple. One thing I always notice when travelling abroad is the guys with the briefcases in the local square that help the unbanked at a high percentage. Imagine those guys in India are making serious profit right now.

marleybobthedog

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Yes it's a good decision from tax department. It would somehow hep India to completely eradicated internal black money. And from now itself it would become hard to store black money in home because new currency note are coming with computer chip

TechnologyExplorer

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Hello,

You are right. The big currency notes have been demonetized. Only Rs 10,20, 50 and 100 are in circulation for next two days. Then again the new Rs 500 and Rs 2000 note will be brought into existence.

May be it was a master stroke by Mr. Modi. But this move can in no way prevent fake currency prevalence in India in future.

And coming to the point of how this will affect Bitcoins....?

Well, there may be a temporary surge in bitcoins buying thinking that all the illegally earned money can be used to buy bitcoins. But it is false in all terms.

In order to buy bitcoins, one should buy them from exchange using fiat currency which is in digital form in your bank accounts. So, you need to have your money deposited in your account. If you deposit more than Rs 2.5 lakhs, it will surely attract the attention of IT department.

So, to all those who are thronging bitcoins exchange sites in a hope that they can make their black money-> white will just receive a big disappointment sooner or later.

Supercrypt

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Quote from: arcathomas on November 10, 2016, 12:35:23 PM

500 rs is only 7€ Cheesy

Indian contry is so poor they ban 7€ note Roll Eyes

The buying power would be same, because of the differences in value of money when you exchange 7€ to indian rupees it is a a big money even if it might be small in your country. Even India is poor country, they are contributing a lot to the world economy. I guess, other countries also may follow India's idea on black economy.

eternalgloom

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I don't think this will have any influence over the use of black money, people will just find other means.
I really don't like the trend of moving to a cash-less society..

ekoice

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I am from india. Its a move to destroy black money stored by corrupt politicians and fake currencies circulated by mafia gangs.Immediately after the announcement on ban, gold worth of several crores got sold in just 2 days.Middle class people suffered a lot by this sudden move by government.Still most people are unaware of Bitcoins.If they would have already known about Bitcoin, they would not have suffered this much.

Topic: India Bans Its Largest Fiat Currency Notes - page 6. (Read 7361 times)