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Why India is Perfect for the Bitcoin (R)evolution

On the 8th November 2016, the Indian government announced its demonetization plans that would see 86% of all the cash money in the nation rendered useless. This rather drastic action was taken as a measure to quell illegal activities and attempt to destroy the shadow economy in the country. The Indian government aimed to prevent the use of illicit and counterfeit money to fund activities such as terrorism. India had begun their war on cash.

Although the Indian government were publicising this positively, the disruption it caused was severe. The severity of this policy was largely fuelled by a number of reasons but the sudden nature of the announcement caused a nationwide frenzy followed by cash shortages and a significant disruption to the economy.

With the Indian population now over 1.3 billion people, potentially more than China, such a drastic change hit many hard in the largely cash-based country and led to nationwide disillusionment. As a result, people wanted to find an alternative that they could use and trust to transact, store wealth and evade government intervention.

They found Bitcoin.

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16 juillet 2017, par Ducky | 0 commentaires
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