India Bans Its Largest Fiat Currency Notes

[ajaxmoor]

A friend of mine told me that due to this move the price of bitcoin is 900$ in India, can someone verify this ? Sounds like a fantastic opportunity to arbitrage sell.

[densuj]

India’s snap decision to ban RS 500 and 1,000 notes caused panic as it reportedly caused 86% of India’s currency to be no longer valid. The announcement made by the Indian PM on an unscheduled live televised address predictably resulted in chaos.

And they have baned import for gold too, it is mean the chance for bitcoins becoming next gold on India is very high and just need 1% people on India for bitcoin's price increase become $1000.

[Techie5879]

India’s snap decision to ban RS 500 and 1,000 notes caused panic as it reportedly caused 86% of India’s currency to be no longer valid. The announcement made by the Indian PM on an unscheduled live televised address predictably resulted in chaos.

And they have baned import for gold too, it is mean the chance for bitcoins becoming next gold on India is very high and just need 1% people on India for bitcoin's price increase become $1000.

You are right. This has created a huge chaos here, people are struggling to pay for their food. Anyways, it cant be undone, but this might mean a good thing for bitcoin, on the brighter side. So, I guess, this move has a mixed effect on me, being a resident of India, as this might mean popularity of bitcoin here, and that could increase the price faster, although more steadily.

[rajasumi2]

Its better for our country that it has banned its fiat money so that people are being able to use digital currency which for the better good that they are being able to monitor every penny .kudoos

[densuj]

India’s snap decision to ban RS 500 and 1,000 notes caused panic as it reportedly caused 86% of India’s currency to be no longer valid. The announcement made by the Indian PM on an unscheduled live televised address predictably resulted in chaos.

And they have baned import for gold too, it is mean the chance for bitcoins becoming next gold on India is very high and just need 1% people on India for bitcoin's price increase become $1000.

You are right. This has created a huge chaos here, people are struggling to pay for their food. Anyways, it cant be undone, but this might mean a good thing for bitcoin, on the brighter side. So, I guess, this move has a mixed effect on me, being a resident of India, as this might mean popularity of bitcoin here, and that could increase the price faster, although more steadily.

I am sure bitcoin on your country will be more growing, because ban Fiat money is mean Death of currency and war against cash is begining and there are no other choice except bitcoin for making people on there prosperous, may Allah SWT blessing Indian people. Amen

[coolcoinz]

How can someone think this would stop the counterfeits? Even teenagers know that if you want to make a fake bill it's best to make the smallest ones, because of two factors:
1. They have the least security features
2. Nobody bothers to check them

[BitHodler]

How can someone think this would stop the counterfeits? Even teenagers know that if you want to make a fake bill it's best to make the smallest ones, because of two factors:
1. They have the least security features
2. Nobody bothers to check them

It has not much to do with counterfeiting as the main intention of such actions by the government is to trace down large holders that weren't known before.

It's once again the hunger for full control over people that is making governments to take steps like these. People are nothing more than sheeps following what is being told them to do.

That's why there is a growing demand in India when it comes to Bitcoin. People are looking to stash away their money outside the regular banking system where the government has full sight on everything.

[mrkevio]

How can someone think this would stop the counterfeits? Even teenagers know that if you want to make a fake bill it's best to make the smallest ones, because of two factors:
1. They have the least security features
2. Nobody bothers to check them

In my country they do check them. They're not going to stop the counterfeit but limiting the money you can exchange to the new bank notes would "stop the black market and disable the black money". That turned into a complete chaos in there, imagine having saved a lot of money and one day later it becomes all just paper..

[fiscorcle]

I have always believed that we will have a cashless society one day and this might be the catalyst to start that revolution against fiat currency just not in India but globally too.

[pereira4]

The war on cash is on full force. If anyone has kids here, your kids if they are small they will never see physical cash. In 18 years the war on cash will be complete and they will never see cash ever again. The only way out from that mess is bitcoin, too bad all those indians are clueless about bitcoin and are trapped in the government mess, not even gold can save them.

[btcdevil]

How can someone think this would stop the counterfeits? Even teenagers know that if you want to make a fake bill it's best to make the smallest ones, because of two factors:
1. They have the least security features
2. Nobody bothers to check them

It has not much to do with counterfeiting as the main intention of such actions by the government is to trace down large holders that weren't known before.

It's once again the hunger for full control over people that is making governments to take steps like these. People are nothing more than sheeps following what is being told them to do.

That's why there is a growing demand in India when it comes to Bitcoin. People are looking to stash away their money outside the regular banking system where the government has full sight on everything.

This is also the main reason of Bitcoin price rising in particular indian local exchange , where lot of peoples are adopting bitcoin and investing their black money in bitcoin. And more over India is also taking all steps to include Bitcoin technology in India. Their are meetups in delhi where they are discussing about blockchain development in india