India’s new PM, targeting people who skirt taxes, outlawed 500 and 1,000 rupee bills – a staple in ATMs in the country. He did it in what’s being called a “shock and awe” manner so that black market savers didn’t have enough money to figure something out to do about it.
People have stood in line at banks to receive new currency and ATMs, no longer stocked with the larger denominations, are running out of money. The moves will likely lead to an increase in demand for Bitcoin in India.
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