[2017-01-19] Mint: Potential of bitcoin in the time of demonetization

[polynesia]

Potential of bitcoin in the time of demonetization

http://www.livemint.com/Money/beyDmYyolBJvJ6TdO8RMOL/Potential-of-bitcoin-in-the-time-of-Demonetization.html

The government’s recent move to demonetize currency notes of Rs500 and Rs1,000 has generated interest in digital channels of monetary transactions. Apart from internet and mobile banking, digital wallets and credit cards, alternate payment options such as bitcoins have also seen new takers. Since the demonetization announcement in early November 2016, the value of one bitcoin has increased by over 30% (on 9 January 2017), with speculation that this could be attributed to aggressive buying by Indians, looking at it as a probable ‘safe haven’ currency.