India as an economic area for the development of Bitcoin may have remained unconsidered for long but with the sudden withdrawal of the 500 and 1000 rupee denominations users are slowly moving to Bitcoin for the transfer of large values. Modi’s drastic move in a attempt to clamp down on money laundering and terrorism has left many rushing to atms and banks in a attempt to convert their cash to other denominations.
Modi has set a deadline of the 30th of December by which all outlawed rupee denominations will officially be made “illegal”. Considering that ATMs will be shut on the 9th and the 10th in some areas, people have had to rush to atms in a bid to secure their assets. This is where Bitcoin has been hailed as a currency of the future as having no set denominations due to the digitalized nature; it won’t be regulated by an entity.
From a business perspective, this move may impact small businesses as several such businesses deal in cash. However, this move is likely to lead to a rise in online transactions going forward, propelling the move towards paperless currency.
To conclude the bold move will effectively combat rising inflation levels and attempt to reduce corruption but for many everyday civilians this has prompted unnecessary hassle and worry. However with Bitcoin you decide what amount you want to send and with no denominations you are free to send your money however you like. NairaEX is currency Nigeria’s leading Bitcoin exchange allows you to purchase Bitcoin at market leading prices and have them delivered within a matter of hours!