Demonetization and Bitcoin adoption in India

Bitcoin adoption in India and the recent demonetization – latest developments

Implementation of Demonetization to tackle corruption and terrorism – 8 November to end December 2016 – Prime Minister Narendra Modi banned 500 and 1,000 rupee notes with immediate effect – worth about $7 and $15 — 86% of cash in circulation – The economy runs on cash – estimated that between 90 – 98% of all transactions.

Ambit Economists – FY18 GDP growth estimate to 5.8% YoY (from 7.3%). Goldman Sachs downgraded its outlook for the 2017 fiscal year, estimating the economy will expand by 6.3% year-on-year, compared with a Bloomberg median estimate of 7.3%.

Central Bank have kept interest rate unchanged – 7 December 2016

India is on the brink of a digital revolution with digital payment wallets growing in number – Bitcoin price rockets past $900 and beyond!

Remittances into to India – Huge opportunity for migrant workers to send Bitcoin home for profit.

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