Bitcoin Price, Demand Rise in India After PM’s Decision to Dump Rs. 500, 1000 Currency Notes

Bitcoin Price, Demand Skyrocket in India After PM’s Decision to Dump Rs. 500, 1000 Currency Notes
THE VERDICT set forth by India’s Prime Minister Narendra Modi to pull out 500 and 1000 rupee notes from government circulation has triggered massive interest in bitcoin and other cashless mechanisms among the country’s consumers.
Modi shocked his countrymen on Tuesday when he announced that Rupee 500 and 1,000 currency notes would no longer be used as legal currencies. The government’s reason: to tackle the underground economy and keep India’s ‘economic integrity’ afloat.
Bitcoin, the world’s most sought-after electronic money, is not that popular in India but has of late carved its own niche because of its global appeal.
Based on a report by The Hindustan Times, after the disclosure last week, bitcoin’s sales volume climbed on several online currency exchanges.

This post was published at FXPips on NOVEMBER 16, 2016 AT.