This Tuesday Indian Prime Minister Narendra Modi announced without prior warning that high-denomination rupee notes are to be demonetized. Going cashless is the government’s attempt at a cure for corruption and “the disease of black money,” as unreported (and therefore untaxed) income is referred to in India.
To learn how can bitcoin fit into this vision Finance Magnates asked for the opinion of Sathvik Vishwanth, the CEO of Unocoin, which recently implemented its first-ever API allowing companies from around the world to access the Indian Bitcoin market.
“This is a bold move, but there are enough challenges to over come for this to work. Money existed much before the government and political parties existed but see where we have ended today. If going cashless is the only way forward, certainly Bitcoin, a borderless, trustless and transparent currency makes more sense.
The sad part is that even for mass Bitcoin adoption, we may need more support from the government and regulators. If there were bitcoiners in India like the way US has it, this news would have pushed up the prices of bitcoin at least by 20%