Why India is Perfect for the Bitcoin (R)evolution

On November 8, 2016, the Government of India declared its rematization plans, which would show 86% of all cash money in the country wasteful It was rather harsh action taken as a remedy to suppress illegal activities and try to destroy the shadow economy in the country. The objective of the Government of India is to prevent the use of illegal and fraudulent funds to carry out activities like terrorism. India had started its war on cash

Although the Government of India was publishing it positively, but despite this the disruption was serious. The severity of this policy has increased substantially for a number of reasons, but the sudden nature of the announcement gave rise to the cause of nationwide mania after the lack of cash and an important disruption to the economy.

With more than 1.3 billion people now more than China, with a population of India, such a drastic change has largely influenced many difficulties in the cash-based country and led nationwide disillusionment. As a result, people wanted to explore those options, which they could use and trust to manage wealth, accumulate money and avoid governmental intervention.

Why is India Perfect for the Bitcoin Revolution?
This is often the subject of discussion about the place of Bitcoin in developing countries. In developed countries, only 41% of people have bank accounts, while in developed countries it is 89%. Within the developing countries, cash is king and has been for many years. Most of the people in these countries have not experienced modern forms of banking which are used in the developed world and for this to ensure any change, a gradual introduction to change will be required. However, people of developing countries now have an opportunity to leave the existing banking infrastructure, which we take place and directly move towards a dependable, decentralized and irreversible financial system.
India has announced their aggressive plans to become the first digital society and Bitcoin will play a major part in that.

Indian’s and Banking
Infrastructure-
India is absolutely right for the Bitcoin Revolution, so one of the major reasons is that their population is due to lack of banking infrastructure. India is the 7th largest economy in the world, which is based on their nominal GDP 2.5 trillion dollars. However, there are 233 million people in India who do not have a bank account, which is one of the highest figures in the world. To keep this in perspective, the UK population is 65 million, which means that there are 3.5 times more people in India who do not have a bank account and are people living in the UK.

Bitcoin has the ability to bridge that gap, in order to get a bank account, a person has some other information, which is not only a possibility for many people in India, a form of identity and a definite address must have. As a result of this, these individuals are not limited to their own cash-based system by any mistake and thus have to pressurize them financially. Bitcoin does not discriminate in the same way, instead, in the world can essentially leave the hassle financial system unbanked today and use an international cryptocurrency called Bitcoin.

Banking Disillusionment-
India is an ideal place to adopt bitcoin, another major reason for this is that due to the attitude of the overall population towards the existing financial system. As mentioned at the beginning of this article, India recently passed an aggressive launch period and forced the people to deposit their high value notes in notes banks, so that they could get money from the supply of money. Could be removed. As a result, 86% of the country's cash should be useless because people should not deposit money in their bank accounts. The problem with this is that as mentioned, a large number of people do not have a bank account and therefore are unable to exchange their currency. Before that, India was largely a cash based society, which chose the option of not using banks to keep people away from trust, lack of infrastructure and the hidden eyes of the government.

As a result of pollution in India, there is a bitcoin boom experience in the country. New startups were being formed and a large premium was kept at the cost of bitcoin, because the demand was so high, sometimes it goes up to $ 300 per coin and emotionalism towards India's war on cash by Indian population and Emotions are a symbol, because people are now moving away from government and bank control to a new type of system.

Digital India

On July 2, 2015, Indian President, Narendra Modi, announced Digital Digital Plan, called Digital Digital. The goal of this campaign is to provide services of the government electronically, improve digital infrastructure in India and increase the internet connectivity in the country. In order to empower technology in India, this digital objective has also received support as well as a positive attitude towards bitcoin at a government level.

For several months now, it has been widely speculated that India wants to make Bitcoin valid in the same method as Japan. The irregular growth of Bitcoin in India has not been overlooked by the government more specifically by Finance Minister Arun Jaitley. According to local reports, Jaitley participated in an inter-ministerial meeting to discuss the risks associated with cryptokyureux. At the meeting, some of the key figures of the Indian Parliament were attended, in which the risks associated with bittoin were discussed. After this, Jaitley said in an official statement that the report will be released in depth of Bitcoin in July and the outline approach of Bitcouine will be outlined.

Bitcoin validity in India can only be removed for a few months, although the government has exposed the risks associated with Bitcoin, which start focusing on companies against the technology. The precedent has been set by Japan and there is a possibility to follow India.