Last year, the Republic of India overnight banned 85 percent of its fiat cash in circulation. As a way to address “black money” presumably used in nefarious dealings, government policy makers demanded certain Indian Rupee (INR) denominations be returned.
…India is the world’s largest democracy. With over one billion people, its government often lurches and sputters to find the right fix on any number of issues. This is especially true in matters of monetary policy.
When it felt duty-bound to effectively sack its INR in the most popular amounts, it did so without warning. One day 500 and 1000 INR bills were legal tender, the next day they were not. Indians were pushed to banks, hoping to salvage what might be left of their personal wealth…
Read Full: As India’s Government Wars Against Cash, Bitcoin is Sought in Exchange