Bitcoin in India to attract the general public
International investment bank Goldman Sachs Group and Financial Services Company said recently, due to a shortage of cash, India is returning to the barter system.
Since India’s prime minister Modi announced the abolition of the 500 and 1000 rupee notes for several weeks, the country’s financial condition has changed the look. Livemint said, ATM India 95% after the adjustment has been able to proofread new banknote recognition central bank released the latest.
However, there is still an important problem; although ATM can identify new banknotes, but the Central Bank of India failed to start using the same size printed banknotes banknotes. Therefore, if you do not change or repair all the infrastructure, so most of the country is still unable to use ATM.
65% ATM can not run
In the “Wall Street journal” in an interview with India’s largest manufacturer of ATM NCRCorp said that the central and local governments are not informed in advance we want to change the size of a note. The central bank also without consulting the new design of ATM providers and commercial bank notes are able to use existing ATM.
When the general manager of NCRCorp India TV heard this news, he immediately held an emergency meeting to find ways to make them compatible with the new 200 thousand ATM as soon as possible.
Dastur immediately cooperate with regulators and ATM manufacturers to find a strategy to manually configure the country’s nearly 400 thousand ATM. Dastur also pointed out that the NCRCorp team needs nearly 2 months to complete the configuration of ATM, and it accounted for only half of India’s ATM, to return to normal completely obviously need more time.
According to Cointelegraph reported earlier, due to shortage of family, work notes, India family and business daily financial turnover has been in trouble, some basic things are hard to pay, such as rent, food, transportation and electricity etc.. Because only 35% of ATM to 2 months and is expected to manually configure the operation period NCR, that Goldman and other large financial institutions, similar to a barter system network will take over the country’s monetary system.
Bitcoin attract the general public
With the India authorities began to seizure and confiscation of enterprise, family and individual gold, India only for ordinary people to use safe haven assets rely on the whole bitcoin.
Unlike most of the traditional value stored, bitcoin has high liquidity, and to the center of the transfer, and these properties are gold, and of course to provide the cash.
India local bitcoin trading volume and prices are soaring, like COinsecure, Unocoin etc. bitcoin exchange trading volume is improved significantly.
If you want to know more bitcoin related, with “money said” WeChat (micro signal: bishishuo), note: BtcTrade. Before entering the official exchange group.