Bitcoin India Google search index hit a record high, will become the next Chinese?
According to the trend of Google search data show that bitcoin consciousness in India has reached the highest level in history, and the country is still in the prime minister Modi’s waste bills policy dilemma.
India economy once the 90% depends on the cash, and now face the new 500 and 2000 rupee note shortage, so it stimulates people to choose alternative currency to replace the India currency seems to have dried up. Engineer Mr.Shoran told the “Washington Times” said:
“I still remember from six in the morning to stand in front of the bank queuing for new currency, and in the afternoon arrived at the window but found that the bank has no money for it.”
Interestingly, the above data show that in India’s remote Mizoram region seems bitcoin highest interest. According to a report by the government of India said, in many rural areas, due to the lack of cash, people have begun to use the original commodity barter system:
In many villages, crops are being used to exchange vegetables and other daily necessities.”
In addition, in the border areas of India, people are using neighboring currencies, mainly because they are too far from the Bank of India, and the number of people waiting in line in front of the bank note for too much. Millions of people have to choose to seek alternatives, such as bitcoin, albeit on a smaller scale, but now it seems bitcoin has become a barter currency or neighboring rivals.
Rich in coastal area of India increased use of bitcoin
Goa is located in the coastal area of India Province, is the richest in India, the GDP is 2.5 times higher than the average level of the country, completely different from the Mizoram area. Goa is a foreign tourist destination, the area of bitcoin interest in the emergence of a special growth.
One reason is that Westerners are spreading their local bitcoin consciousness. Bitcoin looks for the rich and the poor are attractive. Because of the shortage of cash, these two types of people who seem to have found the same substitute. According to “India today” reported:
“The main bitcoin exchange in India said their number of users grew by nearly 250%, but the trading volume in India is still relatively small.”
According to TheHindu reports, India currently has more than 300 million people using mobile phone to access the Internet, which makes them can be freely traded bitcoin. One of India’s biggest bitcoin exchange Zebpay is expected to increase 50000 new users a month, while claiming to be India’s most popular bitcoin exchange Unocoin announced last week that they broke all bitcoin India records, and now nearly 1600 businesses to provide bitcoin services.
India may become a China?
India current bitcoin premium of about $200, because of India’s demand for bitcoin supply is significantly higher than the China, but trading volume has no way and Chinese par. The reason may be that although India’s economy has maintained rapid growth, but the problem of corruption, some areas of the country lack of basic infrastructure, such as roads or power, even the court did not.
In contrast, China is using new wealth to promote infrastructure construction, the Chinese high-speed train even than in western countries are faster. Some of the development of Chinese has gone beyond the traditional banking industry, such as WeChat and Alipay and other giants occupy more than 50% share Chinese financial transactions. The combination of many factors, which provides an attractive environment for the development of bitcoin, China entrepreneurs are seeking to take advantage of every opportunity.
India’s law enforcement compared with Chinese or western countries are very scarce, probably because the government’s inability to tax, so although the economic growth rate and China similar, but failed to take a Chinese and similar development road.
However, this may be improved. According to India’s finance minister ArunJaitley said, India waste money policy has allowed the country to tax revenue increased by 14%, but whether these revenues will be used for infrastructure construction or access to the official pocket remains to be seen. In addition, due to the abolition of the policy and the rupee against the dollar hit a record low, the people of India and the economic cost will be considerable.
In this environment, bitcoin has great potential for growth, especially for the relatively wealthy coastal regions, because Indians are seeking to protect their property.
If you want to know more bitcoin related, with “money said” WeChat (micro signal: bishishuo), note: BtcTrade. Before entering the official exchange group.