India’s Government To Promote A Cashless City Through Bitcoin

In News
Bitcoin

This Tuesday Indian Prime Minister Narendra Modi announcedwithout prior warning that high-denomination rupee notes are to be taken out of circulation. 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 Bitcoin fits into this vision, Finance Magnates spoke with 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% in minutes. Interesting times.

Sathvik Vishwanth, CEO, Unocoin
Sathvik Vishwanth, CEO, Unocoin

According to me, the steps to demonetize the old 500 and 1000 INR currency notes is 3-fold. 1. To purge the black-money. 2. To eliminate the counterfeit notes in circulation. 3. To make the economy move towards digitization.

In a way, Bitcoin already answers these three issues. Because every Bitcoin transaction leaves a trial of transactions associated with it, we consider Bitcoin to be pseudonymous and not anonymous, and this is helpful to trace if it is associated with black-money (more easier than cash).

In Bitcoin, technically counterfeiting is not possible and even the double spending is not possible, and this is secured by hundreds of thousands of computers around the world. The Bitcoin is only digital in nature – the accountability is easier, 55 types of taxes collection become easier. Bitcoin is redefining the term currency and is shaping the way we use currency today.”

via Financemagnates.com


You may also read!

US State Governor Spiels Blockchain and Data Privacy During State Speech

US State Governor Spiels About Blockchain and Data Privacy During State Speech

Blockchain and data privacy are now given more emphasis due to the technology’s capabilities and the need to protect

Read More...
Crypto Hub

Crypto Hub Will Soon Rise in South Korean City

The mass adoption of blockchain technology and cryptocurrency is gradually happening and it’s very evident in South Korea where

Read More...
Palm Oil Industry

Malaysia’s Palm Oil Industry Incentivized with Blockchain

It seems like Malaysia is taking the most out of blockchain technology mostly for its palm oil industry. The

Read More...

Leave a reply:

Your email address will not be published.

Mobile Sliding Menu