The ban on cash in India has been attracting a lot of mainstream media attention in recent weeks, but it looks as if the trouble is only beginning to brew. Several million citizens have protested against this ruling, which clearly favors the ruling class. It seems that the situation will be getting out of hand even more in the coming weeks, which could be positive news for Bitcoin.
Public Protests In India Are Growing
Forcing a cash-based society to ditch their old banknotes for new ones sounds like a smart decision on paper. Unfortunately for the Indian government, their decision backfired in a major way. In fact, residents are protesting en masse to show their disdain for this decision, which has affected the local economy in a negative manner.
Millions of people are being affected by this sudden decision, and the public outcry is far greater than most people ever anticipated. In fact, some feel that these new laws only enrich the wealthy elite, while putting a big burden on the rest of society. Moreover, with so many residents unable to access their down savings, things are destined to get out of hand sooner or later.
Public protests are the least of concern for the Indian government right now, though. Several reports have surfaced related to angry mobs locking up bankers. Additionally, working for a financial institution and dealing with customers has become so troublesome that a lot of banks have requested police protection during these harsh times.
Speaking of police intervention, several physical altercations have broken out in the streets of India during the past week. People are genuinely and understandably upset about this situation, and they are not shy about expressing their true feelings. To make matters even worse, nearly every single citizen is against this new law, though it is doubtful whether this decision will be overturned anytime soon.
The bigger question is how this situation will evolve over the coming weeks and months. The end of 2016 will not be a pretty one for Indians, that much is certain. Currency availability in the country remains a massive struggle, and there is no improvement in sight for the time being. In fact, ATM queues will only grow longer as salaries get paid in the coming weeks.
It is not surprising to find that Indians are flocking to any alternative investment vehicle they can get their hands on right now. Bitcoin is seeing an impressive increase in demand, even though it is still just a drop in the bucket of financial assets in India. Then again, these lingering issues may put cryptocurrency on the map sooner than most people have anticipated.
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