How Demonetization Is Affecting India’s Citizens
Bitcoin.com (BC): As a normal Indian, what effect has the demonetization had on you so far?
Sameera Panddilakshmi (SP): In actuality, demonetization has had a negative impact on the way I carry out my daily actions. I had to start with exchanging the old 1000 and 500 rupee notes at banks which is highly time-consuming. As you needed to keep up with the deadlines changes in the rules concerning the demonetization process on a frequent basis by the Government of India causes substantial distressjack and the beanstal bitcoin casino bitcoin casino no deposit bonus 2018 I don’t know what the government is currently trying to accomplish. New rule every 3 days and bitcoin casino no deposit bonus code. People have everywhere to feelings that are bitter. There’s a sense of urgency attached to even simple chores such as shopping in a supermarket store/supermarket, paying power bills, filling up the tank, etc..
BC: Do you think many Indians are for demonetization?
SP: Originally, the majority of Indians welcomed the demonetization move. They considered that it would wipe out corruption, hoarding of black money and the financing of terrorism. As days passed by, the consequences of the demonetization process made Indians question the effectiveness of the move. More than 80 people have lost their lives due to reasons which range to being denied treatments at hospitals because of lack of money notes of smaller denomination from standing in long queues at banks for hours.
BC: From the perspective is a cashless society possible in India?
SP: The complete transformation of India into a cashless society is a possibility, even though it can not happen overnight. The transition will be more easy for India compared to rural India due to integration of the banking system in urban areasbetcoin rating EWallets such as PayTm, Freecharge, Ola Unified and Money Payment Interface applications facilitate transactions that are digital to a great extent.
It is imperative to remember that more than 80 percent of the Indian population resides in rural areas and the government has been working on various schemes that aim financial inclusion.
Welfare schemes like National Mission for Financial Inclusion, Pradhan Mantri Jeevan Jyoti Bima Yojana (Scheme for Life Insurance), Pradhan Mantri Suraksha Bima Yojana (Scheme for Accidental Death Insurance) have encouraged rural Indians to come forward and participate in banking operations.
RuPay Card Scheme launched by National Payments Corporation of India (NPCI) has proved to be a starting point for electronic transactions among rural people. Improvise and it is imperative for the government to inspect payment initiatives on a periodic basis to ensure that a transition is to a cashless economy.
‘Learning the Technicalities of Bitcoin’
BC: Have you heard about bitcoin, and do you think it’s the remedy for your present situation?
SP: Yes. I’ve heard about bitcoin. I am learning the technicalities of the bitcoin system. I’m excited about using them, though bitcoins may not function as a remedy for the demonetization process immediately. I am comfortable with transactions for now.
BC: How can the situation make you feel about rulers and government?
The demonetization process has caused a lot of inconvenience. The right to life and the right to exchange has been affected during the initial days of the demonetization procedure. The government could have done better as far as planning, and execution of the demonetization move is worried. I am excited about the results that are positive the demonetization move is yet to yield.
What do you think about India’s demonetization policy? Share your views in the comments below.
Images courtesy of Sameera Pandilakshmi
Bitcoin.com believes in freedom of speech — and that is what you’ll always find on our Forums. We don’t censor anybody, no matter how controversial your opinion and no matter what direction you support for the future of bitcoin. Of the experts hang out there; you are bound to get some great advice.