Hurdles Facing the Digital Banking Drive in India

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Since the announcement of the banning of India’s two biggest banknotes last November by Indian Prime Minister Narendra Modi, the country has pushed efforts toward digital banking. Yet despite the drive to make this happen, hurdles still face the country to make it a reality.

At the news of India’s demonetization, the digital currency bitcoin reached new highs in the country with demand pushing the price of one bitcoin to $881 in November. With a surge of bitcoin adopters in India it appeared that a push toward digital banking was the way forward as more than a billion people faced government-imposed limits on ATM and bank withdrawals.

Taking advantage of the situation and to promote digital banking was Indian Finance Minister Arun Jaitley. In November, he stated that banks should start to promote digital banking in ‘mission mode’ to limit the use of physical currency. The fact that Indian bitcoin buying had reached $985 at the end of November was another driving force of moving away from fiat by adopting the

Read more ... source: CryptoCoinsNews

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