India’s Currency Ban Could Increase Bitcoin Demand

India’s new PM, targeting people who skirt taxes, outlawed 500 and 1,000 rupee bills – a staple in ATMs in the country. He did it in what’s being called a “shock and awe” manner so that black market savers didn’t have enough money to figure something out to do about it

People have stood in line at banks to receive new currency and ATMs, no longer stocked with the larger denominations, are running out of money. The moves will likely lead to an increase in demand for Bitcoin in India.

When Beijing issued new capital controls late 2015 to ensure money didn’t leave mainland China, Bitcoin demand in the world’s second-largest economy skyrocketed and so did the price of Bitcoin.

Now, Beijing is considering capital controls on Bitcoin because it sees how exchanges and investors can send funds overseas through the cryptocurrency.

When China imposed capital controls, it increased interest in Bitcoin, which was priced at $230 at that time. It’s priced around $700 at press. Bank of China Ltd. and China Citic Bank Corp. would bolster internal AML and KYC processes, as well, on large foreign-exchange conversions by corporations, according to banking executives there.  In addition, financial regulators and law

Read more ... source: TheBitcoinNews

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