Rupee Out, Bitcoin In: How India Could Become New China

Bitcoin: Alcance real e impacto

Image by MIT Technology Review en español

Indian interest in Bitcoin has skyrocketed following sudden rupee reforms, revealing serious potential to challenge major markets including China.

Also read: India Becomes No.2 Bitcoin Amazon Buyer Amid Rupee Shake-Up

India Bitcoin Searches Spike as Rupee Falls

Bitcoin.com reported Thursday on India’s government withdrawing the country’s two highest-value banknotes, supposedly in a bid to curb corruption.

The notes are already worthless, but Indians appear to be losing rather than gaining faith in the rupee.

India turns to Google to find out how to launder money https://t.co/Zt9oYGQYAl via @Darkwyr pic.twitter.com/DDsjgCYNGW

— Lucy Meakin (@lucy_meakin) November 11, 2016

Citing Google Trends searches for ‘buy Bitcoin,’ cofounder of Indian startup Unocoin Sunny Ray unearthed a startling reaction to last Monday’s decision.

“Buy Bitcoin” on google trends in India. pic.twitter.com/1mPmJee6JX

— Sunny Ray (@SunnyStartups) November 11, 2016

Unocoin several months ago partnered with Purse.io to offer Amazon discounts to Indian customers. Thereafter, India rose quickly to become Purse’s second biggest market behind the US. The company tweeting it was “happy” to see the country fill the number two spot.

Local Startups Seeing ‘Big Change’

Such a frenzy of activity could well point to a longer-term trend. Many see large scale interest in Bitcoin from a widely cash-based society as the first step in adoption and trade increases.

“People who never talked about bitcoins called me. Financial companies also want to invest in bitcoins … that’s a big change in a country where bitcoins have not taken off…

“IndyWatch Feed Crypto”

Rupee Out, Bitcoin In: How India Could Become New China