I heard the news today that starting from September 30th, the Indian currency of 2000 rupees will no longer be accepted. We need to exchange it at the banks before that date. This situation is not new to India, and we were expecting it and have experienced it before.
On November 8th, 2016, Prime Minister Mr. Narendra Modi made an announcement that the 1000- and 500-rupee notes would no longer be valid. This decision caused a significant disruption in local economies and led to an increase in illegal activities. People faced many hardships during that time, including myself. It happened during my brother's wedding, and we had withdrawn all the money for the expenses. Demonetization made our situation even more difficult.
In India, it is customary to give donations to the bride and groom as a gesture of support. However, due to the situation with the demonetization of the 1000-rupee notes, our relatives ended up giving us a large portion of their donations in those invalid notes. This put us in a difficult position and added to our financial challenges.
To address the consequences of demonetization, the government introduced new 2000-rupee notes to replace the old ones. The purpose of demonetization was to combat unaccounted black money. With the introduction of the new currency, the government aimed to establish accountability for the circulating currency. Now, the government has decided to discontinue the 2000 rupee note, resulting in the highest value Indian currency note being the 500 rupee note.
Crypto superiority
I understand that you feel cryptocurrencies are superior to traditional fiat currency in certain aspects. Cryptocurrencies offer advantages such as the ability to conduct large transactions quickly, without limitations, and with minimal fees. Unlike physical currency, cryptocurrencies operate digitally and enable seamless and fast fund transfers. However, it's important to note that cryptocurrencies also come with their own set of challenges, including price volatility, security concerns, and regulatory complexities. The use of cryptocurrencies is a topic of ongoing debate and development in various countries.
Also, I have read the recent new that Indian government has implemented the 20% tax on the credit card usage on abroad countries. In this situation also we can avoid those taxes in case of we had crypto accepted store or crypto ATM.