http://illuminatisilver.comhttp://facebook.com/illuminatisilverIndia – The Laboratory Test for a Cashless Society
Today is Sunday 27th November 2016 and we are once again covering the topic of India and how it is likely to develop into a Laboratory test for a digital currency.
Indian Prime Minister Narendra Modi today urged the nation's small traders and daily wage earners to embrace digital payment channels, as a cash crunch caused by, and following, the government's surprise ban on high-value bank notes continues.
Speaking in his monthly address on national radio, Modi said:
"I want to tell my small merchant brothers and sisters, this is the chance for you to enter the digital world," and urged them to use mobile banking applications and credit-card swipe machines.
He also added:
"It's correct that a 100 % cashless society is not possible. But why don't we make a beginning for a less-cash society in India?....We can gradually move from a less-cash society to a cashless society."
Indians are rushing to convert worthless rupees into gold for they know that priced in rupees, gold will be more expensive in the future, so anything that can be encashed will be en-cashed for gold, not rupees.
This is the reason why gold in India is now trading at a substantial premium to international prices. The Indian government restricts its supply because it has always seen gold, as a challenge to its own fiat money.
In conclusion, we remind listeners that our entire monetary system depends on trust. A banknote is just a promissory piece of paper of stipulated value. The system works because everybody believes that those pieces of paper will be accepted by everybody else and therefore, money serves as an useful medium of exchange.
Modi’s move has shaken that trust. Expecting a nation to convert overnight from a near 90% cash transaction economy to an almost digitalised one supported by new notes of questionable value can only have one likely outcome.
We can expect turmoil in India and the ever increasing smuggling of gold, which will ultimately require the State to intervene probably with an ‘iron fist.’ We foresee tough times ahead while Modi is in power and rather than gradually encourage people to move towards digital payments, as is being achieved in the West, this heavy handed approach will instil a reaction and quite possibly a violent one. Having said that of course, we have no doubt that other Governments and Central Bankers are looking at India very closely and with interest, as it has now become a laboratory test for others to observe and possibly one day, follow.
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