Archived Indian Economy Grinds To A Halt After Cash-Ban: "Faith In System Shaken" | Zero Hedge (zerohedge.com)
submitted ago by Broc_Lia
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Archived on: 2/21/2017 12:00:00 AM
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Archived Indian Economy Grinds To A Halt After Cash-Ban: "Faith In System Shaken" | Zero Hedge (zerohedge.com)
submitted ago by Broc_Lia
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[–] daskapitalist 0 points 1 point 1 point (+1|-0) ago
I have had people make that EXACT argument that of course they'll just go buy POS systems and get credit cards and bank accounts.
And it's a retarded "no grasp of Indian economics" argument. Sandeep with a second grade education, no ID, and living in a slum isnt going to do that. There's no infrastructure to do it.
[–] Broc_Lia [S] 0 points 1 point 1 point (+1|-0) ago (edited ago)
Well, they seem to be pretty smart, I'm sure they could work it out if they had one, the problem is more that it costs yet more money and, as you say, the telecoms infrastructure isn't in place to make it work.
Even ignoring POS systems, you could make it work pretty easily with just laptops and online bank accounts. I assume they'll probably get them eventually, but it takes time. Plus, forcing that situation could potentially achieve the opposite of what the government intended: If they try to eradicate the black economy by making everyone use digital transactions, it won't be long before they discover bitcoin.