India Soon To Be A Cashless Society, Says Governor

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India Soon To Be A Cashless Society, Says Governor

India has been a little slower than many Western – and indeed Asian – nations in its adoption of digital currency, but it looks as though we are finally seeing some movement in the right direction. In a television interview released earlier today, Raghuram Rajan, Gov of the reserve bank of India, voiced is opinion on bitcoin and its likely future in India.

Seemingly in strong support for bitcoin adoption, the governor responded to a question from the audience of the television programme being filmed. He had this to say:

I have no doubt that down the line, we will be moving towards primarily a cashless society and we’ll have some kind of currencies like this which will be at work. For us at the Reserve Bank, this may happen in 10 to 20 years from now

Digital currency in India has been a topic of heated debate over the past year or so, with the Indian government and financial regulatory authorities being one of the quickest to apply regulation as a response to bitcoin’s price rise at the end of 2013, and the rapid increase in digital currency related crime that sprung up as a result. Now, however, as bitcoin infrastructure expands and the industry framework is being put in place, it looks as though the aforementioned are willing to reverse their initial reluctance. Are you in India? What do you think about Rajan’s comments? Let us know!