To me, it is a bastard child who turned out noble. In India, the government a few years back had announced overnight invalidity of the highest two denominations of cash notes, in an ill-informed attempt to “eliminate black money”. The alternative note to replace the two, was of even a higher denomination and often in scarcity due to the sudden and unplanned decision. (ATMs were malfunctioning due to the different size of the note). It was a chaotic time and many daily-wage earners, and other vulnerable groups, the economy as a whole suffered. These events indirectly led to a very good technological infrastructure, but I will always believe that the price included some of our blood. (It didn’t have to be)
How does India and Brazil (PIX) have that but US/EU doesn’t?
To me, it is a bastard child who turned out noble. In India, the government a few years back had announced overnight invalidity of the highest two denominations of cash notes, in an ill-informed attempt to “eliminate black money”. The alternative note to replace the two, was of even a higher denomination and often in scarcity due to the sudden and unplanned decision. (ATMs were malfunctioning due to the different size of the note). It was a chaotic time and many daily-wage earners, and other vulnerable groups, the economy as a whole suffered. These events indirectly led to a very good technological infrastructure, but I will always believe that the price included some of our blood. (It didn’t have to be)
https://en.wikipedia.org/wiki/2016_Indian_banknote_demonetisation