01-05-2017
06:13 am
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Are The US Government And USAID Responsible For India’s Ban On Cash?




Furthermore, GR points out the warning signs for this banknote ban go back as far as 2012.
USAID India Cash Ban

Ever since India went through its ban on banknotes, there have been rumors about why this situation came to be. Some people believe the US government is behind the demonetization of specific countries. Others feel these decisions are taken without considering the potential repercussions. We may never know who is behind this idea, but some evidence allegedly points the finger at the United States.

Deciding to abolish over 80% of all cash in circulation overnight is not a popular option. The Indian government made quite a few “enemies” when they decreed this change in November of 2016. Two months down the road, the cash problems have not been resolved completely, and the situation remains uneasy.

The bigger question is what made such a horrendous decision possible in the first place. According to Global Research, the US government plays a critical role in this decision making process. It is true there is an active collaboration between the USAID and the Indian Ministry of Finance. This somewhat limits the number of people who are able to make such a decision in the first place.

USAID Wants A Cashless World

Four weeks ahead of the banknote ban, USAID announced their goal of speeding up the switch to a cashless society in India. A media statement issued on October 14 dubbed this project as “Catalyst“. Putting two and two together causes some people to believe Washington D.C. is the driving factor behind India’s banknote ban. It is evident the plan to go cashless was a matter of time, although the sudden “acceleration” raises a lot of questions.

Global Research also makes a mention of a report indicating how the USAID committed to finance Catalyst for three years. Penetration of digital payments in India has been problematic, according to the report. A holistic ecosystem approach was required to solve this problem. Eventually, this brings us to where we are today, with all of the problems that came with it.

Furthermore, GR points out the warning signs for this banknote ban go back as far as 2012. The Better Than Cash Alliance was founded in that year, with the sole purpose of reducing global cash usage. A lot of the Alliance’s partners are – allegedly – also involved in the USAID-India partnership, which is rather odd. Make of this information what you will, and do your own research.

The fact is India is going through a financial crisis right now due to the cash shortage. People with limited or no bank account access are struggling, and the government sits by idly. Whoever came up with this idea must have realized by now how terrible it is. Unfortunately, that does not help the people who are affected by this banknote ban by any means.

Header image courtesy of Shutterstock

Published by

JP Buntinx

JP is working hard to bring more credibility to the Bitcoin and blockchain news industry. Outside of being Europe Editor at Newsbtc, JP is also an active writer for the website, and does not shy away from letting his opinion be heard.

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