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India to Take Money Pass Bitcoin into Biometric Scans For Every Citizen

In a matter of one month, India may enter some sort of economic time warp.

Now, the Indian government has announced plans to implement a fully-digital, biometric payment system less than 30 days later, and over 10 mln daily transactions in India have already been performed.

The Unique Identification Authority of India has developed a mobile app called Aadhaar which can already handle 10 crore, or 100 mln, biometric authentications daily. This will be ramped up to 40 crores, or 400 mln, per day.  

India is a massive society dealing with over 1.2 bln people that use cash for transactions over 90 percent of the time. This would effectively have India skip over the PINs, passwords and debit cards the Western civilizations have used for more than a generation into a fully-digital system based on your identity and biometrics.

 

PM Modi has stated that people should get comfortable using “digital payments,” with the demand and price of Bitcoin within the region reaching all-time highs ever since, passing $1000 at times. The goal is to move towards a more “cashless society.”

 

Source: CWT News

  • January 3, 2017 1:57 PM MSK
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