India’s demonetization experiment was a clear failure, demonstrating that governments cannot always be trusted to manage monetary issues well. In fact, history is littered with examples where governments that have destroyed their own economies due to mismanagement. Zimbabwe, Argentina, Venezuela, Germany are all alarming stories of how bad people at the helm can destroy the lives of common citizens.
We are glad that we live in an era where there are alternatives to these government currencies, these alternatives are decentralised, digitised and available for everyone to use around the world. Bitcoin and other cryptocurrencies offer a hope to people when times are bad. India’s demonetisation pushed up Bitcoin prices and encouraged adoption in India. This is the silver lining of this story.
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Demonetisation in INDIA was not a failure as it did not aim towards stopping corruption completely, It was aimed at shifting to cashless transactions.