On: Cryptocurrencies – An Assessment by Reserve Bank of India

[danuker]

It is not the numbers on the notes that matter, it is the loss of purchasing power.

In 1995, 1 USD = 32 INR.

In 2022, 1 USD = 75 INR.

Add to that the fact that USD is also losing value itself.

[ajonit → danuker]

Saying “devalued”, OP referred to the Nov 2016 demonetisation of INR 500 and 1000 currency notes that happened in India.

[hd4 → ajonit]

Correct, thanks for pointing that out, I edited the original comment.

[ClumsyPilot → danuker]

There are many things that happened in the global economy, banking, supply chains and multinational corporations.

How much of this change is the fault of Indian government?

[danuker → ClumsyPilot]

Judging by the money supply increase, inflation should have been even higher. Looks like velocity is tanking.

https://tradingeconomics.com/india/money-supply-m3