One of Bitcoin's nice features is that no single institution can declare it worthless overnight.
"Last week, the government of India’s Prime Minster Narendra Modi triggered a nationwide scramble for cash, after unexpectedly banning currency notes that account for 86% of all money in circulation. Modi said the move was targeted at tax evaders with large stockpiles of illicit cash, as well as at currency counterfeiters. But nearly a week on, public frustration is growing amid continuing delays in dispensing replacement notes at banks and ATMs."
http://time.com/4569379/india-currency-ban-cash-modi-effects/
"Last week, the government of India’s Prime Minster Narendra Modi triggered a nationwide scramble for cash, after unexpectedly banning currency notes that account for 86% of all money in circulation. Modi said the move was targeted at tax evaders with large stockpiles of illicit cash, as well as at currency counterfeiters. But nearly a week on, public frustration is growing amid continuing delays in dispensing replacement notes at banks and ATMs."
http://time.com/4569379/india-currency-ban-cash-modi-effects/