Legal Limits with Remittances in India Affect Synergies with Bitcoin and Blockchain
Bitcoin and Blockchain technology are very young and novel for millions of people all over the world. Moreover, several countries are still arguing about the status of this FinTech innovation, and how they could use it in the local financial industry. The same situation applies to India where Bitcoin and Blockchain face a miryad of problems in the country. Vishal Gupta is the Founder of Bitcoin Alliance India, CEO at SearchTrade, and Director at Moving Trumpet. CoinTelegraph turned to Vishal Gupta to find out what are the main problems with Bitcoin and Blockchain development in India. CT:....
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India is the largest remittance market in the world and in fact, the country depends on a great degree on inward remittances, more so since the global economic crisis of 2008 than ever before. This should not come as a surprise as Indians form the world’s largest diaspora, according to figures released by the United Nations. In the past five years, more than two mln have migrated abroad. In total about 15.6 mln people born in India now live abroad. According to the Wall Street Journal, Indians working abroad sent a record $72 bln in remittances to India. In the last decade, remittances....
India received an estimated $69 bln in remittances in 2015. What would be the best way for Indians to receive this money? World’s largest receiver of remittances. Economic migrants send home a significant amount of remittances every year. According to the World Bank, India was the largest recipient of remittances in 2015 – estimated at $69 bln. Other large recipients of remittances include China - $64 bln - and the Philippines - $28 bln. Indians working in developed countries in the Middle East, America and Canada send significant amounts of money to support their families in India.....
Bitcoin could be the most efficient means of moving fiat around the world. International Remittances. Before we delve into the promise of Domestic remittances, we must understand the hype behind International remittances. International remittances have been growing every year, and many consider it to be a "killer app" for Bitcoin. One noticeable example of a startup rising up to face this challenge is Buttercoin. About Buttercoin, Bloomberg's Businessweek had this to say: The company is working with licensed money transmitters in several countries to establish software systems in which....
A new partnership between Indian bitcoin exchange Coinsecure and global money transfer platform OKLink – a spinoff of Chinese bitcoin exchange OKCoin – will see digital currency and fiat remittances to Indians using blockchain technology. Indian citizens will soon be able to send or receive funds in bitcoin and the local fiat Indian rupee from countries around the globe via a newly developed blockchain remittance platform. The blockchain-remittance offering is expected to bring fees from an industry average of 3%-5% down to a relatively modest 0.5%. India is the largest receiver of....
Bitcoin remittances to El Salvador jumped more than fourfold in May from the previous year, according to data from blockchain analytics firm Chainalysis. Last week, El Salvador passed a bill making bitcoin legal tender in the country alongside the U.S. dollar. The monthly bitcoin transfers of under $1,000 to El Salvador totaled $1.7 million in May, representing more than a 300% increase from $424,000 the previous year, Reuters reported, citing data from blockchain analytics firm Chainalysis. The monthly bitcoin transfers to the country peaked in March at $2.5 million. While remittances....