Bitcoin Adoption Could Save India $7 Billion
India is the world’s largest receiver of remittances. Besides making it faster and easier, Bitcoin could help India save up to $7 billion in fees paid to international remittance companies and add this amount to the country's wealth. According to India’s Economic Times, foreigners living in Gulf countries, most of which are Indians, sent about US$100 billion in remittances. A lot of these Gulf-based Indians are working as blue collar workers and have families that are dependant on them back home. However, there is not only money being sent back to India. In fact, a lot of money is also....
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As India recovers from the announcement of the banning of two of its biggest banknotes, a new mining pool, GBMiners, is attempting to fill a gap in the country with the adoption of bitcoin. With over 250 million people unbanked in India and as the world’s largest inward remittance market, which received just under $70 billion in 2013, India represents a prime location for bitcoin adoption. As bitcoin has grown in popularity throughout the years, the Indian market has gladly jumped on board with the likes of Indian bitcoin exchanges Zebpay and Unocoin, illustrating that bitcoin’s growth in....
Awareness for Bitcoin has been steadily increasing in India, as online e-commerce merchants and small businesses have begun to understand the benefits of bitcoin as an international currency and as billion dollar tech giants such as Microsoft, IBM and VISA have begun to sponsor Bitcoin- and blockchain-related conferences, hackathons and meetups throughout the country. India has an Internet user base of about 243.2 million people and the country's e-commerce industry is worth $12.6 billion USD. India has the potential to become one of the largest Bitcoin markets in the world, given the....
Bitcoin in India. The community in India is working seriously on bitcoin adoption and education. Bitcoin has the perfect potential to take India by storm because of the following factors:40% of Indians, approximately 480 million people, have little to NO access to any financial institutions. Families still retain hard assets, such as gold. About 181 million families in India, hold an average of 64 grammes of fine gold. Besides, a 100 Billion of value comes from transfers from abroad. This value is made possible the fact, that 900 million people have access to mobile phones. All these....
India has been in the headlines lately concerning the cryptocurrency Bitcoin and blockchain technology. Just recently the Reserve Bank of India (RBI) said that blockchain technology would “transform financial markets,” which is a good sign for the region. The country is very tech oriented and much of the globe’s IT workforce is from India. However,....
Much is said about crypto adoption and how we, as hodlers, will be on the right side of history. And while regulators, U.S ones especially, have been trying their damndest to derail the revolution, data compiled by TripleA shows a positive trend with crypto adoption, especially in many developing nations. With that, India, despite their […]