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Bitcoin Adoption Could Save India $7 Billion

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 #InternationalRemittance 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 flowing out. Ibtimes.co.in reports that in FY 16, Indians sent US$4 billion alone to students studying outside the country....

.....Bitcoin as well as other #cryptocurrencies hold great potential. India has a very high mobile phone penetration. The country has the fastest growing #TelecomNetwork in the world.

It is expected that by the end of 2016, India will have 684.1 million mobile phone users. All these people can potentially use cryptocurrencies. The grey area however is bitcoin #regulation .

The Reserve Bank of India (RBI) in December 2015 said that it appreciated the #technology behind Bitcoin, “With its potential to fight #counterfeiting , the ' #blockchain ' is likely to bring about a major transformation in the functioning of financial markets, collateral identification (land records for instance) and payments system....


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