Indians living abroad turn to crypto for remittances
People living in smaller towns in India are exploring ways to remit money home with minimal commission
With the growing adoption of cryptocurrencies and the changes they bring in everyday lives, Indians working abroad are now adopting crypto for sending money home.
Crypto industry experts found that people living in smaller towns in India are exploring ways to remit money home with minimal commission and that is why they are moving towards cryptocurrencies.
As per an estimate, now there are over 15 million crypto investors in India that are currently holding $6.6 billion worth of crypto assets. Many Indian exchanges have also seen an 100% increase in their trading and investment in the last few months.
The perks of a decentralized system
The main reason for Indians working abroad moving towards crypto is because there is no intermediary between the receiver and the sender.
A national daily quoted the CEO of the global crypto investing platform Mudrex, Edul Patel:
"The process of remittances through cryptocurrencies into India is a lot more efficient and faster than the conventional process, and all transactions are visible on the blockchain network from a regulatory point of view".
The report also talked to a co-founder of a crypto farming platform who said that it should be easy to remit money to India and anywhere in the world and you can earn more from crypto by staking or by providing liquidity in their ecosystem.
Looking at this development, remittances through crypto assets are only set to grow, especially because transferring smaller amounts is expensive through the traditional services.
Many remitters are also sending money through some of the less volatile crypto assets such as stablecoins pegged to the US dollar. Users mostly use stable currencies like USDT/USDC to do these transfers.
Indians are not the only ones using it: crypto is becoming popular in places with high inflation like Lebanon, Turkey and Venezuela.