Bitcoin Could Help India, The World’s Largest Remittance Market
Bitcoin is slowly taking the shape of such a phenomenon which you can either love or hate, but cant ignore all together. Major economies worldwide have already understood its massive potential and paved the way for bringing upon crypto regulation for integrating the same in their economical proceedings. Countries such as South Korea, US, Japan and Russia have assumed the role of being flagbearers in this journey towards crypto freedom. At the same time countries such as China are trying to bring upon a complete crypto ban to safeguard its citizens from the pangs of the associated money laundering. But given the current state of affairs, a complete crypto ban would actually end up isolating the economy and the government from the global cryptocurrency radar.
Given such a state of being, it is mostly likely that governments worldwide including India will turn positive towards the Bitcoin wave and consider bringing upon a rulebook of regulations for crypto dealings. World Bank, which is an international financial institution providing loans to countries in requirement of financial backing under its capital program. The World Bank has revealed that India is the largest remittance market globally having annual payments exceeding $70 billion received by its expat workers and employees. The report published by World Bank stated that,
“In 2015, the top recipient countries of recorded remittances were India, China, the Philippines, Mexico, and France. As a share of GDP, however, smaller countries such as Tajikistan (42 percent), vi the Kyrgyz Republic (30 percent), Nepal (29 percent), Tonga (28 percent), and Moldova (26 percent) were the largest recipients.”
In case if Indian regulators are having doubt, they can take a cue from Philippines, another major remittance market which has tasted significant success by legalizing Bitcoin and categorising cryptocurrencies as “Securities“. The Central Bank of Philippines had imparted a legal tag to Bitcoin for being used as a tender by local employees and expat workers for processing remittance payments.
Coins.ph, the biggest Bitcoin remittance and brokerage start-up operating in Philippines has established itself as a major mobile application by gaining an array of more than 2 million active users. Powered by an investment boost worth $15 million from Google’s venture capital arm, Coins.ph has slowly spread its wings over Malaysia and Thailand in the form of Coins.my and Coins.th bringing along a bevy of new users.
The largest global payment application, Square, worth $16 billion and having a whopping user base of about three million active participants shall be followed by Coins.ph in terms of its user base. If India follows similar footsteps and legalizes Bitcoin by ushering in necessary regulations, then its remittance industry shall also be quick to become a part of this growing craze.
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Tarunima Ghosh Laha
Tarunima Ghosh Laha is a Finance Post Grad from St. Xaviers who believes Finance is more than just Balance Sheets and Ledger creation. This filmy bookworm who believes she was a sloth in past life also nourishes a penchant of owning a private zoo someday. Equipped with a laptop and online Lexicon she is all set to give finance a glamorous makeover in the form of exciting writeups with bang on info and flashy new words.