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The cheapest way to send USD to INR! Powered by Bitcoin.
Exploring the Essential Features of the Wazirx Clone Script
Koinpark- The Best & Trusted Cryptocurrency Exchange Platform
Koinpark- The Best & Trusted Cryptocurrency Exchange Platform
Middlemen abused the Worldcoin airdrop by bringing in people for 60-70% cut
Grayscale Bitcoin Trust Shares Hit Yearly High, Discount Shrinks to 30% as Wall Street Giants Enter Crypto, dont miss AITrader
SMARTJOBS - Global Fiat and Crypto currency Platform
SMARTJOBS - Global Fiat and Crypto currency Platform
Need suggestions or legal advice in a cyber case.
people who can only afford to invest 100-500 (or 10k-50k INR) usd every month for wealth creation should only buy bitcoin
This is a bearish indicator right?
Buying sats from Robosats using amazon gift cards
Someone on instagram is pushing crypto mining a lot with very high returns and no actual mining?
Crypto exchanges allowing withdrawals to wallet in India
Peer-to-Peer (P2P) method of buying crypto.
Mentions
There was a time when I thought 20k INR was too high for a virtual currency, so I only invest half of what I got on my birthday baki ka coke and samose ki party me kharcha kardiya 😂
> all Indian Bitcoin investors are now reportedly in profit I think they meant that the price of bitcoin has hit an ATH against the INR, which is a very different thing
Same, there isn't a single business in my native town that accepts USD or Euro or Yen. They all accept only INR. Does it make INR better money than USD or Euro or Yen? Below is an extract from the link below: https://strike.me/learn/is-bitcoin-money/ For example, in India the rupee is money, but in Japan the yen is money. Trying to spend yen in India or rupees in Japan is hard, because they’re not generally accepted. That’s the case for pretty much all of the world’s roughly 180 different “monies” today. Most money is universally accepted within its national borders, but is rarely (if ever) accepted far beyond those borders. The further you travel, the less your money is money. The exception to this rule is, of course, the US dollar (and maybe to a lesser extent the Euro), which are more widely accepted beyond their borders. For the other 99% of monies in the world, they’re pretty useless beyond their borders. Yet we can still agree that the South African rand or Malaysian ringgit are money… just not in most places. Visit any major city around the world and you’ll probably find that the local currency is the “number one” accepted money, followed by the US dollar, Euro, or a neighboring country’s money as numbers two, three, and four. Aside from those, it’s a steep drop-off for the acceptance of any other nation’s currency as money. But then there’s bitcoin… Despite only being around since 2009, you’ll find that people accept bitcoin in every major city worldwide. There are also people who will trade their local money for your bitcoin. Although bitcoin isn’t the “number one” money in any single country (yet), it’s probably in the top 5 or 6 in almost all countries. The same can’t be said for the Brazilian real, Swedish krona, or Indonesian rupiah (or any of the ~180 world monies). "Bitcoin is in a unique spot. It’s not generally accepted in any country… but it’s more generally accepted worldwide than almost all other monies. A leader nowhere, top-tier everywhere."
Bitcoiva, [Best Crypto Currency Exchange In India](https://www.bitcoiva.com/best-crypto-exchange-in-india) allows you to trade Bitcoins and allows you to stake your Bitcoin with a staking bonus of 40% APY. In binance, you have to buy your crypto with usdt but with bitcoiva you can buy using INR direct deposit. Also, bitcoiva is more user friendly to access it.
Cost, I think it is my country specific then. A decent samsung phone (with minimum RAM/ROM) costs 6-7k INR, but wallets in the range of 10k (ledger/trezor) to 19k (coldcard). I can get a jade for 7300 but it is unavailable. And yes, if we lose the phone, we lose the coins. True that.
I am holding bitcoin in case my country's economy collapse. I want to hold 1 year of my expense value in btc. Example, If I am spending 5L INR in a year, I want to hold 5L INR worth in BTC, but if my current btc holding exceed the spending value in inr, I am NOT pulling BTC out.
The ETF actually could increase price and make it easier for corporations to hold BTC on their balance sheets. However that's not what interests me in bitcoin's journey. What interests me is the gray market. For example right now Indian oil refineries are buying large amounts of Russian oil. The Russian companies are not allowed to use USD for these transactions. They have tried using Indian (INR) and Chinese (CNY) currencies for their trades but it has been relatively cumbersome because of capital controls. When will they start doing a small amount of trade in BTC? Here are a few other gray markets: 1. We know about the Central African Republic buying weapons from Russia. That was tiny. 2. As large countries raise their taxes and increase regulation, individuals are going to start wanting to make electronic transactions outside of banks. Enter bitcoin. Bitcoin does not and never has existed in a vacuum.
Yes, someone I know does trading in Wazirx and CoinDCX. If you are not keen on withdrawing bitcoin to your hardware wallets (which they restrict) and are only inclined to gain (or lose) more INR using trading, these local exchanges are fine.
My dad sold a real estate in 1999 for INR 1,00,000. I asked him in 2012, "why did you sell it so soon? Now it is worth 60,00,000". He replied, "I bought it in 1973 for INR 750 and 1,00,000 is a big money for me in 1999".
I'm sure they would offer 100INR for the quality displayed in you post
The ‘Highest Currency’ is based on the high value of them when exchanged with INR. US Dollar may not be the most expensive currency but it is most traded and strongest currency in the world.
i regularly help the police here investigate crypto scams/frauds. this one guy sold all his properties, land, wife's jewellery and emptied his bank account (INR equivalent of almost a million dollars) because a girl on telegram made him imaginary profits on a scam exchange.
Facebook is not the Internet You're looking for a Bitcoin wallet app design as hideous as Facebook You could hire someone to do that for 10000INR
I think kraken doesnt support INR (Indian currency)
Good analysis. Your last part is what most Indians do. Trade in foreign exchanges like Binance, MEXC and Gate.io and realize in INR in Indian exchanges. However, good amount of traders putting in INR choose to use Indian exchanges alone as there is cost in exchanging INR to USDT and then USDT to the traded coin/token. So, TDS on each transaction and not to mention the fees.
Afaik 24.8 lakh INR = approx 31k USD. 1.5M USD?????
Paying 6-7% premium for INR - USDT
Thanks for the offer but the issue would be regional pricing. 60-70$ games are 36$ here 3000 INR. I want to buy baldar's gate 3 which is 36$ here. It would be better for me to buy 3000 rupee giftcard.
Thank you, very useful. What exactly is TDS in terms of buying and selling crypto? Let’s assume I put in 100,000 INR in solana to buy some web3 games and take some solana out in 3 months time, where would TDS apply? I understand I would need to find my income tax at 30% so this is specific to TDS I do have account with international exchanges (binance and KuCoin) however not sure how I can transfer money from them to Indian banks? Thanks!
tldr; India-based crypto exchange WazirX has temporarily suspended fiat withdrawals due to complications with its payment partner bank. The exchange has not provided an estimated time for the resumption of Indian Rupee (INR) withdrawals. However, WazirX has partnered with an alternate payment service provider and is already rolling out a phased solution. Customers can still use the peer-to-peer option to sell their crypto assets. WazirX's native token, WRX, has seen a decline in price, but its trading volume has increased significantly. The exchange recently faced regulatory trouble after being issued a show cause notice for a money laundering scheme. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR. Try our free crypto chatbot at https://chat.coinfeeds.io*
“The pause is due to complications with the exchange’s payment partner bank. The exchange has refused to provide an ETA on the resumption of INR withdrawals on the platform. “ Shitstorm incoming I’m afraid
INR deposit on WazirX. Then Shib/INR
###This is the correct reply. Right now the market is being manipulated. Therr aren't such bad economy indicators to justify such sell off in stocks and crypto but all started after *Fitch downgraded the US rating to AA+* Then came flurry of articles from leading news publishers and BlackRock saif they anticilate 2023 to be good but 2024 will see a *severe recession*. This spooked it even further. Everyone started selling and back to hoarding USD (cash). Look at the USD to YUAN or USD to INR rates. They went back to all time high. Everyone is selling srocks, crypto or other currebcies and hoarding USD but this is just a strategy by big banks to bring down the prices and enter again. ####Right now could be the best time to DCA because this drop will not last much.
Congrats Bhai. Really awesome to see an Indian stacking sats during the bear market. I know very few fellow Indians doing this. On a 12K INR per month, you did a commendable job. Next step is to save up for a hardware wallet and keep your keys safe (not digitally) and keep stacking. I know Indian government will try in all ways possible to stop this revolution so taking total control over your BTC is extremely important. Don’t trust the exchanges.
While we do not support INR currency yet, we have passed along a feedback to our funding team to let them know that you would love to have INR on Kraken. We will make sure to post any developments on socials and our [blog](https://blog.kraken.com), so make sure you subscribe to them. Cheers 🍻, Pluto 🐙
That’s the INR dropping. 1% compared to the dollar this week
>What Price Did Bitcoin Start At? Bitcoin was originally worth next to nothing. The transaction that first gave Bitcoin monetary value was in October 2009, when Finnish computer science student Martti Malmi, known online as Sirius, sold 5,050 coins for around INR 414.65, giving each Bitcoin a value of $0.0009 each. That mean it went from 0.0009 to 0.01 in less than a year, even the pizza incident of May 2010 had Bitcoin at less than half a cent at 0.004. That's pretty impressive. Sorry, hard for me to convert this article I'm reading since everything is in indian rupees for some reason
And don't get me started on the fees we have to give to convert INR TO USD
Exactly. America is the third world country in terms of banking and transfers. Like, if you look at UPI in india it's instant , feeless, any bank to any bank transfers upto 2L INR (~2500 USD) per day. No charges whatsoever. And UPI did [9 Billion transactions](https://www.npci.org.in/what-we-do/upi/product-statistics) a month in May 2023. UPI is free (or subsidized?) and no one makes money off the charges. Not visa, not Mastercard, not any banks. It has been so successful that Google Pay version of India (called GPay) uses UPI and not credit card payments.
They have already crippled crypto over here. All the Indian exchanges that have INR currency ramps have stopped deposits and withdrawals of Crypto for a long time now, no pleas are working. Crypto folks like us are not much to change anything honestly.
It just didn't make sense as to why I would use it over the existing systems. Yeah I can probably send it to people who are residing outside India. But what are they going to do with INR currency over there?
Sometimes it's good to take a foreigners perspective: * BCT/EUR: +45% YoY * BTC/USD: +50% YoY * BTC/INR: +58% YoY * BTC/CNY: +62% YoY * BTC/KES: +80% YoY * BTC/TRY: +105% YoY * BTC/RUB: +129% YoY * BTC/NGN: +198% YoY The Nigerian Naira lost 80% of its value against the USD alone in the last week. Measured in NGN, bitcoin is just about 5% shy of a new ATH (9% for Turkey).
WazirX's intuitive and user-friendly mobile app, with features like price alerts and live chat support, makes it a convenient choice for on-the-go trading, surpassing FixedFloat and Binance in mobile experience. Check here [https://wazirx.com/exchange/BTC-INR](https://wazirx.com/exchange/BTC-INR) [https://www.binance.com/en-IN](https://www.binance.com/en-IN) [https://fixedfloat.com/](https://fixedfloat.com/)
Thanks for the info and it's INR 229999 so yeah it's pretty big. And hold is for an amount of total 312455 And yeah I have got many ways whim I'm working on as for the legal assist they're giving high fees and on top of that upfront. So you might understand it.
Once again, I am not a lawyer nor do I live in India. I asked a lawyer friend who is Indian about this case. The first step is to contact the cybercrime unit of the state police department. In India, cryptos are treated as virtual assets. The definition of Virtual Digital Assets (VDA) has been inserted in Section 2(47A) of the Finance Act 2022. In essence, it means a store of value which is capable of being transferred, stored or traded electronically. As of date, there is no law that categorises VDA as ‘property’. However, being a store of value with ownership, penal provisions of law can be used for reporting frauds/cheating. Secondly, if the law enforcement authorities do not register an FIR, the investors can approach the Judicial Magistrate under Section 200 of the Criminal Procedure Code. I understand 23,000 INR is a big amount in India. Not taking action means losing this amount. Any legal fees incurred is better than losing the entire amount. The decision lies with you and no one can take it for you. I googled a firm in India with offices in Hyderabad dealing in cryptocurrency. Keep in mind, I am not in India and still am able to look for such information. I am sure you can do better. https://www.ahlawatassociates.com/specialised-services/blockchain-and-cryptocurrency/
So I've got a couple friends who are active P2P traders in the Indian market and here's what I hear. There's a serious speculation among P2P traders in India that Binance is likely going to have to shut down its INR P2P services (at the very least) if not all operations here owing to violation of TDS norms and also as the WazirX investigations reveal shady findings. At the very best, they're going to have to implement TDS on all transactions and that is going to kill the Indian volume as people migrate to non-KYC options available. All of this is to say that since P2P traders are expecting a clamp down, many of them are going for a heist on their last trades and filing an FIR for a chargeback they can walk away with since many of them operate using fake KYC documents (Indians wouldn't be surprised). You likely got caught up in this since your trade was significantly large being around $12k USD. From what I hear, this is happening quite widespread and Binance is very well aware of it. I've personally heard of 2 other people getting caught up with this very thing. So you're likely not in this alone and should receive support from Binance fairly soon. For immediate steps, I'd file an FIR for fraud on the complaint filed against you and submit that to the bank at the earliest and also report Binance with all the details. Also, get a lawyer involved immediately since there are tricky deadlines here and you won't be able to do much once the scammer has encashed that money, if they haven't already.
There have been 14 trades in INR since Bisq was started and the largest was for a mere 0.01 BTC. By contrast, Brazil, a smaller economy where they speak less English has had more than 13000 trades and even Thailand, Mexico, Nigeria, and Russia have had more trades than India. You guys need to step it up.
tldr; The Indian rupee is expected to weaken against the US dollar after the Reserve Bank of India announced it will withdraw the highest value currency note from circulation. Non-deliverable forwards indicate the rupee will open at around 82.80-82.84 to the dollar, compared to 82.66 in the previous session. The impact on the rupee from the central bank's move will be felt through the drop in forwards, analysts said. The USD/INR forward premiums, which are already low, are expected to decline further with rupee money market rates likely to drop significantly on account of excess liquidity that RBI's move will lead to. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
Yeah INR, somany coins that were hyped are dead only Litecoin has been strong will probably outlive us all in this sub.
"i buy INR and CAD rest are alts" "yes DCA in INR" "...and cad" "are you a wizard?" "only real money is CAD" "...and INR" "this is also my plan" maxi bots lol
I deposit INR directly to exchange without fee. I trade fiat to crypto and pay maker taker fee. I transfer crypto to my personal wallet and pay the transfer fee of the chain. My crypto stays in my wallet forever.
P2P is still a foreign exchange rate though. Just set by users on Binance. People with Indian Rupees are less willing to swap them for US Dollars the past few days. That's all the statistic is saying. US has a banking crisis, US fed had to increase the money supply. I don't know the news in India, but its plausible this could be the reason people there want more USD for their INR on Binance. Or there could be a bunch of other reasons, all having nothing to do with crypto. If you could say "The top 10 P2P currencies on Binance have all ...." then there might be something to it. But picking one country's currency, a currency that isn't really used globally, and trying to draw a link between its performance on a P2P platform and market sentiment for crypto is a quite a stretch. I mean, even if you could say "Historically, when INR deviates on the P2P market x y z happens b% of the time", there might be more to it. But as it stands, I really don't think its wise reading anything into that one indicator.
Sorry you misunderstood. I wasn’t mentioning the forex rate. In fact the forex rate was constant but P2P increased. Also forex rate is 82.5 INR = 1 USD but 89 INR = 1 USDT.
INR = Indian Rupees 1 year chart of Indian Rupees vs USD exchange rate shows a downtrend in the exchange rate between these currencies. There's absolutely no reason to say that because a particular country's currency is gaining or declining against the US Dollar, the broader crypto market is going to do X.
From my experience. Whenever there is a market dump the INR price is higher for USDT. Whenever there is a market pump the INR price is lower for USDT.
> If usdt price in INR is decreasing , its a good indicator, means people are converting it to native Crypto. In my experience, thats not the case. Whenever there is a drop in price and the volume is high, meaning when people are buying a lot, the P2P price increases and that is when people are converting to crypto from INR.
I got the report and went through it yesterday The gist of it is that they think CBDCs are going to drive much of this adoption. Mainly the Euro, GBP, INR, and some other smaller currencies and their respective countries will onboard billions of users, and as a result, tokenize the corresponding CBDC assets.
Hi u/Not_Raidn 👋 We do not support INR deposits/withdrawals yet, you can make purchases via [apple pay/google pay](https://support.kraken.com/hc/en-us/articles/4405883992724-Digital-wallet-purchases)/ credit or debit cards. Best, Pluto from Kraken Support 🐙
Yeah that's like 500,000 INR per day. How is that a restriction? It's more like a dare. I dare you to spend over this limit and show me. And 99% of the population lose steam! Hahahah.
No just that, while slowly giving up their supremacy in the FIAT world (since INR, Roubles etc are being traded between some countries), they have planned to take over the crypto world with a stable coin. That's genius - whoever came up with it. I mean, think crypto world without USDT. That's the level of dependence U.S. intends to achieve in the crypto world.
In India 1 USDT is sold for 89.3 INR in P2P. While the exchange rate of 1 USD is 82.9 INR. 7.7% higher; but what choice do we have?
I use p2p only but the last time when there was a FUD Panic in India, USDT - INR p2p fell as low as 50 rupees per USDT
190K INR in returns which is not possible. Its a scam. Dont fall on her.
It's terrible. I tried Kucoin yesterday & they're not accepting direct INR deposits too, & P2P is costly.
OKx, Kucoin also have P2P for INR trades. You can try any of these. There are also some small exchanges that offer INR P2P trades, but they don't have significant liquidity and security!
The "dollarization of economy" part is not true as well. It's decentralisation of economy not dollarization. Looks like Mr. Das is unaware of BTC/INR markets.
Indeed 10k/BTC in Indian Rupees (INR) is delusional 😂
Yeah you're probably going to need to change those rupees first. You should find somewhere good and reliable to do this and then convert from USD or GBP or something into crypto. It's a pain but unless you use a BTC atm or something I'm not sure there's another way. You could use an app like Transferwise to load INR and exchange to USD maybe
BTC 100k INR (indian rupee) happened long ago....
What are you scared about? Shouldn't you be relieved if you have found a technology that allows you to save and preserve the fruits of your hard work? Also if you look up inflation numbers over the last couple of years, INR has done better than the currencies of almost all developing and most developed countries. Having lived in India and worked in the tech scene, I can tell you there is a lot of (fiat) upside in the emerging market. Learn a skill, earn a lot of fiat and save in BTC. After this, if you feel adventurous start a BTC company pushing adoption in India.
OP: 1. Has complete faith in the INR. By the way, INR-USD is down hard against the USD over 5Y. https://www.xe.com/currencycharts/?from=INR&to=USD&view=5Y 2. Thinks that inflation affects all classes equally, which is untrue. Low income households are hammered by inflation much harder. India has one of the craziest caste systems in the world with millions well below the poverty line. 3. Gov't cares about its people...man, officials just care about staying in power. They don't care about you. UPI is a centralized system, subject to government control. Just because its easy and cheap, doesn't mean its in your best interest. If fact, when things are easy and cheap, usually, it turns out that you are the product.
The main problem if converting INR (fiat) to usdt or btc
The delusion about crypto is the one you should be worried about. The value of INR has changed respectively with the rest if the world.
So INR is backed by gold ... THATS WHAT I FUCKIN SAID
No INR is not backed by gold. India has a small percentage of its reserves in gold, but mostly, it's all sovereign guarantees just like the USA.
Why are crypto millionaires broke right now if it ain't make believe ?? Don't know about US dollar but INR is backed by gold. Everything else in your comment is plain ignorance so I won't give a damn about correcting you
Costly, slow, and full of hassles. Just exchanging between asian currencies have already been a hassle THB, SGD, INR, PHP, HKD, what more with exchanging from other continents.
tldr; E-sports is a digital form of interactive content which has witnessed a massive rise during the COVID era. Multiplayer games became the point of inception of competitive playing to win cash prizes in multiplayer games. The Indian e-sports industry revenue is projected to more than quadruple to ₹11 billion by 2025, according to a report by FICCI and EY. E-sports will generate over INR300 million worth of revenue by the year 2025. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
The reason for failing of bigger exchange was not liquidity. So, we can't say that liquidity is the issue. A bigger exchange (2nd largest) FTX gambled with customer's funds which resulted into the difference between assets and liabilities. The 2018 model is actually good one. The smaller exchanges can collabarate with bigger one, and operate locally. For eg: WazirX, an Indian exchange, did a tie up with Binance, and operated in India, using the fiat INR. This helped in crypto adoption in India to a great extent. So, the model from 2018 still works fine, but the issue is, when a bigger exchange gambles with customer's funds and fucks up, the entire chain gets fucked. ​ TL;DR The model from 2018 works perfectly. The main reason for FTX collapse wasn't liquidity issues, but their unethical practices (gambling customer's funds). ​ Also, just a reminder, Not your keys, not your cheese.
Your English is fine. Do you have a method of exchanging for Bitcoin, or is it just INR, USDT, and Crypto?
So, the entire process looks like this. 1. Let's say person A wants to sell their 100 USDT via P2P. He will mention the price based on the local currency exchange. Let's say its 100 INR for 1 USD. So, he puts a sell order on the P2P page that he wants to sell his USD for 10k INR. 2. Person B wants to buy 100 USDT via P2P. He goes to the binance P2P site, and he sees that person A has put a sell order for 100 USDT. 3. He accept the offer on Binance. Now, Binance acts as an escrow and freeze 100 USDT of person A. bank details (UPI) is mentioned by person A, and binance tells B to send 10K INR to person A directly via fiat bank transfer. 4. Once, person B sends the money and person A receives the amount, and both of them confirm about the transaction, Binance transfers 100 USDT from A to B's wallet. So, here, Binance simply acts as an escrow and no fiat amount is transferred from or to Binance. So, banks can see that person B transferred some fiat amount (10k INR in our example) to person A, but they can't find out the reason of transfer, and hence, they can't block or restrict this transaction. ​ As the transfer is between person A and person B, and Binance just acts as an escrow, it is known as peer-to-peer or person-to-person (P2P) facility
I am from India, and I am heavily into BUSD and USDT right now. INR has fallen from 64 to 85 against USD in previous 4 years. So, a combination of 10% staking rewards and devasluation of INR is a great help to me even in the bear market. Also, I can send payments to my friends without the government interference which is a huge plus.
For normal billionaires, dark pools should be ok. I can only think of one party that would need to mine BTC aggressively... Russia. They have plenty of energy that nobody wants to buy. Their own currency is dogshit. They need to trade with India and China, maybe they'll get some BTC for trading with CNY and INR.
Does it support INR to crypto conversion?
India did something similar by throwing away the prevalent currency bills via an overnight decree by PM. Unlike Nigeria, it was done with zero prior warning, and no reasonable deadline to swap sizable amounts. It's in complete contrast to the central bank's (RBI governor's) signed promise written on the paper bills, that sum of the bill's value is ensured to its holder! The value that is insured by the central bank (RBI) to be given back to bank account holders, in case their banks somehow go bust, is capped at maximum of 5 lacs INR or around $5000 US (no matter if one had higher savings than that), and lower in case balance was lower to begin with. Occasionally the Internet gets switched off, as and when and where, it's needed, to quash outbursts like that of in the state of J&K. A 30% Personal + 12&12% EPF + 18% GST which is a whopping 72% Tax, that's levied directly or indirectly. While the inflation rate keeps soaring around 8% YoY, the Bank or Post Office FD rates are kept strictly below the inflation rate instead of above or equal. A recent new law can imprison citizens based on Hate Speech against PM (National head minister) & CM (A state's head minister), which can be done by the Police without any need of filed complains (FRI) whatsoever. The market regulator (SEBI) a couple years back even took out the provision of margins (loans) away from retailers in the public stock trading. Yet, banks won't ever give out loans below the inflation rate, say 8%. All the while, almost every quarter, a new thousand crore loan defaults keep making news, that's a 10 digits INR amount. It hopelessly feels like an abhorrent abuse of democracy, which is partly enabled by uninterested voters, and also partly due to the lack of options in politicians that even look for public interest.
India did something similar by throwing away the prevalent currency bills via an overnight decree by PM (National head minister). Unlike Nigeria, it was done with zero prior warning, and no reasonable deadline to swap sizable amounts. It's in complete contrast to the central bank's (RBI governor's) signed promise written on the paper bills, that sum of the bill's value is ensured to its holder! The value that is insured by the central bank (RBI) to be given back to bank account holders, in case their banks somehow go bust, is capped at maximum of 5 lacs INR or around $5000 US (no matter if one had higher savings than that), and lower in case balance was lower to begin with. Occasionally the Internet gets switched off, as and when and where, it's needed, to quash outbursts like that of in the state of J&K. A 30% Personal + 12&12% EPF + 18% GST which is a whopping 72% Tax, that's levied directly or indirectly. While the inflation rate keeps soaring around 8% YoY, the Bank or Post Office FD rates are kept strictly below the inflation rate instead of above or equal. A recent new law can imprison citizens based on Hate Speech against PM (National head minister) & CM (A state's head minister), which can be done by the Police without any need of filed complains (FRI) whatsoever. The market regulator (SEBI) a couple years back even took out the provision of margins (loans) away from retailers in the public stock trading. Yet, banks won't ever give out loans below the inflation rate, say 8%. All the while, almost every quarter, a new thousand crore loan defaults keep making news, that's a 10 digits INR amount. It hopelessly feels like an abhorrent abuse of democracy, which is partly enabled by uninterested voters, and also partly due to the lack of options in politicians that even look for public interest.
India did something similar by throwing away the prevalent currency bills via an overnight decree by PM (National head minister). Unlike Nigeria, it was done with zero prior warning, and no reasonable deadline to swap sizable amounts. It's in complete contrast to the central bank's (RBI governor's) signed promise written on the paper bills, that sum of the bill's value is ensured to its holder! The value that is insured to be given back to bank account holders in case the bank somehow goes bust, is maximum $5000 US or the account's value, if that's lower, by the country's central bank (RBI). Occasionally the Internet gets switched off, as and when and where, it's needed, to quash outbursts like that of in the state of J&K. A 30% Personal + 12&12% EPF + 18% GST which is a whopping 72% Tax, that's levied directly or indirectly. While the inflation rate keeps soaring around 8% YoY, the Bank or Post Office FD rates are kept strictly below the inflation rate instead of above or equal. A recent new law can imprison citizens based on Hate Speech against PM & CM (A state's head minister), which can be done by the Police without any need of filed complains (FRI) whatsoever. The market regulator (SEBI) a couple years back even took out the provision of margins (loans) away from retailers in the public stock trading. Yet, banks won't ever give out loans below the inflation rate, say 8%. All the while, almost every quarter, a new thousand crore loan defaults keep making news, that's a 10 digits INR amount. It hopelessly feels like an abhorrent abuse of democracy, which is partly enabled by uninterested voters, and also partly due to the lack of options in politicians that even look for public interest.
India did something similar by throwing away the prevalent currency bills via an overnight decree by PM (National head minister). Unlike Nigeria, it was done with zero prior warning, and no reasonable deadline to swap sizable amounts. It's in complete contrast to the central bank's (RBI governor's) signed promise written on the paper bills, that sum of the bill's value is ensured to its holder! The value that is insured to be given back to bank account holders in case the bank somehow goes bust, is maximum $5000 US or the account's value, if that's lower, by the country's central bank (RBI). Occasionally the Internet gets switched off, as and when and where, it's needed, to quash outbursts like that of in the state of J&K. A 30% Personal + 12&12% EPF + 18% GST which is a whopping 72% Tax, that's levied directly or indirectly. While the inflation rate keeps soaring around 8% YoY, the Bank or Post Office FD rates are kept strictly below the inflation rate instead of above or equal. A recent new law can imprison citizens based on Hate Speech against PM (National head minister) & CM (A state's head minister), which can be done by the Police without any need of filed complains (FRI) whatsoever. The market regulator (SEBI) a couple years back even took out the provision of margins (loans) away from retailers in the public stock trading. Yet, banks won't ever give out loans below the inflation rate, say 8%. All the while, almost every quarter, a new thousand crore loan defaults keep making news, that's a 10 digits INR amount. It hopelessly feels like an abhorrent abuse of democracy, which is partly enabled by uninterested voters, and also partly due to the lack of options in politicians that even look for public interest.
India did something similar by throwing away the prevalent currency bills via an overnight decree by PM. Contrary to central bank's (RBI governor's) signed promise written on the bills, that makes promise to give bill's value to its holder. Unlike Nigeria, it was done with zero prior warning, and no reasonable deadline to swap sizable amounts. The value that is insured to be given back to bank account holders is around $5000 US if the bank somehow goes bust, from central bank (RBI). Occasionally the Internet gets switched off, as and when and where, it's needed, to quash outbursts like that of in the state of J&K. A 30% Personal + 12% EPF + 18% GST = 60% Tax is levied directly or indirectly. While the inflation rate keeps soaring around 8% YoY, the Bank or Post Office FD rates are kept strictly below the inflation rate instead of above or equal. A recent new law can imprison citizens based on Hate Speech against PM (National head minister) & CM (A state's head minister), which can be done by the Police without any need of filed complains (FRI) whatsoever. The market regulator (SEBI) a couple years back even took out the provision of margins (loans) away from retailers in the public stock trading. Yet, banks won't ever give out loans below the inflation rate, say 8%. All the while, almost every quarter, a new thousand crore loan defaults keep making news, that's a 10 digits INR amount. It hopelessly feels like an abhorrent abuse of democracy, which is partly enabled by uninterested voters, and also partly due to the lack of options in politicians that even look for public interest.
India did something similar by throwing away the prevalent currency bills via an overnight decree by PM. Contrary to central bank's (RBI governor's) signed promise written on the bills, that makes promise to give bill's value to its holder. Unlike Nigeria, it was done with zero prior warning, and no reasonable deadline to swap sizable amounts. The value that is insured to be given back to bank account holders is around $5000 US if the bank somehow goes bust, from central bank (RBI). Occasionally the Internet gets switched off, as and when and where, it's needed, to quash outbursts like that of in the state of J&K. A 30% Personal + 12% EPF + 18% GST = 60% Tax is levied directly or indirectly. While the inflation rate keeps soaring around 8% YoY, the Bank or Post Office FD rates are kept strictly below the inflation rate instead of above or equal. A recent new law can imprison citizens based on Hate Speech against PM (National head minister) & CM (A state's head minister), which can be done by the Police without any need of filed complains (FRI) whatsoever. The market regulator (SEBI) a couple years back even took out the provision of margins (loans) away from retailers in the public stock trading. Yet, banks won't ever give out loans below the inflation rate, say 8%. All the while, almost every quarter, a new thousand crore loan defaults keep making news, that's a 12 digits INR amount. It hopelessly feels like an abhorrent abuse of democracy, which is partly enabled by uninterested voters, and also partly due to the lack of options in politicians that even look for public interest.
India did something similar by throwing away the prevalent currency bills via an overnight decree by PM. Contrary to central bank's (RBI governor's) signed promise written on the bills, that makes promise to give bill's value to its holder. Unlike Nigeria, it was done with zero prior warning, and no reasonable deadline to swap sizable amounts. The value that is insured to be given back to bank account holders is around $5000 US if the bank somehow goes bust, from central bank (RBI). Occasionally the Internet gets switched off, as and when and where, it's needed, to quash outbursts like that of in the state of J&K. A 30% Personal + 12% EPF + 18% GST = 60% Tax is levied directly or indirectly. While the inflation rate keeps around 8% YoY, the Bank or Post Office FD rates are kept strictly below the inflation rate instead of above or equal. A recent new law can imprison citizens based on Hate Speech against PM (National head minister) & CM (A state's head minister), which can be done by the Police without any need of filed complains (FRI) whatsoever. The market regulator (SEBI) a couple years back even took out the provision of margins (loans) away from retailers in the public stock trading. Yet, banks won't ever give out loans below the inflation rate, say 8%. All the while, almost every quarter, a new thousand crore loan defaults keep making news, that's a 12 digits INR amount. It hopelessly feels like an abhorrent abuse of democracy, which is partly enabled by uninterested voters, and also partly due to the lack of options in politicians that even look for public interest.
India did something similar by throwing away the prevalent currency bills via an overnight decree by PM. Contrary to central bank's (RBI governor's) signed promise written on the bills, that makes promise to give bill's value to its holder. Unlike Nigeria, it was done with zero prior warning, and no reasonable deadline to swap sizable amounts. The value that is insured to be given back to bank account holders is around $5000 US if the bank somehow goes bust, from central bank (RBI). Occasionally the Internet gets switched off, as and when and where, it's needed, to quash outbursts like that of in the state of J&K. A 30% Personal + 12% EPF + 18% GST = 60% Tax is levied directly or indirectly. While the inflation rate keeps around 8% YoY, the Bank or Post Office FD rates are kept strictly below the inflation rate instead of above or equal. A recent new law can imprison citizens based on Hate Speech against PM (National head minister) & CM (A state's head minister), which can be done by the Police without any need of filed complains (FRI) whatsoever. The market regulator (SEBI) a couple years back even took out the provision of margins (loans) away from retailers in the public stock trading. Yet, banks won't ever give out loans below the inflation rate, say 8%. All the while, almost every quarter, a new thousand crore loan defaults keep making news, that's a 12 digits INR amount. It hopelessly feels like an abhorrent abuse of democracy, which is partly enabled by uninterested voters.
tldr; The Reserve Bank of India (RBI) released a concept note on a central bank digital currency (CBDC) on October 9. Cryptocurrencies are tokens. CBDC is a digital currency. We are comparing stocks. with INR? I didn’t realize that CBDC’s only goal was to replace virtual digital assets. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
// Anybody who thinks it has the capacity to be a country-level currency is a fool // I guess you misunderstood the term "reserve currency" to legal tender. Reserve currency doesn't mean it is a legal tender/transactable currency in a country. For eg, in my country India, USD is not a legal tender. Ie.. You cannot buy products/services with USD. If you have USD, you need to go to an exchange/bank and convert it to local currency (INR), if you want to use it for day to day transactions. Reserve currency just mean what the name says. It is kept as a reserve in government's vault. India has a total of 572 billion USD as it's forex reserve. Even if India decides to put just 10% of it in BTC, it's 57 billion dollars. Enough to eat all 2 million BTCs is all global exchanges put together and would still have 17 billion to buy from hodlers. This is just one country, and just 10%.