Not countries allow to take crypto as payment. You should understand this, India and few other countries are closely monitoring this. Taking payment in crypto is easy. What’s hard is countries regulations on it. AFAIK, countries even charges tax on crypto transfer event. — Do you know, india has been booming on UPI System. My govt is also planning to purchase UPI Infrastructure from Indian government.
I live in India. And there is nothing what you can call "real adoption". 1. Yes, govt is taxing crypto, thereby legalizing it - but tax rates are 30% reserved for gambling - highest in India. 2. Reserve Bank of India is thinking of using crypto/blockchain tech and also launching digital Rupee. But what I hear is just talks. 3. Digital payments infrastructure has become really good lately with the UPI. If you don't want illegal things or don't have to send money foreign, you don't need any crypto. No crypto tech is closer to current fintechs available to banks. Harsh reality. I believe similar cases would be for other countries.
I wanted to send money to someone. I am not able to send that money to them. There is somehow a minimum amount that I need to send too. How am I using this shit wrong? If I can't even transfer the amount of currency that I need to, what the fuck is the point of said currency. I can transfer as little as 0.013 USD using my country's payment network (UPI) in literal seconds. Yet somehow, using BTC, the minimum amount I need to transfer is 1883x of that amount. tl;dr This money (BTC) is fucking hard to use.
I have to donate some money to a website that I've been using for a decade now. The only way to do that is through crypto. Today I discovered just how hard it is to do so. Firstly, I had to sign up to the exchange with all my government identification. So there goes any anonymity. Secondly, I couldn't deposit money into my exchange account in my currency because of government restrictions. So I had to use a P2P network to buy USD to convert to my INR. Its been 30 minutes now, and I'm still waiting for the transaction to get completed. The seller charged me 8.66% over the current USD to INR conversion rate. Next I have to convert this USD to INR or Bitcoin The exchange has a minimum withdrawal amount on BTC which is 50% more than what I wanted to donate. Compare this with just how easy it is to transfer money in my country (UPI) - it literally takes seconds. Maybe even less. And all I need to do is enter the recipients mobile number to transfer the money. Sucks to say but if transacting in this currency is this inconvenient, it has no future.
I don't think that sending the bitcoin is hard to anyone, i am using the UPI payment for buying the stuff like scan the QR code and pay the money. I think this is the only way we can use the bitcoin is well, simple and secure is well.
I don't think people will use Crypto payments in India for regular basis because India have UPI system which works by scanning Qr code or mobile no. and money will be directly withdraw from bank account(No wallet needed). Speed of transaction is in Millisecond and there is no fees. The only drawback is that it not works for international transactions yet.
I hear ya. I rarely hodl anyhting. If I do it's usually a small amount on a spiker. That way I can sit and wait for the next spike to sell it. AVT, UPI, Math. They lay dormant for days and sometimes weeks but they historically get pumps and that's where I offlaod
Check UPI from India as well. Massive success and they're breaking monopolies of visa and mastercard. Crypto has rattled traditional systems and forced regulators and governments to create CBDC to get digital currency finally working.
India has a system called UPI which allows free transfer between banks. It's pretty sucessful and other countries are looking into implementing the same system. Indians still invest in crypto because most of the people here are in for the money and not for the tech.
In India we already have UPI where we can transact with phone numbers at absolutely ZERO cost. Why would I bother with cryptos at all. And every bank is encouraging this because even though they are losing on the transaction fees but they are gaining big on the deposits and balances.
Im not married to any coin. I look for the ones that are the most volatile and I jump in and out on those. Today Mona was a good one (still is actually but is cooling off) Then there are some other ALTS I lurk in the shadows of because they like to have profitable spikes from time to time. UPI AVT NCT
1. Yes. And I agree too. If not actual Ponzi, they are useless. So, apart from speculations, they are not worth it. 2. Crypto as a currency will never succeed in India. India has huge digital infra. I personally have not used cash since 2.5yrs. Even all shops in my rural village accept digital payments. As a good asset/reserve, BTC might succeed. However, for other Cryptos, they need to up the ante and solve something real world. 3. Yes. UPI mostly doesn't work. However, some banks allow their services. But still P2P is best. Govt will use blockchain and other crypto related tech. But they have no trust in current coins available in the market. I don't blame them specially when a top 10 coin can be a Ponzi and evaporate in just 3 days.
That is frequently touted as a blockchain use case but it isn't. As other commenters have pointed out, mobile payments systems (such as M-Pesa and [India's UPI system](https://fortune.com/2022/06/30/blockchain-india-upi-payments-global-reach/)) have done a great deal to enable digital payments for vast numbers of people. In India, I regularly use UPI to make payments as low as INR 20 (0.25 USD) to buy stuff like fruits or groceries from [vendors who don't have a roof over their heads](https://www.google.com/search?q=upi+street+vendor&client=firefox-b-d&sxsrf=ALiCzsbefyqjI_ClF-6eU4OOiYrLSuNBnA:1656739270085&source=lnms&tbm=isch&sa=X&ved=2ahUKEwiW4Lbdutn4AhVXRmwGHdXqA1MQ_AUoAnoECAEQBA&biw=1787&bih=845&dpr=0.9#imgrc=TPzOAn2QBuX4iM) with zero fees. Most of these people didn't have a bank account or accept digital payments 10 years ago because they couldn't afford the transaction fees and costs of credit card reader machines. As UPI is free, charges aren't a problem. Scale is an important factor here; a lot of these are really small value transactions, so for these people to run a viable business off any payment system, it needs to support a *high volume* of transactions. [UPI regularly hits a volume of 5.8 Billion transactions a month](https://www.npci.org.in/what-we-do/upi/product-statistics), and this number is steadily growing. Note that almost all of these are actual economic activity involving the trading of goods and services, not just financial speculation. Fraud prevention is another important factor. Many of the unbanked are poor, less educated and possibly even illiterate. It's safe to assume that they are not experts on opsec. So it's important to have (fraud redressal mechanisms)[https://www.zeebiz.com/personal-finance/news-bank-fraud-get-full-refund-in-10-days-just-follow-these-rbi-guidelines-157958] so you can reverse erroneous and fraudulent transactions. Blockchains due to their decentralised and functionally immutable characteristics actually pose a challenge to this. Volatility is another factor: these vendors need a stable currency to price their goods, so they don't need to continuously calculate whether a kg of tomatoes is worth 10% more or less than it was hours ago. Prices need to remain relatively stable for weeks or months; large variations will wreak havoc on their profit margins. Cryptocurrencies do not offer this assurance. UPI (and other mobile payments systems in Africa which predate it) have done more to enable these kinds of transactions for poor people than blockchain has done. **This** is what banking the unbanked looks like. You need to offer high scale, high speed, fraud prevention systems, low volatility and low (or zero) fees. Blockchains offer none of these features, and are unsuitable for this objective by any measure.
Excuse me? Reduced costs? Transaction fees are absolutely mammoth. If you want to know about real financial revolution please read about Indian made UPI. It absolutely crushed the Visa and MasterCard dependancy. Transactions are done at Zero cost and its developed by the state. The only nice use of crypto is that I can send money outside my country without stepping in the bank. I like the idea of using cryptos for transactions but never as an investment. Even if it touches a million dollars. Engineers better start developing real blockchain businesses with real underlying assets because blockchain truly has enormous potential.
OP, I have an issue with your first paragraph. Crypto did not force the changes in the financial industry at all, at least for day to day transactions. The biggest disruption was the smartphone penetration, ubiquity of faster internet and successful digital wallet and QR code based transfer experiments across the world, like PayNow in Singapore or UPI in India (btw, UPI puts any digital payment method for daily use in US/Europe to shame) It is just that the crypto "revolution" and the smartphone/internet advances happened at roughly the same time. Correlation ≠ Causation.
Go hang around your local petstore for a day, ask all customers if they heard of UPI and if they are willing to sell to collect and sell the 'data' of their pets to the highest bidders. Go ALL IN if you even hear one yes that day.
Street side vendors are using UPI and bank accounts. They're useful even if people don't read because they'll find someone else to help out. The good part is that people who are poor or homeless can still get banking facilities. Most people who can't read are older people whose children are able to read.
The Indian system is released by the Reserve Bank of India and the government, not some private company. They saw the uncontrolled wallet services for digital payments and decided to make a framework for all payments. The result was UPI(Unified Payment Interface). That basically forces all payment apps to partner with banks and all transfers are going from bank account to bank account for free. There's no wallet redemption charges like Venmo or anything. And all payment apps need to play nice with each other, so I don't need to worry about which app the other person is using or which bank is being used by the other person. RIght now, Amazon pay, google pay, facebook/whatsapp money all use the UPI and you don't need to deposit anything in wallets to use the service. (Even lightning networks runs outside bitcoin's blockchain with you having to put some money in when you start and have to pay charges for settling) This resulted in the astronomical growth of digital payments in India to the point that in 2016, the volume was 2.65 million per year. In 2021, volume was 38.744 billion per year. The act of transaction is very fast, you can enter mobile number or just scan QR code at a shop and within 10-15 seconds, your transaction will be done and shopkeeper will get confirmation as well. Debit, credit cards of visa and mastercard have merchant discount rate(MDR). If I pay 1000 bucks using credit card, the shop will only get 980 and the 20 will go to visa. India decided it was stupid that 2% of all transactions goes to banks and released their own card, on top of UPI with 0% MDR. That means businesses are no longer accepting visa and master cards. Why would they accept a payment method where their payment is getting cut? (Visa actually complained about this to USA lol. They were getting undercut completely) This also means all the very small shops and roadside vendors can print their QR codes and take payments of tiny sums like 10 rs (around 14 cents) on UPI. (You can also send large amounts on UPI of course.) They don't need to worry about keeping change and all that. They anyway don't pay taxes because they don't earn enough. This is possible because India gives free zero balance bank accounts to everyone. No overcharge, no draft fees, no minimum balance and all that bullshit. You are living in India, you get a free bank account because PM decided that banking is basic need. I've literally not taken my physical wallet or carried cash 95% of the times in recent years because India also allows for digital IDs, so I can have all my documents online and it's just as acceptable as physical copy when cops ask for it. And all this is perfectly possible everywhere in the world, but you need a government willing to cut the exploitation of the banks. The Indian government and banks are happy to pay for all the costs for now because a large portion of the cash/black economy is now digital and linked to bank accounts. So, their tax collection and bank usage has increased by more than enough that UPI is making profits for them despite 0 transaction fees. And there are other benefits of not having to print and handle cash. Government can directly deposit any social payments and subsidies to the bank accounts without middlemen doing any corruption as well. There have been some rumours of adding some transaction fees to UPI, banks can charge for transactions but nothing has materialized and it likely won't happen anytime soon because the government can benefit from the digital economy even after paying out of pocket. They are expanding the framework outside India in other countries now. Right now, apps are also using the UPI data to make credit ratings and give microloans to people because they can estimate risks from the financial data which would've been very hard to get otherwise. After all that, it seems stupid to use bitcoin as currency because it's costly, slow and not at all user friendly. Not to mention volatility. (I still don't get how India with 5-10% inflation and US with 0-5% inflation and turkey with 40-50% inflation can use the same currency across the world. )
Yeah. I'm not leaving it to people smarter than me. I have to be the smart guy who's supposed to check stuff before believing and putting my money in it. Also, i agree that digital payments are fucking awesome. I did 98% of my transaction in last two years online for zero transaction fees that happen in seconds and it's way more user friendly. It wasn't crypto. It was normal fintech done by government instead of the greedy corporates. Indian UPI is ridiculously good and crypto has nothing better to offer as currency.
Exactly I was also got excited by the intial idea behind BTC but I don't see that vision anywhere anymore. Crypto was made to overcome traditional money limits but if you look closely all the cryptos weren't able to break even a single pillar of it. I think still cryptocurrency's future is very foggy. If you want to study good P2P system. You should stufy about UPI system developed by indian government. I think it was able to overcome difficulty of sending money,transaction fees and time it took to process that transaction.
tldr; Coinbase CEO Brian Armstrong has said that the Reserve Bank of India (RBI) applied "informal pressure" on US-based crypto exchange, preventing the exchange from facilitating purchases of crypto assets through the country's online retail payments system. "So few days after launching, we ended up disabling UPI because of some informal pressure from the RBI," Armstrong said. India's United Payments Interface (UPI) facilitates real-time transfer between bank accounts. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
> Dude. I've done 98% of all payments in last two-three years online. They're processed and settled in 2-5 second and I've paid 0 transaction fees total. You must live in undeveloped financial country. Google UPI and see the transaction volumes and speed for it. As the other commentor pointed out, settled time is quite different than the amount that shows up in your account. Sure, you can claim it's regulation, but when in fact it's to give banks time to rollback "fraudulent" transactions. You can't make a fraudulent transaction with crypto (like bouncing a fake check, even though the check recipient gets the money "immediately" and then later gets a shock when the money taken away), not in the traditional sense, hence the near instant settlement of crypto *is* an advantage, whether you like it or not. Maybe it doesn't make sense to have that instant settlement for buying a book, but it is absolutely a huge deal for atomic swaps where there are multiple parties that don't trust each other. Traditionally, you needed a middleman for that. One point I want to get across is: crypto is not better in every way than traditional finance, it's a different tool that has different advantages. > Internal crypto stuff do not generate cashflow from outside, it's just internal circulation which isn't going to change the fact that it's a Ponzi scheme. Do you understand that market cap (and thus, price) can increase at a much faster rate than the number of dollars put in? If crypto is worth $2T, that does not mean people put $2T in. The majority of people put money in when the marketcap was much, much lower. This literally the opposite of "internal circulation" or "ponzi scheme" - people invest because have expectations of increased future value of the blockchain, due to increased network effects, functionality and adoption as time goes on. > Follow the money, has anyone ever given USD into those crypto systems except for buying crypto coins or NFT? Answer is no. Not even sure what this means... if I put money into ethereum (to pay for gas fees) to perform some action on the blockchain, does that count as "yes"? What is your definition of "no"? If I pay someone USD to perform something, does that have value? It's the exact same thing, except replace "someone" with "blockchain".
Dude. I've done 98% of all payments in last two-three years online. They're processed and settled in 2-5 second and I've paid 0 transaction fees total. You must live in undeveloped financial country. Google UPI and see the transaction volumes and speed for it. Internal crypto stuff do not generate cashflow from outside, it's just internal circulation which isn't going to change the fact that it's a Ponzi scheme. Follow the money, has anyone ever given USD into those crypto systems except for buying crypto coins or NFT? Answer is no. It's like a big poker table. Money only goes from one person to other. There's no version of it where everyone can make profit and get richer. Only people who accept such high transaction cost from one coin to another are people looking to launder money. Otherwise it's just coming from people losing in their investment gamble.
tldr; Coinbase Co-founder and CEO Brian Armstrong blamed the Reserve Bank of India (RBI) for "informal pressure" and denying the Unified Payments Interface (UPI) services that led to the company halting its trading services in India three days after the launch on April 7, 2022. "India is a unique market, in the sense that the Supreme Court has ruled that they can’t ban crypto," Armstrong said. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
tldr; Coinbase CEO Brian Armstrong has revealed that the top cryptocurrency exchange quit India operations owing to "informal pressure" from the Reserve Bank of India (RBI). "India is a unique market in the sense that the Supreme Court has ruled that they can't ban crypto, but there are elements in the government there, including at the RBI, who don't seem to be as positive on it," he said. The exchange had halted payments via unified payments interface (UPI) mode on its app in India last month. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
tldr; Coinbase halted its trading service in India because of "informal pressure" from the Reserve Bank of India, the crypto exchange's CEO Brian Armstrong said on Tuesday. "They’re applying soft pressure behind the scenes to try to disable some of these payments, which might be going through UPI," he added. Notably, cryptocurrency trading is not illegal in India, but there are "elements in the government there, including at Reserve *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
tldr; Indian banks have approached the Nationwide Funds Company of India (NPCI), the nation's digital fee and settlement system, to get clear directions on utilizing the Unified Fee Interface (UPI) for crypto transactions. NPCI's shareholders include State Financial Institution of India, Union Financial institution of India and HDFC Financial institution, HSBC Restricted and Citi. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
tldr; Indian banks have asked NPCI for a formal directive on using Unified Payments Interface (UPI) for crypto transactions. Several banks, some of which are shareholders of NPCI, raised the issue during a recent meeting with the payment body, seeking clarification on using UPI payments for Bitcoin transactions. NPCI has “no intentions” to issue a formal circular anytime soon, an official said. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
As an Indian, my perspective is that people invest into crypto rather than finding ways to send it. Lowering the tax slab is what is needed. But this is inevitably another stepping stone in many use cases in crypto so this cannot be ignored as well. UPI was revolutionary as it bough a lot of people into the online payment umbrella particularly due to the fact it did not have fees. So UPI is definitely used by a lot of people. Hence introducing crypto to a place that a lot of people visit is a good way to garner new comers to the market.
Yes but that is what UPI is, a payment system. Blockchain isn’t a payment system, it’s a decentralised way to read and store data, which requires an internet connection. Trying to get blockchain to function offline would be like trying to access your email offline, it’s not possible.
>WHEN Surojit Chatterjee walked on stage at a Coinbase Global conference in Bengaluru, India, on Apr 7, he had little reason to anticipate the fallout that would shortly ensue. Chatterjee, the company's chief product officer, told the audience that crypto investors would now be able to use the country's online retail payments system to transfer funds to its local exchange. Hours after Chatterjee's announcement, the central bank-backed entity that runs the system - called United Payments Interface (UPI) - said it was "not aware" of any crypto exchange using the network. Within 3 days of the event, Coinbase had halted rupee transfers to its trading app via UPI. The abrupt reversal left Coinbase customers without any way of funding their accounts with rupees, dealing a blow to its expansion plans in India. "We are committed to working with NPCI and other relevant authorities to ensure we are aligned with local expectations and industry norms," a spokesperson for Coinbase said in a statement to Bloomberg on Apr 11, referring to the National Payments Corporation of India, which operates UPI.
If you are open to taking risks invest in microcap Alts, Altcoins like Kryll, UPI and Aventus which have less than a 20mil market cap. You won’t build wealth, but if even one of them entered the top 50 you’ll turn 1k into 80-100k
Yo! We are an IIT-BHU based team building a crypto bank to allow users, easily, send, receive, spend crypto and Save Taxes On their Crypto gains. You can also easily pay at any shop or store that has UPI, you just need to scan their UPI QR code and choose your cryptocurrency to pay that it. We are also working on other banking features as well Like FD, Loans, Bill Payments, Credit cards, Holding Interest, Dual Investments and still many more. if you have any suggestion or your want to be part of our journey please reach out to me @ firstname.lastname@example.org
Hours after Chatterjee’s announcement, the central bank-backed entity that runs the system — called United Payments Interface — said it was “not aware” of any crypto exchange using the network. Within three days of the event, Coinbase had halted rupee transfers to its trading app via UPI…
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tldr; Coinbase, CoinSwitch Kuber, and WazirX among the largest crypto exchanges working in India have disabled the choice to deposit fiat by way of the United Funds Interface (UPI) amid regulatory uncertainty after its operator denied information of its use by crypto corporations. UPI is a state-backed cost system for financial institution transfers. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
tldr; Indian cryptocurrency exchanges WazirX and CoinSwitch Kuber have reportedly disabled rupee deposits using the United Payment Interface (UPI) for the purpose of purchasing cryptocurrencies. The two exchanges stated that they can continue to withdraw funds through the interface. The total value of UPI transactions exceeded $1 trillion in the last fiscal year. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
News sources disclosed that Indian crypto exchanges WazirX and CoinSwitch Kuber have disabled rupee deposits using the United Payment Interface (UPI) for the purpose of purchasing cryptocurrencies. Sensational news. They have disable one form of payment
Clickbait. The article is misleading. They've disabled deposits via UPI, a payment system like IMPS. NCPI, the govt. company that handles UPI made some weird remarks about UPI not being used by crypto companies, and that is it. Deposits via bank transfers and internet banking are working for the moment, AFAIK. Crypto is being regulated in India, with a 1% TDS and 30% tax on gains. There's no more uncertainty really.
tldr; CoinSwitch Kuber and WazirX have disabled deposits via the United Payments Interface (UPI) to buy cryptocurrency, according to reports. Users were unable to deposit cash via UPI to buy cryptocurrencies on the exchanges. The National Payments Corporation of India said it was not aware of any crypto exchanges using its UPI framework. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
tldr; Trading volumes at India's major cryptocurrency exchanges slumped to their lowest in years after new taxes kicked in on April 1, according to research by Crebaco. The drop is largely due to the imposition of a 30% tax and a 1% tax deducted at source levy on every trade. Mainstream payment gateways such as UPI and MobiKwik have stopped supporting cryptocurrency exchanges. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
For the UPI one, how do they know it’s coinbase and not the dev team doing it? That looks like the shadiest scammiest team I have seen so far, and they even have Jordan Belfort on board who went to jail for scamming like this. How would they know it’s coinbase and not them?
Your Daily Dose of Crypto • Bitcoin dominance: 41.76% (+0.20%) • Cryptocurrency market cap: 1.799 Trillion Dollars (-6.40%) • BTC average transaction fee: $1.559 ( +15.99%) • ETH average gas Price: 49.65 Gwei (+3.85 %) • Fortnite creator Epic Games has raised $2 billion from Sony and LEGO parent KIRKBI, at a $31.5 billion valuation. Epic has ambitions to build the metaverse, but it’s unclear whether blockchain, NFTs, and crypto will play a role in its plans. • The Ethereum Foundation got a step closer to deploying Ethereum 2.0 and has been using “shadow forks” to make its testnet more closely resemble the Ethereum mainnet. • A new Nasdaq survey of financial advisors found that 72% would be more likely to invest client assets in cryptocurrencies if they had access to a spot ETF product. • The largest United States-based crypto exchange Coinbase has stopped payment services through United Payments Interface (UPI) on its platform for Indian users just three days after its launch in the South Asian subcontinent. • British Virgin Islands-based IDEG Asset Management (IDEG) unveiled its Ethereum Enhanced Portfolio, an actively managed fund tracking the price of ether (ETH) while using, it said, a futures arbitrage strategy to enhance returns and flatten volatility. • Coinbase is developing a three-part series of animated shorts based on the Bored Ape Yacht Club NFT project. • Terra introduced something called the “4pool” in what appears to be a clear move to make UST and another fast-growing algorithmic stablecoin called FRAX the leading players in this niche. • Crypto funds last week suffered their largest outflow since January as investors withdrew money from bitcoin and Ethereum funds, CoinShares reported on Monday. • Shrapnel, a futuristic shoot-'em-up game built on the Avalanche blockchain, has completed a $7 million token sale that included participation from Dragonfly and Three Arrows Capital
I hear ya, I’m way down on everything else too, but UPI brightened my day a little bit today. Total pet market value was was almost 208 billion in 2020, with expected growth to 325 billion by 2028. UPI total supply when all tokens released is 1 billion so I think it has great potential for growth.
Don't really care. We have enough crypto exchanges here in the meantime. There might be some regulatory compliance why they pulled the UPI cord. Shouldn't be permanent as there's no legal reason to do it. I'm more concerned about India's terrible crypto tax laws - treating it like the gambling code. That's why we have other countries as bases. I feel bad for the Indians who don't.
tldr; Coinbase has suspended its payment services for Indian users after the National Payment Corporation of India (NPCI) said it doesn't recognize the legality of cryptocurrency exchanges using UPI. The NPCI is a division at the Reserve Bank of India serving under the Ministry of Finance. The Indian crypto regulatory framework has been facing uncertainty for several months. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
tldr; Coinbase has stopped accepting payments through the United Payments Interface (UPI) on its website for India just three days after launching in the subcontinent. The National Payment Corporation of India (NPCI) manages the UPI payment system, which supports buy orders on Coinbase’s India services. For Indian consumers, the exchange has changed its payment *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*