Can India benefit from cryptocurrencies?
India is among the fastest growing economies in the world today. Even so, the rupee is in dire straits and is among the weakest currencies in Asia. The current administration is worried that the advent of cryptocurrencies could create a parallel economy and has taken several steps to curb cryptocurrency trading. Presently, a panel comprising of officials from the finance ministry, the RBI, and India’s market regulator, the Securities and Exchanges Board of India (SEBI) have submitted their report to India’s finance minister, suggesting a new legal framework for cryptocurrencies. The actual content of the report are yet to be made public. According to the World Bank, India retained the top position as recipient of remittances with its diaspora sending about USD 69 billion back home last year. A rough ballpark estimate might bring the figure to USD 80 billion this year. Statistics by the World Bank highlight that around 25% of the remittance corridors charge commissions upwards of 10%...