High Remittance Fees and Unstable Rupee Drive Crypto Adoption in India

A recent report highlights that India’s growing demand for cryptocurrencies is driven by the need for lower remittance fees and a more stable currency to store value. 

The cryptocurrency spot and derivative exchange OKEx in collaboration with Coinpaprika studied the Indian cryptocurrency markets and estimated that the global share of cryptocurrency transactions in India will increase significantly in the next two years. 

Moving to a less expensive payment system

There are over 17 million Indians working beyond the borders who sent more than $80 billion back home in 2018. They paid as much as $5.67 billion as transaction fees to intermediaries involved in the transaction settlement.

The high transaction fees are forcing Indians to look for alternative ways to send money back to their country. The report states that, with loosening restrictions on cryptocurrency usage in India, India might soon become the next Mexico, where the cryptocurrency exchange Bitso has already captured more…