Indians Lost $2.3 Billion in Remittance Payments in 2018; Can Bitcoin Help with Near-Zero Fees?

2019-2-12 11:55

According to The Times of India, money transfers cost citizens and non-residents over $2. 3 billion in fees last year for clearing payments into India, the world’s biggest market for inward remittance.

Nischal Shetty, the CEO of local Bitcoin exchange WazirX, said that the dominant cryptocurrency could bring down remittance costs to near zero. Dear @arunjaitley @narendramodi Rs. 15,000 crores. That's just remittance fees paid by Indians in a year. Crypto has the potential to bring down this cost to almost Zero. All this money could go to the people. Let's join the revolution & find solutions #IndiaWantsCrypto pic. twitter. com/zeNZ6FQgw7 — Nischal

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