Indians Are Everywhere - This is a no exaggeration statement.
Indians are the most visible foreign ethnicity we see in almost any country. Be it the US, UK, Europe, the Middle East or Australia, Indians are one of the largest migrants or workforce there.
As per a report from Ministry of External Affairs of India, there are over 30 million Indians abroad. So if we consider the Indian Diaspora is a country, it is of the size of Malaysia (in terms of population)!
Many of the Indians staying abroad indulge in the remittance. Those Indians who are working in these countries send money to their family and friends back home resulting in a large amount of remittance. India stands tallest in this terms at a mouth watering scale of around 60 billion USD.
Add to that the desis in homeland are lavishly spending money in e-commerce shopping. The boom in e-commerce business is so much that the shopping giant Amazon decided to inject 2 billion dollars for its e-com arm Amazon.in in India.
With the income of the Indian millennials growing at a faster pace, they are not shying away from buying things online or investing in sectors/instruments which were untouched by the yesteryear's generation. And crypto is no immune to this. Just one of the India related cryptocurrency exchanges, Zebpay, claimed that they are adding 2500 customers every single day.
Here come a cryptocurrency, RUPEE, which aims to encash all of these!
Hello World, Meet the other RUPEE
CryptoRupee aims to provide the cashless assistance to those who have not been banked yet. The company aims to build an ecosystem wherein CryptoRupee will be accepted by millions of merchants in the country and remittance or conversion of CryptoRupee to Rupee will be at the click of a button with the help of a yet to be launched exchange named Rupeebase.
Apart from talking to merchants and vendors across the nation, the next in line for the currency is their focus on making an e-commerce portal (dukaan) whose currency will be CryptoRupee. As per the whitepaper released by the organization, they will incentivize the merchants using the cryptocurrency making it truly a "Bitcoin of India".
The coin will be available not only in e-commerce transactions and remittance but in a host of purposes. It can be used to raise fund for community gatherings, functions, use as a medium to incentivize work, charity, music concerts and what not.
It also focuses not only on India but countries which have their fiat currency named rupee.
Following are the countries which have RUPEE (or almost similar name)as their currency:
- India
- Indonesia
- Mauritius
- Nepal
- Pakistan
- The Seychelles
- Sri Lanka
Well, it will be technically incorrect to say that a cryptocurrency is for a country because it is independent of a country or geographic location and anyone from any place can buy the coin at his or her wish. But there are many currencies which work on "themes" (i.e. focus on a particular location or sector like energy or music) and Rupee can be considered one of them.
With so many Indians everywhere, and the price of the coin very low compared to bitcoin (approximate $0.18 compared to $10000 for bitcoin), Rupee can truly be a global cryptocurrency.