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IndiaStack, a government API, allows users to undertake various transactions and has received much attention in the Indian financial sector. While the API enables standard transactions like sending and receiving money, it also includes capabilities like document e-signature, identity verification, and data management.
However, there is increasing pressure for IndiaStack to start facilitating cryptocurrency transactions and the digital rupee, India’s upcoming local digital currency. The various ways in which Indians as a whole will benefit and how the crypto sector may be carried forward is why there is such a strong demand for crypto to be included.
What does IndiaStack mean, and why is this a Good Thing?
IndiaStack is a commonly used platform in India that lets businesses and individuals do a variety of transactions. It allows users to receive and make payments across India in particular. While this is obviously beneficial to the local economy, it has been proposed that adding cryptocurrency to the mix will benefit Indians even more.
This is because customers would be able to make payments both within and outside of India. The globe is more global than it has ever been, but buying and selling goods across national borders remains a difficult task. An Indian trader, for example, who wants to do business with people outside of India must cope with the intricate, expensive, and time-consuming procedure of international remittance.
This could be done considerably more cheaply and quickly if crypto was integrated with IndiaStack. As a result, Indian business people will have access to a world of opportunity beyond their immediate surroundings. It’s also worth noting that India is one of the top countries for receiving internal remittances, which are typically sent by Indians living overseas to family members. The procedure of remitting these monies can take a long time, and its fees are frequently high. The usage of blockchain and cryptocurrencies would speed up the process while also removing many of its costs.
Having bitcoin transactions take place on a government-backed API that leverages blockchain to create a permanent ledger of transactions would also assist the cryptocurrency industry and the Indian government build a stronger partnership. It is no secret that India’s industry has had difficulties in the past, particularly in terms of government regulation.
The Reserve Bank of India had imposed a prohibition on cryptocurrency-related businesses obtaining banking services a few years ago. As a result, some crypto-related businesses in India were forced to close or relocate their activities abroad.
While that law has been repealed, the cryptocurrency sector in India still has a long way to establish trust in the public sector, but having a system in place with solid oversight would likely help.
Finally, the utilization of cryptocurrency transactions will aid in the revitalization of India’s crypto industry. India is consistently ranked as one of the top countries for bitcoin transactions (in volume). It is apparent that individuals in India benefit from cryptocurrencies, whether they are gaining money through investments or simply completing ordinary transactions. Adding bitcoin to IndiaStack would substantially simplify the transaction process for average Indians, which is desperately needed.
Given its broad use both within and outside India and its accessibility to regular people, IndiaStack is already an excellent fit for bitcoin. Adding bitcoin to the mix will strengthen and help the platform and benefit India’s cryptocurrency business.
From increased acceptance to expanded prospects, IndiaStack and crypto have the potential to transform India for the better.
Crypto usage will become more common among Indians over time, and better rules will be enacted to protect its long-term existence. Thus, the addition of cryptocurrencies to IndiaStack is not only a logical extension of its current use but also a bold move toward safeguarding India’s economic future.Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.