According to Telcoin (TEL), the pro-crypto ruling to remove the cryptocurrency trading ban in India last month could boost the countries remittance market.
Since the RBI removed the cryptocurrency trading ban last month, cryptocurrency and blockchain supporters in India and globally have expressed joy over this freedom. The decision opened opportunities for exchanges and other cryptocurrency-based businesses and recognition in India.
#India's landmark #cryptocurrency ruling could have profound impact on US$78B inbound #remittance market, the world's largest. Telcoin's fully digital transfers, and the future addition of $TEL, could drive costs lower than ever https://t.co/k9NxRpl3ph
— Telcoin (@telcoin) June 5, 2020
Sequel to lifting the ban, India’s digital assets services and payments space would likely increase by more than 20% in four years’ time. This is due to the rise of cryptocurrency adoption and this increase would occur faster in the country of 1.4 billion than other areas of the world.
Telcoin set to provide remittance services
Telcoin is ready for a strong entrance into the Indian market. With the gradual disappearance of physical cash, stronger growth is assured for digital remittance services working together with existing mobile wallets.
Telcoin, however, is strategically planning to place itself as one of the swiftest and cheapest remittance providers. This would serve as an opportunity for Indians to massively adopt TEL and other cryptocurrencies, for trading purposes.
In 2018, India received US$78.6 billion in remittance. This accounts for 14% of the total global market and makes India the highest recipient of international money transfers. However, there’s still room for improvement, as remittances to South Asia cost an average of 5.4% and this is lower than the global average of 7%.
By 2030, the United Nations’ Sustainable Development Goals seeks to decrease the average cost of money transfer to 3%. However, Telcoin revealed that they already aim for 2.5% in 2020, which is ten years ahead of the plan. Once Telcoin is able to incorporate TEL into cryptocurrency-approved markets, this would reduce the costs even further.
Other crypto firms to promote services in India
Mumbai-based CoinDCX has witnessed a 10 times increase in new user signups since the ban was lifted in May 2020.
“The uplifting of the ban by [the] Supreme Court is going to open new opportunities for India in terms of investments, economy, and a market as a whole,” Sumit Gupta, founder and CEO of CoinDCX, said.
He added that they have always seen crypto as a potential to unlock India’s dream of becoming a US$5 trillion economy.
For these reasons, Telcoin, CoinDCX, and other crypto firms remain grateful to the Supreme Court for the pro-crypto ruling.
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