How Indian Immigrants Can Benefit from Crypto

India is the second-most populous country in the word and at the same time has the world’s largest population outflow. As a result, a large population of immigrants can generate enormous demand for remittances to the nation. In 2019, more than 17 million Indians sent money back to the country. The crypto industry has the opportunity to take part in this process.

Interestingly, Indians send more money than any other immigrants. Based on the information provided by the World Bank, in 2019 immigrants from India sent billions of dollars to the families. Notably, a World Bank estimate shows an estimated $83 billion. This fact shows that immigrants from India are willing to support their families.

This is not the end of the story as for more than 10 years India is the world’s top recipient of migrant remittances. It is worth noting that fees for remittances made as small personal transfers are high. Interestingly, remittance fees in India are slightly below the global average. However, the high demand makes the local market ripe for a cheaper and faster alternative.

Crypto industry in India

At the moment, Indian immigrants are paying very high fees in transactions and conversions. It means that Indians will benefit from the use of cryptocurrencies when sending money across the world.

Moreover, the crypto industry has the potential to make life easier for the residents of the second-most populous country in the world. Also, several factors may help to make the crypto part of daily life, and sending money to relatives or friends is just one of them.

India has a national fiat currency that is depreciating and unstable. Also, the government of India relaxed its policy towards the cryptocurrency. All of the factors mentioned above made the country even more attractive to local and foreign companies.

As can be seen from the report prepared by exchange OKEx and research platform Coinpaprika, the volume of cryptocurrencies traded on India’s crypto exchanges increased following the Supreme Court of India’s historic decision.