CryptoRupee Can Transform To South Asian Bitcoin
(Disclaimer: I am invested)
India is leaving its mark on the world canvas and there is arguably no place on earth where you cannot find an Indian. Be it in business or job or education field, Indians are everywhere. Although we Indians tend to be little slow to accept a new tech in its initial phase at times, we go gaga over the same after a while.
So when a part of the world was looking after cryptocurrencies as an investment destination, we were busy compounding our the money in our Fixed Deposit accounts. But the crypto bug has beaten us off late and now we see a mega interest in the same.
According to some estimates, over 2500 Indians are investing in cryptocurrencies daily. This new asset class is attracting many people from various walks of life. ZebPay, one of the trading platforms for Bitcoins in India, claims that it is adding 2500 new users. At the time of writing, it has over a million downloads and Zebpay is just one of the exchanges we have around. Apart from these, there are many exchanges established abroad which have a large number of Indian users. For. e.g. YoBit, Cryptopia, NovaExchange & CoinExchange.
With an eye to tapping on the huge opportunity that Indian market (and the rest of South Asia) presents, a US-based non-profit has come out with a promising (reminder- I am invested) cryptocurrency – RUPEE.
The RUPEE CryptoCurrency
The story of Rupee cryptocurrency is an interesting one. The cryptocurrency was earlier handled by another team when this new team came into the picture and took over the crypto. The new team is on its way to make RUPEE Cryptocurrency the Bitcoin of India, the South East Asia and the rest of the world.
The unique name Rupee is close to the fiat currency Rupee which is used in a few countries in the eastern world. Thus, the main aim is to be the day to day dealings coin for 2 billion plus people who happen to be the most dynamic class in the world.
Indians remit the largest amount of money back to their country ($61 Billion for 2017 and similar figures for yesteryears). A larger part of these Indians is the low salaried wagers. There are others who remit a part of their earnings to their family and relatives to India. Typically these people would send a small amount like 2-500 USD.
Remittance companies charge a fortune to transfer the money with respect to the amount above. Add to that, the conversion charges add to the pain. There are a few companies which charge less but people waste hours standing in a queue. A solution – use cryptocurrencies. Cryptocurrencies like Bitcoin, help people transfer money securely, fast and with the ease of home. Usually, the transfer charges are negligible and the user can track the same online.
RUPEE cryptocurrency aims at this market wherein its users can use the RUPEE ecosystem to transfer their money into the currency known to them. Rupee cryptocurrency uses blockchain technology which is by far an advanced and proven way to transfer money. RUPEE team is planning to make a portal rupeebase.com to make the process more smooth.
It will be interesting to note that cryptocurrencies are NOT location dependent and hence Rupee cryptocurrency can be purchased, used, traded by people all over the world making it grow manifold.
How will Rupeebase works?
Ajay, an airport employee in California, makes an account in Rupeebase. He can link his US bank account and buy RUPEE cryptocurrency using USD. This can happen in real-time using Rupeebase. He then also links his (or his relatives’) bank account located in India. Ajay now buys Fiat Rupee (Indian rupee) from the RUPEE cryptocurrency he has and transfers this money to his bank. If the Rupee crypto team manages to have a good network speed (which they claim), the transfer can take place within a few minutes (eventually seconds).
Although cryptocurrencies are highly risky bets, it can be a wonderful investment at times. Many global fund managers have started considering cryptocurrencies as an asset class and have started investing.
Since the new team took over, the price of the coin has surged but there are miles to go as per some estimates. The developers behind the coin are working hard on various long pending issues and if these are solved, Rupee can be the Next Big Thing in the cryptocurrency world.
The team plans to do a code release on November 10 and comes with a whitepaper on 15th November. It will be interesting to know more about it then. I will try to update here or on another blog post once this happens.
Update 20 Nov 2017:-
The Whitepaper was released on time and it looks promising. Although how the developers turn it out is yet to be seen, but I believe the price of the coin seems to head north. When I wrote the blog, its price was around $0.1(I started buying from a much lower level). It crossed $0.37 in between and is trading at $0.2 at the time of writing this on Nov 20.
It will be interesting to note that the coin managed to have a decent price and market cap with almost zero investment. Now the team is planning to start marketing in the next few days and this can be seen as a good point of entry for investors. I suspect that Crypto Rupee will be seen at a much higher price in December (and coming months) from the current price of $0.2.
You can refer the price from below.
Featured Image:- Snip from YouTube Video.