Adding Apis India Osssrinivasan: A recent report published by the National Payments Corporation of India estimates that at least six large banks account for more than half of all digital transactions in the country.
If this is to grow and become a reality, India will have to have access to these APIs at no cost, which is not currently the case.
What are we waiting for? It’s time we develop an OSS stack for domestic and foreign transactions, if we want a cashless society.
By adding crypto to IndiaStack, we can empower millions to become global citizens.
We can use our digital identity and payments network (India Stack) to issue tokens that are part of our Sovereign National Cryptocurrency.
We will avoid the chargeback issues for non-creditor institutions, because there is no reason for the institution issuing a token to resolve a dispute.
And we can use the Unique Identification Authority of India’s Aadhaar platform…
…to establish ownership and control of digital tokens.
By leveraging Aadhaar, we can issue tokens for payments and remittances on a per transaction basis. That’ll allow us to open bank accounts quickly, which is great for the poor who do not have access to financial services.
But by also accepting cryptocurrency from around the world, we will do even more – we will create a truly global marketplace that can be accessed by anyone, anywhere.
Here are three giants of crypto who have come together to make this a reality.
I give voice-acting credit to Justin Sun, CEO of TRON. We think he’s an innovator and a true leader in crypto. And I give no-credit to Sir David Evans, CTO of the Gibraltar Blockchain Exchange (GBX) and the UK’s Financial Conduct Authority (FCA). They’re creating a marketplace where we can buy and sell securities held in custody by the GBX.
By the way, three of the hottest ICOs in 2018 have been on GBX: The Abyss, Fetch.AI and Autonio. If you’d like to be a part of this growth in a regulated environment, I suggest you check out their offerings.
But forget all that; it’s time to get back to India’s blockchain story.
Let’s talk about the implementation of this new marketplace on the India Blockchain.
The key question is, what will be the role of India’s central bank? What will its role be in regulating crypto?
I ask this because I imagine individual citizens using a cryptocurrency issued by RBI, with fiat on one end and crypto on the other end.
What will the role be of regulators in India? Will they stand in the way? Or will they be a part of this revolution?
Now, I believe that they have no option but to be a part of it.
As you know very well, India is one of the most cash-dependent places on earth. Maybe not anymore, but it was only two summers ago that Prime Minister Narendra Modi announced his decision to ban 500 rupee and 1000 rupee notes. It was to put an end to terrorism and corruption.
In the two years since, about $7.9 billion has been withdrawn from circulation. And the ban has raised new questions about what India’s monetary policy will look like from now on.
India’s Financial Stability Report has shown that between FY15 and FY17, there was a drop of 232 billion rupees on an annualized basis in high-value notes, which fell for the first time since FY14.