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Indian pay $3.5 Billion to banks every year as “foreign exchange fees”. This is just banks ripping people off to send money across border. Crypto will destroy this income stream, thats why Indian banks are trying their best to limit people from accessing crypto

Indian pay $3.5 Billion to banks every year as “foreign exchange fees”. This is just banks ripping people off to send money across border. Crypto will destroy this income stream, thats why Indian banks are trying their best to limit people from accessing crypto



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5 Comments

  1. The term that describes sending money to other countries in ‘remittance’. There is a remittance economy that describes how people send money to relations in another country. In the US the top countries that monies are remitted to are China and India; but there is a lot of currency remitted to central and south american countries. Banks play a role here but finance companies like Western Union rely on these currency transfers. Crypto currency is a huge threat to the big players in today’s remittance economy in that it cuts them out of the transactions. That said the companies putting crypto ATMs in neighborhoods with significant immigrant populations are charging and profiting off of the transfer of cash to crypto. Many of these ATMs charge 10 to 12% to take in cash and buy crypto currency.

  2. No, they’re just slowing it down until they can fight out for new legislations that will force you to pay fees for crypto. Everything works the same. Olympics, FIFA, Banks… So many half-witted conclusions floating around, and bunch of you think you’re “fighting crypto bans” – effectively barking under a wrong tree, while forces in power plant an entire forest of regulations under your noses unobstructed because you’re too busy wHiStLeBlOwiNg on social media. Guess what, you can’t fight (for/against) laws there. You have to fight it where they are made.

What do you think?

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