We take a look at India and it’s population, economy, infrastructure and progress going forward. Is India embracing the new digital economy? And the answer is… totally YES!
India, the land of millennials – With more than 200 million people between 18 and 34 years old who grew up with the Internet, India is well-positioned to leverage technology and globalization to drive productivity gains.
Economic growth is projected to remain strong around 7.5% – much progress towards growing the economy by increasing wages, declining inflation, increasing tax revenue, focusing on better quality jobs and improving the agriculture and manufacturing sector.
India is the top country in the world in terms of remittances due to many migrant workers sending money home – in 2015, $72,2 billion was sent to India. This is a massive opportunity for bitcoin as the costs for using PayPal, Western Union, MoneyGram and the Banks is huge. With Bitcoin having such low transactions costs, this will go a long way to alleviating poverty in India.
There are various exchanges set up in India focusing on trading as well as payment systems for merchants – a plus for more consumer adoption.
The launch of the Jio Network should add to the fire of the already flourishing Bitcoin economy within India – 4G mobile network.
Businesses such as ZebPay, Coinsecure, Unocoin, and BTCXIndia are seeing the unregulated economy grow across the country.
Jio Nework plans that in March of 2017 they will reach 90% of the Indian population.
There are more Internet services onto the Indian landscape – Google has installed free Wi-Fi across India’s train stations, and Facebook has also been trying to offer Indian residents free internet as well.
Draw your own conclusions after watching the video… but we believe bitcoin and blockchain technology will change millions of lives in India.
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