India's $BTC Crypto Adoption Is Getting Very Practical 🇪🇬
Groceries, fuel, food delivery, flights and gold that's what indians buy with crypto today. According to The Economic Times, the route goes through overseas gift-card platforms:
- user sends USDT/crypto from a wallet
platform converts it into an Indian gift card
- voucher gets spent at the local merchant
- crypto is sold abroad and the Indian voucher partner is settled separately
And this is a quite global story: one such platform has reportedly issued 16M+ cards to Indian users. Some users even accept a sizeable conversion haircut ET cites ₹88 per USDT when the local rate was above ₹95.
Maybe that shouldn't be surprising though.
India ranked top-1 globally for crypto adoption in Chainalysis' latest index across retail, CeFi, DeFi and institutional activity
#BTC Price Analysis# #Macro Insights#
Groceries, fuel, food delivery, flights and gold that's what indians buy with crypto today. According to The Economic Times, the route goes through overseas gift-card platforms:
- user sends USDT/crypto from a wallet
platform converts it into an Indian gift card
- voucher gets spent at the local merchant
- crypto is sold abroad and the Indian voucher partner is settled separately
And this is a quite global story: one such platform has reportedly issued 16M+ cards to Indian users. Some users even accept a sizeable conversion haircut ET cites ₹88 per USDT when the local rate was above ₹95.
Maybe that shouldn't be surprising though.
India ranked top-1 globally for crypto adoption in Chainalysis' latest index across retail, CeFi, DeFi and institutional activity
#BTC Price Analysis# #Macro Insights#
