Latest economy news of today”s is about Abir Roy chaudhary :
Abir Roy Chaudhary, a 39-year-old engineer in Qatar, uses typical cross-border, cross-currency players to send roughly 2 lakh to his family in Mumbai every month. Roy chaudhary acquired cryptocurrency worth half that amount - 1 lakh - for the first time in October, and his wife, who has access to his wallet, may utilise the money as needed.
Many Indian, Pakistani, Bangladeshi, and Filipino expats, including Roy chaudhary, are experimenting with cryptocurrencies to send money home to their family and avoid paying commissions to wire transfer providers and other middlemen.
According to industry observers, the unexpected increase in crypto investments, even in tiny towns across India, has led to people investigating alternative uses. According to Edul Patel, CEO of Mudrex, a Global Crypto Investing Platform, the process of sending money to India using cryptocurrency is far more efficient and faster than the traditional method, and all transactions are accessible on the blockchain network from a regulatory standpoint. In India, about 1.5 million crypto investors own digital assets worth Rs 15,000 crore. In the last few months, all of the major cryptocurrency exchanges have seen at least a 100 percent rise in trade and investment.
Experts note that while Bitcoin was formerly the preferred currency for remittances, its transaction costs are rising, and alternative currencies like Ripple and Dash are ideal substitutes because of their significantly reduced fees.
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