18 Countries and Counting! | Bitcointalksearch.org

Bureau

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Quote from: teosanru on April 22, 2023, 05:15:21 PM

Quote from: elevates on April 22, 2023, 05:59:25 AM

Quote from: teosanru on April 21, 2023, 05:38:22 PM

What do you mean INR is acceptable in these countries? I am confused because I don't think any of these countries accept it in their country. Can you please help me with more references on this.

Yes, you can now do INR transactions in these 18 countries. I am not sure whether UPI transactions can be made but you can use your Indian debit card to make payments in INR in these countries. I do not think CBDC will be used for global purposes in the beginning. It is too early to discuss about it now.

Honestly I am still pretty much confused as to what this article also means. I mean for me being used in any country means it's accepted in government offices or atleast major banks in these countries. Other than this if we are doing export transaction with these countries in INR I don't count it as 18 countries Using INR as two things are very different from each other.

I checked what @pakhitheboss wrote and found that it is all about Dedollarisation. It has nothing to do for someone traveling to these countries and trying to make purchase with INR. Making purchase with INR will happen if trade continues to happen in INR and not USD in these countries.

Another country has now become a part of this list. Please add Bangladesh on that list.

teosanru

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Quote from: elevates on April 22, 2023, 05:59:25 AM

Quote from: teosanru on April 21, 2023, 05:38:22 PM

What do you mean INR is acceptable in these countries? I am confused because I don't think any of these countries accept it in their country. Can you please help me with more references on this.

Yes, you can now do INR transactions in these 18 countries. I am not sure whether UPI transactions can be made but you can use your Indian debit card to make payments in INR in these countries. I do not think CBDC will be used for global purposes in the beginning. It is too early to discuss about it now.

Honestly I am still pretty much confused as to what this article also means. I mean for me being used in any country means it's accepted in government offices or atleast major banks in these countries. Other than this if we are doing export transaction with these countries in INR I don't count it as 18 countries Using INR as two things are very different from each other.

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Quote from: teosanru on April 21, 2023, 05:38:22 PM

What do you mean INR is acceptable in these countries? I am confused because I don't think any of these countries accept it in their country. Can you please help me with more references on this.

I have heard of this news and it added that now since INR is accepted in these countries, people will be able to use INR directly at airport lounges.
Also, INR will be used to facilitate international trade and so this is a direct threat to USD and decrease it's dominance over the world.
It's a good sign for India as it is stepping in the right direction.

Quote from: pakhitheboss on April 21, 2023, 08:57:51 AM

Do you think this advancement of INR threatens Bitcoin in India and in these countries?

What my point of view is that now since INR is accepted in these countries it will help us more since the volume and liquidity of INR/BTC might increase.
There might be people who will start to use INR/BTC trading pairs on exchanges and other P2P sites since they will be able to use INR directly.
Still not sure how will that workout but it's a sure possibility.

Bureau

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Okay! Now, it makes sense as I am aware of China thing. Last year there were many YouTube videos about it. This is truly a remarkable achievement by India.

Our INR getting global is a huge achievement. I know for a fact that every American can withdraw dollar or its equivalent in India if the ATM has a MasterCard or visa logo. They can also swipe their card at a POS without any issue.

This facility of using your Indian debit card abroad would have attracted a lot of banking charges. That is why Indian citizen used to buy dollars for a certain permissible amount before traveling abroad.

Now you don't need to do that. What a big achievement for India and Indians.

elevates

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Now it makes sense! I remember few articles related to it last year. That is a great as INR has now gone global. I never expected RBI to be so efficient in making INR a global currency in such a short time. Now, it is a possibility that UPI might become a payment processor in these countries. I highly doubt countries of Europe in this list will allow. I am confident African and island nation might adopt this technology.

pakhitheboss

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I assumed that these countries might have also allowed UPI based transactions as they have agreed for debit/credit card based transaction in INR. If everything goes as planned they would surely go ahead and adopt UPI first and then they might agree on CBDC.

If you are a Chinese citizen then you can use your local debit cards as well as credit card to pay for any purchase in most of Europe. They can also withdraw Yuan from ATMs that allows UnionPay cards.

In that same manner as an Indian you will be able to withdraw INR from ATMs that support Rupay. You can also pay with INR in commercial places likes shops, hotel and others if they display the sign of Rupay.

elevates

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Quote from: teosanru on April 21, 2023, 05:38:22 PM

What do you mean INR is acceptable in these countries? I am confused because I don't think any of these countries accept it in their country. Can you please help me with more references on this.

Yes, you can now do INR transactions in these 18 countries. I am not sure whether UPI transactions can be made but you can use your Indian debit card to make payments in INR in these countries. I do not think CBDC will be used for global purposes in the beginning. It is too early to discuss about it now.

teosanru

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What do you mean INR is acceptable in these countries? I am confused because I don't think any of these countries accept it in their country. Can you please help me with more references on this. Lately I have been hearing a lot of countries have accepted INR for foreign trade but it is not the same as this.

Bureau

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It is too early to think about CBDC. This is a government project and as always it would take time with lot of issues. The RBI allowed it last year or if I am not wrong in 2020 and it took 3 years for it to succeed.

CBDC still is in its development phase, assuming it will be like UPI, as it is very much secured i think CBDC will follow the same path. When it comes out it will bring a complete digitization to the Indian economy.

You cannot compare CBDC or UPI with Bitcoin. They both are different in thier ways. Wait and hodl your imagination horses. When the time comes everyone would know about it.

pakhitheboss

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You might not be aware that INR is now accepted in 18 countries and many more names might pop up this year. I am listing the names of those countries below.

United Kingdom
New Zealand
Singapore
Germany
Israel
Malaysia
Russia
Fiji
Guyana
Kenya
Mauritius
Myanmar
Oman
Seychelles
Botswana
Uganda
Tanzania
Sri Lanka

Which means they are now accepting RuPay and UPI payments. In the future they would also start accepting digital INR I assume. This means that India has already started marketing its own CBDC whereas China has not been able to till now.

Do you think this advancement of INR threatens Bitcoin in India and in these countries? Do you think that these countries will start accepting digital INR in the future? My questions are based on the names listed above. In all those first world countries Bitcoin has a good reach and adoption. In those African countries Bitcoin has more intrinsic value than their own local currency.

Topic: 18 Countries and Counting! (Read 77 times)