It was year 2010 when Santoshi Nakamoto released a research paper for discussion about creation of a P2P payment network that was different and independent of financial institutions or central authorities. Little did he knew that, a decade later, it would become an amazing reality. A reality that challenges the status quo of the traditional economic parameters and its dominant centralized institutions that have existed for ages. The paper projected a model which could change the way money would work in the future and most of it today is a reality.
Blockchain and its overlaying cryptocurrencies and stablecoins has been a revolutionary discovery. A system that is trustless, seamless, efficient, fast and definitely transparent. It has shown a clear path as to how future could look like in years to come- a path of true digital independence where money would not be controlled by a few institutions or people in power. Just as the internet gave the world universal connectivity, blockchain has the power to give the world new universal governance. It will definitely affect the administration of government, will affect the economy, and it will affect one thing which is very important in our society: TRUST.
As the world has slowly started accepting that both blockchain and cryptocurrencies are here to stay, its now India’s turn to embrace and accept this revolution. It not about only accepting Independence from its rulers but its also about accepting independence from traditionalism and moving into the light of modern world.
For India blockchain and stablecoins can be a definite boon if implemented correctly. It can bring in people to the formal economy it can help banking the unbanked. With a vast population and a wide spread public distribution system, stablecoins and blockchain can do miracles and strengthen them by providing speed, traceability, transparency and most importantly accuracy avoiding room for leakages and corruption. Stablecoins built over blockchain, can help the government in building a tax system that would bring in efficiencies in covering all the non-tax payers and tax evaders. Blockchain could also help in monitoring key intuitions in the country like the banks and other PSU’s and also monitor their activities restriction eradicating bureaucracy, red tapism and corruption from the system
And for private players blockchain and stablecoins can be even further beneficial as it can help them in cross border transactions without much expenses be its payments for imports or paying salaries abroad. Even locally moving money would be much quicker and less disputable creating efficiency in the economy.
With so much to offer and not much to lose, India is ready to accept this digital revolution. It only looks for some government support and proper regulation that nurtures it and not kills it. Blockchain and stablecoins can actually save a lot of money for the economy, country and business leading to their effective deployment as constructive capital. India let’s get digitally Independent and TrueINR will provide every support to regulators and individuals in achieving this success.
TrueINR India’s first stablecoin denominated by INR. Made by Indians for the Indians