Is the Time Finally Ripe for Bitcoin Remittances in Africa ...
Is the Time Finally Ripe for Bitcoin Remittances in Africa ...
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I'll open a remittance office in Kathmandu, Nepal in ...
ADBL, remittance company robbed off Rs 47.5 million
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Raising voice against criminalization of Bitcoin by NRB
First, let's put aside the good and bad aspect of Bitcoin. There was the Silkroad on the darkweb while there are companies like Bitpay and Ebay that accepts bitcoin. So let's not debate about that topic in this thread. What's important is if we can challenge NRB's decision to ban Bitcoin at all? This reminds me of the early days of the internet in Nepal. Do you guys remember when NTA/NTC declared VOIP based software illegal and cracked down on cybercafes providing cheap calls abroad? Imagine that happening in 2017. Imagine facebook messenger, viber, whatsapp, skype being blocked because NTA/NTC thinks it loses revenue; and that people should call / text long distance instead? The same analogy fits Bitcoin. How do you stop it? Bitcoin at its core is a software and a set of protocols. Do you block the bitcoin wallet software websites in all ISP? Do you ban the mobile apps for android and ios just for Nepal? Do you ban the protocols? How? NRB Deputy Director, Kedar Prasad Acharya says:
Bitcoin is illegal in Nepal. Central Bank of Nepal is not able to track the transaction and is a high risk for going outward remittance for buying bitcoins than inward remittance.
Why is it so difficult to transfer money online from one bank to another bank?
Why shouldn't I be able to receive money if I freelance from abroad? (See all the - how do I open up a paypal account in Nepal / pioneer card questions)
Why should I be limited to buy a domain name, get a decent server space while staying in Nepal?
While NRB hasn't done shit to change the status quo, all of a sudden they are very vocal about criminalizing something that cannot be stopped. For the first time in history of financial transaction, Bitcoin has truly allows all of us - regardless of how stupid our government is, to truly participate in commerce with anyone in the world.
A computer engineering student can buy a domain without having to think about how, where, regulations yada yada.
A foreign worker can send home money instantly without paying stupid transaction fees to his family and waiting for days (shrimati - paisa pugyo - calls every day).
Digital artists (painter, singer, movie maker, poet, blogger, ...) can create and sell things to anyone in the world.
But NRB doesn't care about that. NRB doesn't care about us, NRB doesn't care about you. It has never cared. Look at all the startups starting all over the world. Trading Bitcoin is legal in North America, Europe, Russia and most other countries in Asia. China didn't ban Bitcoin. It stopped the Exchange from running without regulations. People can still buy and sell bitcoins between each other. You can buy and sell bitcoins in India too. Both of our neighbours haven't said bitcoin inherently is illegal. Go figure. So where does the smart people in NRB get the idea to make Bitcoin illegal? Why not bring in regulations instead? Why not make it taxable instead? And at the same time, we as the techies - shouldn't we do anything about it? Can't we challenge NRB? Isn't that a feature of democracy? I used to think, Cyber cafes providing cheap calls to US were the bad guys, the criminals, doing illegal things. Today you might think the guys who got caught selling bitcoins are the bad guys. And if we do not do anything, Nepal will just keep getting more questions about opening up Paypal account in Nepal and the answers will be that it's not possible. We should do better than this.
Relationship (re cultural issue) and Personal Finance
I am from Terai. My parents have lived their whole life in Terai. A city comparable to Bhairahawa or Birgunj. Sons are privileged in terai and there are great expectations from sons, in terai. At least in my family. My sibling is married and she lives in another city in Terai. She nurtures her family and is a full time homemaker. Maybe her mother-in-law sometimes makes sarcastic comments about dowry, just my guess; but being a terai homemaker and living with her in-laws, my sister have received frequent expensive gifts (Holy, Chath Pooja etc) from my parents than the other way around. For past twelve years I have lived in the US. I make decent earning. But not too much. In those twelve years I have only visited Nepal twice. Financially and work wise, I am capable of visiting Nepal more often than that, but I have not. My father had worked his whole life in a semi government institution. He did not make lot of money but with the combination of a small familial house and constant employment, he lived a comfortable life in terai. I squandered some of my parents' money when I was studying in Kathmandu, living in a dera. But I soon began earning after I graduated and worked in a private company. My parents did support me when I first left for US as my salary was meagre and I had not saved enough (around NRS 7 Lakh, circa 2006). Few years back my father retired. And probably because his employer was not a wholly owned government entity, he did not receive any monthly pension or government support. He did get approximately NRS 15 Lakh Provident Fund payments. I have been supporting my parents financially periodically but more conspicuously after he retired in 2012. I recently looked into my transaction logs and calculated that I had sent around $32,000 in last 5 years (approx average $500 each month, just for family upkeep). This money not for ipads or land purchase or building maintenance or renovation or mango trees. Just for monthly maintenance. I had sent separate cash for house renovations and other capital expenditures, not letting my wife know about it. However, every time I send money I feel the breath of discontent from my parents. Because they want a little bit more. They want to come visit us, here in US more often (btw, my parents have visited us twice). And recently they have explicitly asked me for more money. I have time and again tried to indirectly explain that they need to cut down on their expenses but I have not been able to convince, I guess. The house, as is, also is rented and brings a little monthly rental revenue. But its not like Kathmandu where you could live off rental revenue in some strategic locations. The point of this post is to get your suggestions on what you think about parental financial support. I am 40 years. My parents are 70's and late 60's. The dilemma is that I have not been able to be harsh or dictate on how much I should be sending. I have time and again suggested that I have my own financial responsibilities here. Plus, my wife supports her family too. Her parents are even more financially weak and totally rely on us. Some of the relatives are a big influence, in my family. Some of my mothers family have children who work at Silicon Valley companies and make good money. Although, I have time and again told my parents that I make just a fraction of what they make, but deep down their heart they think (I assume) I should contribute more. Because they see their relatives going to Bangkok and Singapore trips on their US children money. Anyways, from our logs, for both me and my wife's family we have sent more than $70,000 just in last 5 years (where we could pull transaction logs) and none of this remittance has been used to buy a piece of land or a car or a bit of Bitcoin. My question to you, the reader in Nepal, is that do you think it is too much? And you, the reader in US / Australia, how much do you send for monthly maintenance. I kind of realize that the answer to this depends on how much you earn, your family's financial situation, your love and respect, your family values etc. But it would be good to get some general ideas and opinions. I have observed there are folks who write excellent opinions on personal issues similar to these, here in Nepal. I hope you will spare some of your time to respond.
Finally A Cryptocurrency Focussed On The Indian Diaspora & The Desis! Indians Are Everywhere - This is a no exaggeration statement. Indians are the most visible foreign ethnicity we see in almost any country. Be it the US, UK, Europe, the Middle East or Australia, Indians are one of the largest migrants or workforce there. As per a report from Ministry of External Affairs of India, there are over 30 million Indians abroad. So if we consider the Indian Diaspora is a country, it is of the size of Malaysia (in terms of population)! Many of the Indians staying abroad indulge in the remittance. Those Indians who are working in these countries send money to their family and friends back home resulting in a large amount of remittance. India stands tallest in this terms at a mouth watering scale of around 60 billion USD. Add to that the desis in homeland are lavishly spending money in e-commerce shopping. The boom in e-commerce business is so much that the shopping giant Amazon decided to inject 2 billion dollars for its e-com arm Amazon.in in India. With the income of the Indian millennials growing at a faster pace, they are not shying away from buying things online or investing in sectors/instruments which were untouched by the yesteryear's generation. And crypto is no immune to this. Just one of the India related cryptocurrency exchanges, Zebpay, claimed that they are adding 2500 customers every single day. Here come a cryptocurrency, RUPEE, which aims to encash all of these! Hello World, Meet the other RUPEE CryptoRupee aims to provide the cashless assistance to those who have not been banked yet. The company aims to build an ecosystem wherein CryptoRupee will be accepted by millions of merchants in the country and remittance or conversion of CryptoRupee to Rupee will be at the click of a button with the help of a yet to be launched exchange named Rupeebase. Apart from talking to merchants and vendors across the nation, the next in line for the currency is their focus on making an e-commerce portal (dukaan) whose currency will be CryptoRupee. As per the whitepaper released by the organization, they will incentivize the merchants using the cryptocurrency making it truly a "Bitcoin of India". The coin will be available not only in e-commerce transactions and remittance but in a host of purposes. It can be used to raise fund for community gatherings, functions, use as a medium to incentivize work, charity, music concerts and what not. It also focuses not only on India but countries which have their fiat currency named rupee. Following are the countries which have RUPEE (or almost similar name)as their currency: India Indonesia Mauritius Nepal Pakistan The Seychelles Sri Lanka Well, it will be technically incorrect to say that a cryptocurrency is for a country because it is independent of a country or geographic location and anyone from any place can buy the coin at his or her wish. But there are many currencies which work on "themes" (i.e. focus on a particular location or sector like energy or music) and Rupee can be considered one of them. With so many Indians everywhere, and the price of the coin very low compared to bitcoin (approximate $0.18 compared to $10000 for bitcoin), Rupee can truly be a global cryptocurrency Link :https://steemit.com/rupee-cryptocurrency/@ankurmehta/finally-a-cryptocurrency-focussed-on-the-indian-diaspora-and-the-desis
Major Remittance Markets See Massive Success With Bitcoin Major remittance markets such as the Philippines have seen significant success in legalizing bitcoin as a payment method over the past year. In December, the Philippine central bank legalized bitcoin as a legal currency, enabling expat workers and local employees to use bitcoin to process remittance payments. When the words Bitcoin and Africa appear in a sentence, the word remittance usually follows. When Bitcoin first hit the mainstream in 2013, its. Police have arrested 12 persons for their involvement in robbery of over Rs 47.5 million from Agricultural Development Bank Limited and Panos Remit, a money transfer company based in Baneshwor. How Legal is Bitcoin Remittance? Faisal Khan. Follow. Mar 12, 2015 · 5 min read ... How Does Bitcoin Affect the Remittance Industry? Bitcoin money can instantly and easily be transferred across the globe, although it may be decades until it wins universal trust. Reports show that the currency is secure - maybe even more secure than regular money - and bitcoin reports calculate that it’s 250 times cheaper to use than forex agencies, high street transfer firms and certainly ...
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