Unocoin Ceo Sathvik Vishwanath India Saves $7 Billion in Cryptocurrency Adoption Fees

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New Delhi: Cryptocurrencies can help Indian citizens save up to $7 billion on remittances and online transaction fees, according to a report cited by Unocoin CEO Sathvik Vishwanath. According to recent World Bank data, India is the largest recipient of foreign remittances in the world. In 2021 alone, India received $87 billion in remittances, with the United States being the largest source. The World Bank noted that in 2022, this number could reach $89.6 billion. Vishwanath said that “a country like India can achieve a lot through cryptocurrency, including savings on remittances and online transaction fees.”

In an interview with financial news platform Benzinga, the CEO of Unocoin said the crypto helps enable instant transfers, free of charge. Vishwanath said that every year India receives about $100 billion in remittances from family members living abroad. He said about 7% of the amount (about $7 billion) is spent on remittance fees and currency conversion, as well as additional fees depending on the region.

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The further a town or city is, the higher the fees will be, Vishwanath said. “In a place with less liquidity, fees will be higher, and in a place with more liquidity, fees will be lower,” he said.

Therefore, if India adopts cryptocurrencies such as Bitcoin, Ethereum or Dogecoin, these costs can be significantly reduced, helping India save almost $7 billion in the process, says Unocoin CEO in Benzinga. Bengaluru-based Unocoin was founded in 2013 and boasts of being India’s first entrant into the bitcoin industry.

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In India, crypto is considered a virtual digital asset (VDA). Under the new tax regime that came into effect on April 1, all gains from the sale of VDAs will be subject to a 30% tax.

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