Rupee blockchain leading on the South Asian market is because of the unique challenges. The Rupee team wants to keep transactions fee as low as possible, while safeguarding the network to provide cheaper transactions. They also want to keep Rupee truly decentralised and ensure that the Rupee code will always cater to the needs of the common people of South Asia.
The 18 percent GST on all crypto transactions has essentially short-circuited the Cryptocurrency scene in India.
The exchanges can set the lowest maker fees, say Rs.2/- for a Rs.1000/- transaction (at 0.2 percent maker fee taken by the exchange). But, the person making that transaction will have to pay Rs.180/- GST!
REMEMBER the GST is on the transaction amount, not on the exchange fee. So, it is 18% of Rs.1000/-, not 18% of Rs.2/-.
This is going to drive all Cryptocurrency underground in India!
As for the prospects of this 'Rupee blockchain' I can only wish you luck, whether at the GST office, or the Trademark Office.
