" India is world's largest remitter who remitted approximately $70 billion dollar in 2013. Usually, these transfer are done by Western Union, Moneygram and other financial service provider which charges customer with 1-5% transaction fees."
Nice Debate but there's a small issue in your facts. India didn't remitted $70 billion dollar in 2013, India received those funds from other countries.
Indian's are not allowed to remit any money via western union or moneygram or any other financial service provider except banks.
http://www.rbi.org.in/scripts/BS_ViewMasCirculardetails.aspx?id=8093Dont be
Hanuman. What is the relevance of link here? It would have been much helpful if you'd have quoted
www.rbi.org as reference.
And in fact, $70 billion was remitted back in year 2013.
Link to Worldbank Report:
http://siteresources.worldbank.org/INTPROSPECTS/Resources/334934-1288990760745/MigrationandDevelopmentBrief21.pdfPage number 5 which clearly mentions India is top recipient of remittance which can also be rephrased
as money send to India or
money India remitted as most of sender are NRI's and people working abroad. And I gave example of WesternUnion and Money gram because Bitcoin remittance is generally compared to those and 1-5% estimation was very rough approximation for transaction fees.
Am I clear?
Get your fact-secure before striving to coin-secure!
