India: PocketBits Crypto Exchange CEO Writes An Open Letter To Finance Minister

in india •  2 months ago 

PocketBits.in is a crypto exchange in India which has been doing an anonymous survey on crypto usage in India to submit to the govt for sometime. Their CEO Sohail Merchant has sent an open letter to the current Finance Minister of India along with a crypto kit.

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You can find the tweet here and the list of annexures here

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I sincerely hope that our FM pays attention to these things and ensures the proposal to ban crypto in India is revoked and a better law is brought in eventually when it is proposed in the parliament.

I also hope crypto exchanges win their battle against RBI at the Supreme Court in the on-going case.


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I hope cryptocurrencies are not banned in India. Just a few short years ago, the country moved to ban its large bill notes in what had been largely a cash based economy. Crypto and blockchain have a lot to offer and could help make commerce easier for the the people of India.

One project that could really help is SAFEX. It will be a decentralized, global marketplace that will allow users to buy and sell goods and services directly on the blockchain with anyone in the world and pay with cryptocurrency.

The SAFEX world marketplace will have advantages over existing platforms like Amazon. Unlike existing platforms, which are centralized and in business to benefit themselves, the SAFEX marketplace will be decentralized and consist only of sellers, buyers and software. Participants will be allowed to transact privately, with the anonymity of participants being ensured through ring signatures and one-time addresses. This will prevent the data of participants from being collected by a centralized entity like Amazon, which may use the information to their detriment.

Amazon is well known for using the data it compiles to evaluate which goods being sold by third parties are most profitable, and then offering those goods for sale directly by Amazon itself, thus undercutting its own merchants and causing them economic harm.

Parties who sell on the SAFEX marketplace will pay a flat 5% fee on each transaction, which is substantially lower than the 15% – 40% fees typically charged by existing platforms. Transactions directly between buyers and sellers will cut out the middleman and allow merchants to earn higher profits, which may translate to lower prices for their customers. In addition, the fact that vendors are paid in cryptocurrency means they will be paid immediately when they send the goods and won’t have to worry about scam artists ripping them off.

If you want to learn more about SAFEX, go to https://safex.io/