Not a single person in my economic network in India use USD-backed stablecoins or the US Dollar.
Everyone uses the Indian Rupee.
Hundreds of millions of people have access to digital payments over this state-run payments protocol called the UPI, which is nearly ubiquitous.
UPI is far more accountable to Indians than Tether or Circle will ever be.
The Rupee doesn't depreciate rapidly enough vs the Dollar for people to consider USD as a store of value.
Bitcoin is the real alternative.
US Dollars are irrelevant in India's local economy.
Sachin
npub1xn…43qnl
2024-08-01 07:19:10
Author Public Key
npub1xnc64f432zx7pw4n7zrvf02mh4a4p7zej3gude52e92leqmw8ntqd43qnlPublished at
2024-08-01 07:19:10Event JSON
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"pubkey": "34f1aaa6b1508de0bab3f086c4bd5bbd7b50f8599451c6e68ac955fc836e3cd6",
"created_at": 1722489550,
"kind": 1,
"tags": [],
"content": "Not a single person in my economic network in India use USD-backed stablecoins or the US Dollar.\n\nEveryone uses the Indian Rupee. \nHundreds of millions of people have access to digital payments over this state-run payments protocol called the UPI, which is nearly ubiquitous.\nUPI is far more accountable to Indians than Tether or Circle will ever be.\nThe Rupee doesn't depreciate rapidly enough vs the Dollar for people to consider USD as a store of value.\n\nBitcoin is the real alternative.\nUS Dollars are irrelevant in India's local economy.",
"sig": "34717fcb2d2ba6b90cf2638e2a31d821d3e4a5defbc0191cdd6cc07eb3598b7c63cfd672f60be26be3169b6c126f2ff4337aacd6a7e21425f9277c8501b41126"
}