Use the digital rupee to facilitate domestic commerce and crypto protocols to attract international investment.
How does an Indian small business owner in the middle of nowhere get a loan from anywhere?
Well, today he is increasingly likely to have a phone, a Reliance Jio connection, and access to IndiaStack: a miraculous collection of national APIs for payment, identity, and more that allows him to easily transact with anyone in India. This software platform is the natural insertion point for the Reserve Bank of India’s recently proposed digital rupee, which will further accelerate commerce within India.
But there’s an important piece that’s still missing, which is comparably easy access to the economy outside India. After all, that small business owner can now use his phone to make not just domestic phone calls, but international ones. So shouldn’t he be able to receive funds from around the world as easily as he can now trade with other Indians?