Digital Rupee Bank
India’s chance at Global retail bank leadership
Bitcoin is probably the greatest IT product ever developed in the Information Age.
It is the coming together of the Indian Digital Rupee, a new umbrella entity to complement NPCI and Bitcoin compatibility alongside – which holds promise for a fundamental shift not just in global merchant banking but also in the world currency order.
Recently Blackrock (the reliance Jio partner) launched a bitcoin ETF. In a few months it has reached close to USD 200 Billion AUM. This is probably the fastest etf growth ever. IBIT is the etf. And they may make usd 200m of virtually free fees. Indians seem to be buying IBIT.
Bitcoin cos are of two types – custodial and non custodial. Custodial is when someone else keeps the bitcoin and gives u the equivalent of a demat statement. Blackrock is playing this space.
In India, a service engineer training setup called Jetking seems to be offering a deemed custodial service. Essentially they are saying “buy a jetking share and it is linked to bitcoin ownership”. Wonder what view SEBI has on this. Is Jetking going to compete with RBI or IBIT. Don’t know.
Conceptually this is risky
We need a crypto bank.
Licensed and regulated.
