In India, athletes who win a medal at the Olympics will receive a bitcoin reward.
This is not a state initiative, but a private BitBns exchange promotional initiative.
Bitbns is happy to announce the entitlement of SIP over Rs 1lac to celebrate the #Olympics winners.
— Bitbns | Crypto Exchange (@bitbns) August 4, 2021
According to the local newspaper The Economic Times, the exchange will give all medal winning athletes a SIP account with free automatic rupee credit to buy cryptocurrencies.
The so-called SIP is nothing more than an accumulation plan, with constant purchases over time, at fixed costs and market prices. Athletes will only have to complete the KYC process of verifying their identity to access their cryptographic SIP.
Gold medalists will be credited with 200,000 rupees, silver medals with 100,000 rupees and bronze medals with 50,000 rupees.
As of today, 1 rupee is worth about $0.013, so gold medalists will get about $2,600, silver medals $1,300 and bronze medals just $650, but again this is just one operation promotional.
- Athletes who win a medal at the Olympics will receive a bitcoin reward.
India’s total medals at the moment are decidedly meager, equal, for example, to that of the tiny Republic of San Marino, with only two medals, one silver and one bronze. So the exchange is likely to end up paying a pittance in exchange for great publicity.
The exchange advises that the SIP will be structured over a period of three to five years, offering athletes “continuous exposure to the digital asset, allowing them to earn a fixed source of long-term income through the platform.”
Bitbns CEO Gaurav Dahake said:
“Bitcoins and Ethereum have been the best performing assets over the last decade and have delivered exceptional returns and we intend our winners to take this rewarding journey.”
THE India it remains a very ambiguous country about its attitude towards cryptocurrencies.
On the one hand, many Indians seem interested, but they are still only a small minority. However, with nearly 1.4 billion inhabitants, even a tiny minority of 1% would still constitute a sizable number of people.
On the other hand, the government seems to oppose the spread of cryptocurrencies in the country, and cryptoactive trading volumes still do not seem particularly high.
Bitbns itself has a daily trading volume of less than $30 million, compared to Binance’s $19 billion, for example.
However, given that the main currency pair on the Indian stock exchange is known as BUSD / INR, ie Binance USD in Rupees, and the second USDC / INR, it is possible that Indians mainly use it to exchange fiat currency for stablecoins, to be used on other exchanges, presumably foreign.