Another day goes by and thus some new news surfaces around the ever-growing digital currency that is bitcoin.
This time it seems to be Indian tea growers that are getting on board with the newest method of payment around.
Working with US-based online tea marketplace, Tealet, Indian growers can sell directly to global tea connoisseurs. And they’re getting a good deal on their work by selling their goods to the high-end market.
However due to the decreasing value of the Rupee compared to the US dollar, Tealet and many farmers are losing out on money they could really do with – so in steps bitcoin as the preferred method of payment.
“Just as we bypass the middle-man and vendors through Tealet, bitcoin will let us bypass banks and online payment systems such as PayPal. Heavy transaction fees hamper business. PayPal, for instance, goes up to 10 per cent [as transaction fee] of the total amount transacted,” said Rajiv Lochan, founder of Lochan Tea – exporter of Tea – and Tealet user.
There’s a little hiccup in terms of establishing and integrating it as a part of their system due to a lack of a domestic bitcoin exchange in India, but it’s on the way as being finalised.
India doesnâ€™t have any stance on bitcoin right now, with the Reserve Bank of India stepping back to observe developments in the sector, but in the future things could change.
It’s just rather interesting that a company that deals with millions of kilos of tea exports a year, direct to consumers, has taken a large interest in using bitcoin to pay sellers.
It also shines a light on a way for many countries to move from their own failing currencies and make payments with bitcoin to stabilise themselves.
Could we eventually see India and other developing nations adopting things like the Bitcoin ATM?
[Image: A Girl With Tea - Flickr]