This year 2021 has been good for crypto for various reasons and one of them is to get crypto adopted as one of the payment methods. We have heard a lot about international brands like Tesla, Microsoft, and Paypal accepting crypto and this has played an important role in its price spike. It has already been great to see more companies coming forward to be part of the crypto revolution and this is just the beginning.
Now one of the Indian decor brands "The Rug Republic" is going to start accepting crypto as a payment option. Usually, we expect that companies or brands that are from the payment or tech industry might join this trend but its surprising to see that a home decor brand has realized the potential of crypto and has decided to add it as one of the payment options.
The Delhi-based decor brand will accept top 20 cryptocurrencies as per market capitalization as payments for its products, Mint reported. The company uses WazirX and Binance platforms for cryptocurrency transactions although it is planning to develop an in-house payment system for cryptocurrencies.
The first approach is simply accepting payments in cryptocurrency using third-party systems and converting it into fiat currency. This way the company also keeps the digital assets off the corporate balance sheet with little or no disruption in its internal operations.
This is definitely the biggest move because we don't have regulations or any guidelines in place and crypto adoption as payment may not be that easy but overall its a good decision by the brand. They are going to implement it with the help of wazir exchnage. This brand is delivered across the world but crypto payment would be available only for India initially and they will expand it further.
Crypto can reach mass adoption only when it becomes part of our life and we can use it for our daily needs where we use fiat money. This way it will be done and if this trend continues then I expect that in the next few years we would have many options where we should be able to pay using crypto.
The Rug Republic is going to accept top cryptocurrencies as per the marketcap so we will have bitcoin and many other alts listed on their website for payment. Crypto is one of the thot topics in India and its because youngsters like crypto. Although the Indian govt is yet to reveal any information about the crypto bill however they have also not mention that there will be a ban in fact they have always talked positively about it. Crypto ban is unlikely to happen and its expected that sooner or later we are going to have positive regulation for crypto.
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