Bitcoin enters overseas remittances space

Many Indian staff of foreign firms sending money home through cryptocurrency

Several Indian employees of overseas companies are bringing their money into India as bitcoin, a cost-free alternative to converting dollars into rupees. Overseas Indians are also repatriating money to their families in bitcoins.
 
Recipients of such remittances have a clear arbitrage opportunity because of the 5-10 per cent premium for bitcoins in India. Bitcoin arbitrage is big business in the US and China.
 
Unocoin, a large bitcoin exchange in India, has tied up with Bitwage, a blockchain-powered platform, to help overseas companies send money to India. Bitwage ties up with companies overseas to pay Indian employees and service