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GoSats announces cashback for Indian crypto users

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on Aug 16, 2021
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  • Users can get cashbacks while shopping on Amazon, Flipkart, and Starbucks.
  • The ove aims to accelerate the adoption of crypto assets in India.
  • RBI’s role in this program suggests the company’s determination to avoid regulatory hurdles.

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GoSats, one of the world’s largest Bitcoin rewards companies has rolled out its cashback for the users in India, setting the stage for potential mainstream adoption of blockchain technology and cryptocurrency in the second-most populous country on earth.

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As per media reports, the new program is being rolled out with the help of a local NGO known as the National Payment Corporation of India (NPCI). Established in 2008, the cooperation is directly owned by India’s federal bank.

How to redeem the rewards?

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The company’s reward card, which is easily accessible through a web browser or smartphone application, offers users cashback when shopping on major retailers like Flipkart, Amazon India, and Starbucks. Mostly, users receive rewards in the world’s most popular crypto-token, Bitcoin (BTC/USD).

Originally built on Stacks, which offers apps and smart contracts for Bitcoin, the card utilizes these to offer users to earn BTC through STX coin.

What does the company’s partnership with RBI mean?

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The latest rollout of rewards in partnership with NCPI and RBI suggests that the crypto firm does its best to avoid any potential regulatory hurdles. In a public statement, the head of the GoSats, Mohammed Roshan, said,

Beforehand, people could only get bitcoin cashback on specific brands through our app but now can earn cashback in bitcoin on every spend.

GoSats outstanding performance in India

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Within six months of its launch, the company has accumulated as many as 15000 customers, which suggests a growing interest in digital assets. Meanwhile, a Binance-owned crypto exchange, WazirX, has also reported a massive 2600 percent surge in users since its launch in the country. Reportedly, most of the users were women belonging to rural parts of the country.

Indian and the crypto assets

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The second most populous country’s history with digital tokens has been volatile. This year, lawmakers in India were on the verge of blocking cryptocurrencies. But following criticism from the country’s crypto supporters, the policymakers soften their tune.

In July, a new report further verified this change of tone when CoinTelegraph reported that the country’s regulator is working with the Federal finance ministry to oversee crypto regulations. Meanwhile, the reward programs are becoming quite popular, paving the way for crypto to penetrate the country’s financial system.

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