With cryptos being the buzzword, people are scrambling to gather more information about this niche asset class, But amidst all the uncertainties encircling the cryptos, many corporates and startups have taken a step forward and embraced this new asset class for transactions.
One amongst these is The Rug Republic, an Indias decor brand having presence in over 90 countries and 6 continents has announced that it will accept cryptos from now onwards. The Rug Republic Is the largest collection of Indian handmade rugs and accessories across the world. The Rug Republic is the only Indian floor fashion brand with the global recycled standard certificate. TRR also uses recycled denim, cotton, silk and even plastic bottles to produce its products.
Making the announcement, the company’s director, Raghav Gupta said, “The blockchain is a great piece of technology that will undoubtedly change the face of transactions as we know them. A new age where middlemen can be cut out and benefits can be reaped by all instead of a select few. I believe as entrepreneurs it is not only in our best interest but also our duty to adopt new tech that can solve very key issues in our current ways.”
In the face of innumerable concerns pertaining to the absence of regulatory clarity being raised by the experts, Gupta allaying all these doubts said, “It is a misconception that crypto transactions cannot be tracked in any way. It is easily verifiable on the blockchain, as opposed to the incredibly difficult ways money can be hidden in the real world. As we have seen with so many people – Panama papers . Our invoices clearly mention that money was taken in x currency on this date at this price. Everything is absolutely above board.”
2020 is a year of many changes and is also being dubbed as the breakthrough year for Cryptocurrencies. Amid many startups and corporates accepting this currency, El- Salvador has become the first country to legalize the acceptance of Cryptocurrencies, this has led to a multipronged debate around the cryptocurrency.
Now with the emergence of more and more crypto exchanges around the world investing in cryptos is just a few clicks away. And now acceptance of cryptos by The Rug Republic is a step forward in the positive direction.
Throwing light on the cryptocurrencies landscape in India in the future, Gupta added that, “like any other revolution, this crypto revolution too will only be successful as and when more and more people adopt it. With that in mind, we at The Rug Republic are proud to take part in this great journey towards a more connected future.”
Dubbing this as an entrepreneurial duty, Gupta underlined that cryptocurrencies are a more sustainable and advantageous future than Fiat money can even dream of being.