What is a Rupee?
A rupee is the official currency of India, Sri Lanka, Nepal, and Bhutan. It is also used in several other countries around the world as part of their foreign exchange reserves. The Indian rupee (INR) was introduced in 1950 and it replaced the earlier Indian currencies such as the Madras fanam and the Bombay stiver. Since its introduction, it has been pegged to a basket of international currencies like US Dollar, Euro, Japanese Yen etc., with periodic adjustments made to ensure stability.
The term ‘rupee’ itself comes from Sanskrit word rupyakam which means silver coin or wager money. In modern times, one Indian rupee consists of 100 paise or 16 annas. One anna consisted of 12 pies until 1957 when decimalization changed this structure so that each anna now represents 4 paise.
Since 2013 cryptocurrency exchanges have started allowing trading between Indian Rupees and cryptocurrencies such as Bitcoin and Ethereum for both buying/selling digital assets as well investing into them on these platforms through INRs making it easier for people who don’t want to invest using traditional financial instruments but rather use crypto-currencies instead due to its many advantages such as privacy & decentralization features & lack of government intervention & control over transactions associated with them . This has caused an increase in demand for Crypto – INR trading pairs among traders all over India who are looking forward to gain more profits by investing directly via cryptocurrency exchanges without having any fear regarding government regulations & taxation norms since they are still unclear about how will they be taxed on their crypto gains or losses respectively if any at all , thus providing potential investors a secure way to diversify into digital assets while being able to retain their anonymity online .
