SIP-216: Add Indian Rupee Synth

Simple Summary

Add a new long Indian Rupee (RS) synth.

Abstract

India is emerging as the world's newest superpower. In the process, India has leapfrogged much of the incremental network and economic infrastructure of the West. While India's population is highly educated and cell phone ownership is nearly ubiquitous, it still has structural gaps, most prominent of which is that a large part of the population remains "unbanked". The Aadhaar ID system was initiated to serve as a national banking identification (among many other digital ID functions). Crypto is highly restricted, but otherwise would dovetail efficiently with the digital Aadhaar platform.

Motivation

Adding a RS synth could bring further volume to the Synthetix protocol, allowing RS to enter the decentralized exchange market, while facilitating the conversion of crypto to fiat in the world's largest population.

Rationale

Crypto is still difficult for the average global citizen to make use of for staple purchases. The infrastructure for trading physical goods for crypto is not widely established nor evenly distributed. India is at the cusp of a digital society, but suffers systemic corruption and has chosen to heavily restrict crypto. Creating an efficient bridge between the fiat Rupee (RS) and crypto, would allow the few empowered actors in crypto there to leverage it for the masses, ultimately opening the society up to broader crypto adoption. India is a rising world power with a history of innovation. It is also the largest world market by population, and is already digitally connected. These factors combine to make India an excellent candidate for accelerated universal crypto adoption.

Specification

The Chainlink Oracle could be used as a price feed for UAH. payments.

Copyright

Copyright and related rights waived via CC0.