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Indian Exchanges Attempt To Bypass Reserve Bank’s Ban On Crypto, Now Offering Support For Tether (USDT), TrueUSD (TUSD)
indian-exchanges-attempt-to-bypass-reserve-banks-ban-on-crypto-now-offering-support-for-tether-usdt-trueusd-tusd
Indian Exchanges Attempt To Bypass Reserve Bank’s Ban On Crypto, Now Offering Support For Tether (USDT), TrueUSD (TUSD)
Indian crypto exchanges have started listing stablecoins Tether (USDT) and TrueUSD (TUSD).
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Stablecoins may be used to bypass the Indian Reserve Bank's ban on crypto.
An increasing number of digital asset exchanges in India have started to list stablecoins such as Tether (
). It appears that this could be an attempt by local exchanges to reduce the negative impact on India’s crypto economy, as the country’s reserve bank (
) has prohibited financial institutions from offering banking services to those dealing in digital currencies.
Exchanges Add Stablecoins Tether (USDT), TrueUSD (TUSD)
Last week, Unocoin, a major Indian cryptocurrency exchange, announced that it would support TUSD on its Unodax trading platform. TUSD is an
token, which was developed on the Trusttoken platform, and each TUSD is said to be redeemable 1-for-1 for US dollars.
Currently, Unodax is reportedly offering support for 23 different TUSD trading pairs, which include Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and
, an Indian media company, “the decision [to list TUSD] has been taken to minimize the RBI circular’s impact on [local] cryptocurrency investors and traders.”
Ripple Price In Inr Today Zebpay , the RBI instructed all local banks on April 6th to stop offering banking services to crypto-related businesses and individuals looking to convert digital currencies to fiat (or vice-versa) through exchanges.
After the RBI banned bank transfers for crypto trading and investments, we were looking for the plausible solutions to help our users continue to hodl, without any disruptions and hassles.
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