A growing number of crypto exchanges in India have started to list stable coins including Tether (USDT) and TrueUSD (TUSD). It appears that this may be an effort by some Indian crypto trading platforms to mitigate the adverse effects of the Reserve Bank of India (RBI) decision to prohibit financial institutions from providing banking support to anyone who deals in digital assets.
Indian crypto exchanged list stable coins such as Tether (USDT) and TrueUSD (TUSD)
Unocoin, a leading Indian cryptocurrency trading platform, said last week that it would be supporting TrueUSD (TUSD) on its Unodax exchange platform. TUSD is an ERC-20 token created on the Trusttoken platform, and every TUSD is intended to be exchangeable 1:1 against the USD.
At present, Unodax is reported to provide support for 23 different TUSD trading pairs, among them being Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Ripple (XRP). Inc42, an Indian news agency, stated that “the decision was made to minimize the impact of the RBI Circular on cryptocurrency investors and traders.”
The cryptocurrency trading platforms to bypass the Reserve Bank of India’s crypto ban
According to CryptoGlobe, on April 6th, RBI ordered all banks across India to cease providing banking solutions to crypto-related businesses and individuals seeking to exchange digital assets into fiat or vice versa.
“After RBI banned bank transfers for crypto trading and investment, we looked for plausible solutions to help our users continue without interruption and hassle,” said Sathvik Vishwanath, CEO of Unodax.
Zebpay, a primary Indian crypto exchange service, has just introduced TUSD to its platform. Currently, Zebpay only supports two trading pairs, BTC/TUSD and TUSD/INR (Indian Rupees).
Also, Wazirx has started to provide Exchange-escrowed Peer-to-Peer (P2P) solutions that enable consumers to make deposits and withdrawals with INR using Tether (USDT).
Although there were some disputes surrounding Tether (USDT), the market of the crypto does not appear to be concerned. In India, Wazirx’s new USDT escrow solution has gained popularity with the CEO of the Exchange, Nischal Shetty, reporting that “tens of thousands” of new traders had signed up for the exchange after providing the P2P escrow service.
Various other Indian crypto exchanges platforms have recently introduced support for Tether (USDT) and/or TrueUSD (TUSD).
Jackson Bey was born and raised in Lethbridge Alberta but moved east when he was 22. Apart from running his own consulting firm. Jackson spends his time canoeing the many lakes of Ontario. As a financial journalist Jackson has published stories for CBC Business Online, as well as Buzz Feed and Motherboard. As a contributor to Billionaire 365, Jackson mostly covers markets and trade.