Business & Finance

Despite RBI Ban, Stablecoins Strategy is Keeping Indian Hopes High

Indian cryptocurrency exchanges have figured out a way to facilitate Indian crypto investors and simultaneously tackle the crypto ban imposed by country’s central bank, RBI. Recent news show that the use of stablecoins is the solution figured out by the Indian cryptocurrency exchanges. The report elaborates that exchanges have been adding stablescoins such as trueusd (TUSD) and tether (USDT) to their platforms, so something can be offered to the local people without breaching any law imposed by Indian government.

Unocoin, one of India’s largest crypto exchange, has recently added TUSD to its platform. The company has just launched a new crypto to crypto platform, Unodax, to offer almost 23 TUSD trading pairs. The trading pairs include BTC, BCH, ETH, LTC, XRP, BTG, BAT, FUN, ZRX, and OMG. The company suggested that Unocoin users wouldn’t be affected by the new platform and won’t have to undergo switching process. It further added that login details such as username and password would be shared by both platforms, thus comforting users in coping with the latest platform. Regarding it, the company said:

For a user, nothing changes — except for the fact that you now get distinct websites that aim for speed and performance.

Sathvik Vishwanath, CEO and co-founder of Unocoin, expressed the efforts done and steps taken that act as optimum solution. According to him, under the given circumstances, TUSD’s addition provide stability and trust on for crypto trade. He said:

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….With trueusd, we are excited to present our users with a long-awaited stable trading plan for crypto-assets traders on our Unodax exchange…Crypto enthusiasts may use this stable coin as a medium of exchange for other crypto-assets and minimise their risks in a volatile market.

Besides Unocoin another prominent name, Zebpay, among Indian Cryptocurrency exchanges has enabled TUSD trading on its platform. It has too provided an alternative to fiat trading, which was banned by RBI, by enabling TUSD that can be redeemed 1-for-1 for US dollars. Moreover, Zebpay has also relieved users from withdrawal charges. No TUSD withdrawal fees will be charged by Zebpay till the end of this month. Zebpay has played an important role after the ban from RBI in India. Its app recently crossed benchmark of 3 million downloads and company is looking forward to contribute to Indian crypto investors. Zebpay understands the cryptocurrency’s need of Indians which is quite evident in its CTO’s statement:

Looking at the Indian milieu, people have started looking at cryptocurrencies not only as an investment option but as a technology that is about to change the future of money.

In addition to all this, seeing huge demand of peer to peer crypto trade, Wazirx, another local Indian crypto exchange, stepped in crypto market to play its role for Indian crypto investors. Currently, Wazirx has launched USDT to allow its users to deposit and withdraw with INR. It has also added TUSD to its platform. The company explains that use of USDT brings more liquidity and stability as it can be easily redeemed for cash. Regarding its decision for using USDT, Wazirx stated:

While building Wazirx P2P, we realized that since crypto price fluctuations are beyond our control, we needed to bring in a stable coin…Since we wanted to add the stable coin with the highest liquidity in the global market, we’ve decided to go with tether.

In a similar way impressed with stability and liquidity, Coindelta has also added USDT to its platform. It also allows users to trade INR against cryptocurrencies. At the moment, Coindelta has launched Flux platform for crypto trade. The company has announced the provision of a fast and efficient p2p platform by sorting out the dynamics that have not been catered to in similar p2p models.

RBI’s ban has pushed crypto exchanges in to immensely creative solutions. Saving themselves and interests of crypto investors in India has favored the continual of crypto trade by means that are unlawful and risk-free. The best one adhered by almost all exchanges until now is launch of stablecoins such as TUSD and USDT. With this strategy, Indian crypto exchanges have been successful in assuring the survival of interests of investors.

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Fatir Malik

Electrical engineer by profession, turned into blockchain developer. Fatir contributes regularly with his insights about latest developments in fintech sector. Email: fatir@blockpublisher.com or contact the editor at editor.opinions@blockpublisher.com

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