In what appears to be an attempt to circumnavigate the ban by the Reserve Bank of India (RBI) on cryptocurrencies, many digital asset exchanges are now listing stablecoins Tether (USDT) and TrueUSD (TUSD).
Stablecoins are digital assets which are kept at an exact equal value to a traditional fiat currency, usually the U.S. dollar. They were created as a means to store fiat currency in a digital form, relieving investors of the fees and slow transactions times associated with traditional banks.
The move will enable local Indian investors to maintain a reserve of stable capital on digital exchanges without having to necessarily invest in a specific cryptocurrency. This gives them the ability to invest when they want without having to rely on local Indian banks.
Unodax adds TrueUSD
Unodax, one of India’s biggest cryptocurrency exchanges, announced recently that it will be listing the stablecoin TrueUSD on its platform. The listing will provide support for 23 trading pairs including Bitcoin (BTC/TUSD), Ethereum (ETH/TUSD), Litecoin (LTC/TUSD) and Ripple (XRP/TUSD).
Unodax CEO Sathvik Vishwanath stated that the move was specifically implemented in order to help investors to continue to trade in cryptocurrencies following the RBI ban in April this year. He also noted that the addition of TUSD would give investors better opportunities to manage risk in times of volatility.
Leading Indian digital asset wallet Zebpay is another cryptocurrency platform that has announced it will be adding support for TrueUSD. It will provide trading pairs for Bitcoin (BTC/TUSD) and Indian Rupees (INR/TUSD) and is offering zero fees on TUSD transactions in August.
Image From Shutterstock