Bitcoin Forum

Stablecoins Gaining Popularity in India to Minimize Central Bank’s Impact

https://news.bitcoin.com/stablecoins-india-central-bank/

A growing number of cryptocurrency exchanges in India are adding stablecoins such as trueusd (TUSD) and tether (USDT) to their platforms. They are part of the solutions exchanges have come up with in order to minimize the impact of the crypto banking ban imposed by the country’s central bank.

Unocoin Adds TUSD

Stablecoins Gaining Popularity in India to Minimize Central Bank’s ImpactUnocoin, one of India’s largest crypto exchanges, announced on Wednesday the addition of TUSD to its crypto-to-crypto platform, Unodax. An ERC-20 token built on the Trusttoken platform, each TUSD is said to be backed by one USD held in reserve which can be redeemed. Unodax currently offers 23 TUSD trading pairs including BTC, BCH, ETH, LTC, and XRP.

So the exchanges can not be stopped by RBI?

@marx. How can they? The RBI cannot enforce anything legally without setting an unfavorable precedent that might affect their country to be the last adopters of the cryptospace.

It would also negatively make a legal precedent on other message passing apps like Wechat and all text messenging software because cryptocoin platforms are nothing be software for message passing.

Since fiat aren't used, the Indian central bank cannot do anything. Stable coins are used as a safe heaven whenever there is a huge fluctuation in the price and when the trader wants to stay safe before trading it again to another coin or recently use a peer to peer service to exchange it to fiat contouring the RBI ban!

Anyone interested in the topic of stable coins: don't miss the world's first stablecoin conference in London! :) https://stableconf.com/

Reported to mods for using Bitcoin dot com, Roger Ver's camped domain for story links.

Are you that lazy? Or just a shill?

Get your act together.

Since there isn't an official rule about the source of news, everything is accepted (some mods don't like some sources but they didn't take any action to stop it since it is not forbidden).
BTW, I think reporting the guy bumping this 1 month and half old topic is better  ;)
PSPD didn't find any issue over here  :P

I cannot say that transferring your holdings to a stable coin is a solution to this problem, it is more like a temporary prevention for the people (customers) who don't have a more convenient way of liquidating their cryptocurrencies to fiat currency. They are only saying that this is a solution as even though there is no proper ruling/decision yet with their supreme court their customers' stock portfolio won't take a big hit while it remains idle in their exchanges. If they want to solve the real problem they need to address and provide other ways for their customers on how they can withdraw their earnings.

Good news for stablecoins, but i agree with you how it become useful if the government not supporting cryptocurrency
In my recent news i hear indian crypto excahnge are in the dump because of not completely supported by the government

Yes, the popularity of stable coins will grow. They are quite convenient in the crypto currency. In many cases, they quickly help out as a buffer between the crypto currency and fiat. I think that in India the government eventually legalizes the crypto currency, there only the Reserve Bank is categorically against it, but as a result, it decides little.

How do you get stable coins to trade against crypto? Oh...by wire transfers.
How do you exchange your stable coins back to fiat? Oh..by wire transfers.

What can you do with those stable coins in real life? Nothing.
It might work for exchanges but for users, it solves nothing, just another pain in the ass !!!

We cant anything with those stable coins in real life but you never know what will happen in future and in my own point of view stable coins works for both exchanges and cryptocurrency trader because it give a chance of keeping ones profit intact.

This essentially means that stablecoins are going to be the centralized gateway for fiat transactions in these cases.

Again, it just shows that bans may not be effective at all given the large amount of alternative means of transacting there are. The RBI has tried to shut down bitcoin exchanging activity by restricting bank's interactions with them, but obviously, that has not worked.

It does pose a problem, though. There is a reliance on the stablecoins to stay legit, and since most are centralized entities, you're relying on them to be operating at full reserves which is not always the case.

well personally i do like stable coins somehow because it makes people rather keep their money still in crypto.