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Author Topic: [2018-08-12] Stablecoins Gaining Popularity in India  (Read 21 times)
maarx
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August 12, 2018, 11:34:01 PM
 #1


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?

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August 13, 2018, 01:56:52 AM
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@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.

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August 13, 2018, 09:27:20 AM
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So the exchanges can not be stopped by RBI?

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!



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