Rupee replaces stable coins in India's crypto market2 min read . Updated: 08 Sep 2020, 11:59 AM IST
- The switch to rupee from stable coins is happening alongside the formalization of a previously largely underground market
When the Reserve Bank of India (RBI) banned India’s banks from processing payments related to cryptocurrency in April 2018, investors came up with an ingenious solution. A set of cryptocurrencies tied to fiat or government-issued currencies (called stable coins) were used to process transactions. These cryptocurrencies are designed to represent units of fiat currencies, usually the US dollar. Investors could park money in them and convert them into cryptos such as bitcoin.
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