Since the RBI Circular came into effect, banks have been banned from extending any form of service to cryptocurrency exchanges, making rupee-to-crypto conversion almost a Kryptonian affair for Indian cryptocurrency exchanges. To mitigate the impact of the circular on investors and traders, cryptocurrency exchanges Unocoin has announced that it has made TrueUSD available on its Unodax platform.
With this, Unocoin, which recently had launched the Unodax platform, intends to provide its users on Unodax a secure and legal way of investing in digital assets.
TrueUSD (TUSD) is the first coin built on the TrustToken platform and 1 TUSD can be redeemed for 1 USD. The TUSD coin is listed for trading on trading exchanges globally and is paired with a few major crypto-assets such as BTC (Bitcoin), ETH (Ethereum), BNB (Binance Coin), KRW (South Korean Won), and USDT (Tether).
Commenting on offering TrueUSD on Unodax, Sathvik Vishwanath, co-founder, and CEO, Unocoin 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,” he added.
The Post-RBI Circular Era
While some cryptocurrency exchanges have gone crypto-to-crypto in view of the RBI circular, others, along with the Internet and Mobile Association of India (IAMAI) and cryptocurrency enthusiasts, have knocked on the doors of the Supreme Court (SC) against the circular, dated April 6.
The SC, after hearing a related case, had directed that all petitions pending across various courts in this regard be clubbed. Listening to the matter further on July 20, a three-judge bench headed by the Chief Justice of India Dipak Misra has set the next and probably the final hearing date for the cryptocurrency case on September 11.
An interdisciplinary committee under the leadership of Department of Economic Affairs (DEA) secretary Subhash Chandra Garg is also working on a draft related to cryptocurrency and ICO regulations in India.
Once ready, the draft is expected to make way for cryptocurrencies in India. This will include initial coin offerings (ICO), Bitcoin exchange-traded funds (ETFs), futures, and other related transactions. However, the draft, which is yet to be submitted, might take a year or more in implementation while going through the parliamentary procedure.