As per RBI guidelines, 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, one of the cryptocurrency exchanges, Unocoin, therefore, has now announced the availability of TrueUSD on its Unodax platform.
With this, Unocoin which recently had launched Unodax platform intends to provide its users on Unodax with a secure and legal way of investing in digital assets.
TrueUSD (TUSD) is the first coin built on TrustToken platform and 1 TUSD can be redeemed for 1 USD. The TUSD coin is listed for trading on trading exchanges globally like Unodax and is paired with a few major crypto-assets like BTC, ETH, BNB, KRW, and USDT.
Commenting on the availability of TrueUSD, Sathvik Vishwanath, Co-founder, and CEO, Unocoin said,
“Post the RBI banning bank transfers for crypto trading and investment, we were looking for the plausible solutions to help our users continue to HODL, without any disruptions and hassles.”
He further added,
“With TrueUSD, we are excited to present our users with a long-awaited stable trading plan for crypto-assets traders in our Unodax exchange. Crypto enthusiasts may use this stable coin as a medium of exchange for other crypto-assets and minimize their risks in a volatile market,”
While cryptocurrency exchanges have gone crypto-to-crypto, some of them along with IAMAI and other cryptocurrency enthusiasts have also knocked the doors of Supreme Court, against the RBI.
The Supreme Court (SC) of India, upon hearing a related case, had directed to club all the petitions pending across various courts in this regard. Listening to the matter further on July 20, the three-judge bench headed by the chief justice of India has set the next and probably the final hearing date for the cryptocurrency case on September 11.
An interdisciplinary committee under the leadership of DEA (Department of Economic Affairs) secretary Subhash Chandra Garg is also working on a draft related to the cryptocurrency and ICO regulations in India.
Once ready, the draft is expected to make way for cryptocurrencies in India. This will include the ICOs, Bitcoin ETFs, futures and other related transactions. However, the draft which is yet to be submitted might take a year or more in the implementation while going through the parliamentary procedures.