The RBI ban had pushed the industry from exchange-administered transactions to peer-to-peer trading. Exchanges could no longer accept rupees and they had to be directly transferred between counterparties.
“Some stable coins, like USDC, are issued by companies regulated in the US. Their books are audited and hence there is a reasonable degree of safety that they have hard currency backing the stable coin,” said Nischal Shetty, CEO, Wazir X, India’s largest crypto exchange.
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
