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.
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