- 26.01.2020
How to withdraw bitcoin in india 2019
magazin-review.ru › watch. by Harsh Agrawal; Updated on June 30, They enable users to quickly sell their Bitcoin in India, and you can withdraw funds directly to your bank account.
Rupee replaces stable coins in India's crypto market 2 min read.
A set of cryptocurrencies tied to fiat or government-issued currencies called stable coins were how to withdraw bitcoin in india 2019 to process transactions.
These cryptocurrencies are designed to represent units of fiat currencies, usually the US dollar. Just click for source could park money in them and convert them into cryptos such as bitcoin.
With the revival of trading on crypto exchanges, the Indian rupee is now claiming back its place. How stable coins solved the problem Stable coins solved an important part of the crypto transaction problem.
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.
However, transferring rupees to counterparties through NEFT or RTGS was time-consuming and the crypto price would often change before the money arrived, incentivizing one of the parties to renege on trade.
The industry responded by using stable coins.
These were currency tokens issued by private companies against actual hard currency reserves.
This happened in India too. For our peer-to-peer customers, stable coins offered the solution of holding cash how to source bitcoin in india 2019 the exchange without having the need to withdraw to how to withdraw bitcoin in india 2019 bank account every time," said Arjun Vijay, co-founder of Chennai-based How to withdraw bitcoin in india 2019, a cryptocurrency exchange.
However, the credibility of stable coins such as tether has always been the subject of controversy. The issuer of the coins may not actually hold fiat currencies against the tether or may not hold them in sufficient quantities.
The rupee switch is happening alongside a formalization of a previously largely underground market. The Supreme Court decision on the RBI payments ban has brought the market above ground and made it more accessible.
However, cryptocurrencies remain a volatile and speculative asset that we do not recommend for source investors.
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