Indian Exchanges Will Launch New INR backed Crypto Token
The fiscal New Year will bring happiness to all Indian crypto users. Some unknows sources reported that Indian exchanges will launch a crypto token backed by Indian Rupee (INR). There are already a couple of stable coins backed by USD. Tether (USDT) is the king of stable coins and manage its place into the top 10 cryptocurrencies.
Indian Exchanges needs this token to reduce the banking transactions. Users can easily convert their cryptocurrencies into this stable coin and can transfer to other exchanges and trade. Sources hints that the new INR backed crypto coins codename is “
The circulation of the stable coin is controlled by a central body. The central body will take care of the price stability and the circulation of new coins. Exchanges need to deposit Indian Rupee (INR) in the central body to hold and distribute INRT coins to the users.
The new model will work on 1 INRT is always equal to 1 INR.
This makes easy for the users those prefer to convert their cryptocurrency holding into INR in short term. This is a good option when a sudden big dump or pump happens. Cryptocurrencies are famous for volatility everyone needs to ready for that.
A Quote from the sources:
“We’ve had enough with the banks. It is not that banks do not want to do business with us. But the few banks which are actually happy to work with us, cannot handle the volume of transactions we have”.
Is It Good For Exchanges?
Exchanges are very happy to introduce INRT on the board. The Indian exchanges made the majority of their revenue from trading fee and withdrawal fee. All cryptocurrencies have INRT trading pairs this will boosts the trading volume on the exchanges. The cryptocurrency exchanges now taking a 200 RS fee per withdrawal of BTC however they will reduce it to 10 INRT to encourage users to hold INRT coins.
Which Exchange Support INRT?
There is no official announcement from any of the Indian cryptocurrency exchanges. Sources reveal that Koinex, Zebpay, BitBnS and Oxybit are leading the project.
