One of India's largest cryptocurrency exchanges, Zebpay will allow users to trade, store and withdraw Trueusd (TUSD) coins. The dollar-pegged “stablecoin” TUSD is expected to replace fiat funds in the trading process, which was made impossible by the ban by the Central Bank of India.
The coin was added yesterday, August 6, 2018. TrueUSD is one of many stablecoins (digital tokens whose value is backed by real currency) that have entered the market as concerns grow over the stablecoin Tether (USDT) lacking the required dollar reserve.
TUSD can be redeemed for dollars at a one-to-one rate, according to promoters. It is reported that the Trust Token Company will hold funds backing the tokens in registered banks with which it will enter into cooperation. And to improve security, banks will directly manage all funds. Moreover, it is reported that the Trueusd system will allegedly not even have access to the deposited funds. Any institution or individual with a verified TrueUSD account that has passed the KYC/AML check can exchange TUSD for US dollars.
Indian exchanges have used a creative approach to find a way out of the current situation to remain in business after the Central Bank of India banned all financial institutions under its control from providing services to cryptocurrency companies. Having abandoned fiat trading, the exchange launched p2p exchange platforms and developed trading of cryptocurrency pairs. The Zebpay exchange launched trading in cryptocurrency pairs back in April.
Explaining the situation to its clients, representatives of the exchange said: “We are faced with a difficult situation, and to comply with the rules we are forced to stop trading for rupees. We, along with many traders in the industry, were looking for a way out of this situation and found it. Zebpay Exchange is always committed to working to resolve any trading restrictions. As such a solution, we present the TUSD token, which is an excellent alternative to rupees. Given its peg to the dollar, Trueusd can be freely used for trading and investing in the cryptocurrency market.”
According to https://news.bitcoin.com
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