Over the last decade, India has been a shining star of the economic world. The economy has grown significantly thanks to its second-largest population and wide market opportunity. But when it comes to cryptos, Asia’s third-largest economy did have a slow and abrupt start with significant clampdown attempts from the regulators. But last month has been significantly good with the apex court giving a green signal to the crypto industry in India.
Due to this tussle between the regulator and the crypto industry, the India crypto enthusiast has suffered quite a bit- from businesses and exchange shutting down to not having much access to buy cryptos with INR. This concentrated cryptos only in the hand of few leaving a large part of the population out of the game. But now with changing times and doors opening up again for the larger market to be a part of cryptos, the Indian people need some definite solutions to win back the advantage that it has lost to the world over this period of regulatory isolation. And TrueINR is just one of those instruments, an INR pegged Stablecoin, that would try to bring in parity between Indian and Foreign crypto industry and markets.
TrueINR has been created with a motive of closing in the gap between global markets and the Indian counterparts thus eliminating the undue advantage that the world enjoys over India. The ethos of this coin, which is built over the Ethereum blockchain and pegged to the Indian Rupee (INR), is to give the Indian crypto community access to global exchanges and price discoveries at par with the world.
The Core Functions that make TrueINR a True Indian Stablecoin
TrueINR ethos and core value rely on the functionality that brings to the stakeholders. Its 4 pillar ethos are the key drivers for the stablecoin which makes it a true friend to all stakeholders of the Indian and Global crypto industry
1. Bridging the Fiat INR gap:-
One of the key reasons the Indian crypto industry suffered and couldn’t grow beyond a point was the stoppage of INR- Fiat lifeline which the Central Bank of the country ad pulled plugs from. For all reasons the Reserve Bank of India felt that cryptocurrencies would become a haven for people to hide their black monies and hence it chose to close the doors for the cryptos to flourish in the country.
TrueINR exactly is trying to solve this issue making it accessible to the Indian audience as well as attempting to restore the trust of the regulators in cryptocurrencies. By 100% collateralizing the TrueINR coin with the Indian Rupee in a ratio of 1:1, the company plans to build a bridge between the crypto industry and the regulator. By adhering to the required KYC/AML guidelines, TrueINR further secures its stance by taking out chances of ambiguity and ghost transactions making it transparent and secure much to the liking of country’s regulators and the other stakeholders.
2. Bringing in Price Stability and Better Discovery:-
It has been often observed that Indian exchanges have always been at a disadvantage when it comes to proper price discovery. It is seen historically as well that the Indian exchanges usually show a price disadvantage from a couple of percentage points to sometimes even higher. This could be of great disadvantage to the investors and traders in the country. The global fiat price fluctuations and unavailability of a local base stablecoin along with low volumes are often found to be the culprit for the same.
With TrueINR, the Indian audience will have a local stablecoin pegged by a local currency thus giving them a better exchange preposition and help in better price discovery. This would also eliminate the fiat currency exchange risk which the Indian crypto investor takes while dealing in cryptos directly or even while holding a foreign currency-denominated stablecoin.
3. Easy Access to Global Markets
With TrueINR being a stablecoin based on Ethereum, it would give easy access to Indian stakeholders to easily convert and move their fiat INR to global exchanges businessesand people. With a near stable value of the fiat INR, acceptance of TrueINR and its movement from one country to another would be far easier and sophisticated compared to any other mode.
4. TrueINR for All Stakeholders
TrueINR has advantages for all stakeholders of the crypto industry. Be it individuals, exchanges, Financial Services, and Businesses, TruINR has something for everyone. This makes it a true stablecoin for everyone that wants to have the advantage of crypto coin and stability of INR.
For financial services, TrueINR allows entry to crypto markets with having exposure to volatile coins especially the BTC or the ETH. By owning TrueINR, these institutions can have receipts and proof of ownership of these coins as the ould be collateralized by fiat INR in the ratio of 1:1
For exchanges, they would be able to easily pair prominent coins with TrueINR giving the Indian audience ease to trade cryptos and convert them back to INR when they require. TrueINR will be linked to various payment gateways so that the movement from Fiat to tokens could be swift and easy.
For traders, in India, who want to trade the rise fall of coins and token now have a local friend in form of TrueINR who can shelter them in times on uncertain volatility and provide them immediate exposure when they want to reenter the crypto markets.
For businesses, TrueINR would help in easy adoption of the token as it would dry up the volatility which keeps most business away as they fear to lose the value of the token and coins they hold as part of the transaction for their real goods and services.
With the way TrueINR is built, its core aim would be to be a true friend of every crypto enthusiast who wants to take advantage of holding tokens and coins in exchange for the fiats they hold. With vision and ethos being clear TrueINR would be there always to deliver advantages of tokens and stability of the fiat.