TrueINR was introduced in early 2020. It was designed to be simple, transparent and reliable stablecoin..
TrueINR’s INR holdings may be distributed in various bank accounts that belong to different companies.
The involved parties have signed an agreement to publish the collateralized holdings regularly and conduct monthly audits. The token uses multiple escrow accounts to lower counterparty risk and provide holders legal protection against theft.
TrueINR was made for:
a. Traders and exchanges- TrueINR is a great tool to hedge against market volatility and enter markets without buying into BTC/ETH first.
b. Mainstream commerce- Everyday people and businesses can take advantage of the benefits offered by blockchain technologies without exposure to massive price fluctuations.
c. Developing economies- The developing markets can use stable currencies for trade.
d. Long-term- financial contracts like loans, salaries or predictions markets.
e. Financial institutions- can use a trustworthy asset to trade in the crypto markets.
TruetINR.io is a platform for creating tokenized crypto assets..
Full of experienced people from stock markets and forex exchanges; TrueINR.io has a driven and competent team. The company’s core consists of two co-founders: PGFX @ Viresh Pratap Singh
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The key to proper functioning of every TrueINR tokenized asset is the third-party escrow accounts. Everyone passing KYC and AML requirements can purchase/redeem TrueINR using their application.
TrustINR.io employs publicly audited smart contracts to restrain themselves from issuing tokens. The money never even touch TrustINR.io team’s hands, unless disclosed. New TINR is automatically minted when an escrow account receives INR. Whenever a user redeems INR, the equivalent amount of TINR is burned immediately. That way TrueINR.io ensures 1:1 INR to TINR ratio between the money in the escrow accounts and TINR in circulation.
Whenever a user passes KYC/AML, he or she can send INR directly to one of the TrueINR.io’s trust partner (along with Ethereum wallet address). Once the funds are verified by the escrow company, the API interacts with TrueINR’s smart contract, which in turn issues tokens on a 1:1 ratio and sends them to the provided wallet.
Once the tokens reach your wallet, they can be used for anything you need. TrueINR tokens combine the best of both world’s – the stability and trust of fiat and low fees, quick transfer times, and global reach of cryptocurrencies.
If you want to convert TINR back to INR, a reverse procedure takes place. The user sends TINR tokens back to the smart contract address, which notifies the trust company and triggers a fiat transfer back to the user’s account.
Such a system utilizes multiple API’s and makes controlling the tokens supply effortless and superior to the previous alternatives.
The current fees for purchasing 0.0% and redeeming TrueINR to INR are 0.0%.
TrueINR is issued by Finarch, Inc. a crypto registered entity in off jurisdiction with a mandate to operate in India and issue TrueINR tokens.
a. Legal Protection. The company publishes regular attestations that come with strong legal protection provided by the escrow accounts.
b. Redeemable for INR. Any individual or organization that passes AML/KYC check on the TrustToken platform can redeem TINR for INR. However, the minimum withdrawal amount is 1,000 INR.
c. Trustworthy Fund Management. The way TrueINR’s system is set up, it allows you to exchange INR directly with escrow accounts by design instead of wiring money through TINR network.
d. Full Collateral. A single TINR token is always collateralized by INR held in the escrow account company. New tokens are minted and burned by the publicly audited smart contracts.
e. Regular Attestations. All holdings of escrow accounts are subjected to regular attestations that are published openly.
Stable Coins offer a unique value proposition, whereby the technology enables digital transfer of funds through the implementation of blockchain technology with the assurance of fiat funds backing. It is the best of both worlds – traditional money world and the contemporary blockchain world. Imagine a seamless global flow of funds, technologically driven in a time stamped environment. Re-Imagine money!
TrueINRs native token is backed by fiat currency value INR or its equivalent and can always be redeemed with 1 : 1 ratio to fiat funds.
Fiat backed issuance of tokens is a contemporary finance product, though, which is yet to gain mass regulatory adoption from legal and taxation authorities. However the issuance of specified securities (Utility Tokens) backed by securitisation of asset(s) is a valid act in Indian law, the same has been envisioned in the SARFAESI Act in India, wherein issuance of equity or special instrument happens against a specific asset on the Balance Sheet.
TrueINR embodies the same principles, in letter and spirit, and issues tokens against the Fiat funds which are represented in its Balance Sheet, by way of inflows by the users of TrueINR.
Classic Regulatory disclosure :
Extract of the Balance Sheet
Capital & Liability Side
Amount ( in INR)
Amount ( in INR)
TrueINR Tokens (Lien over fiat funds with 1:1 ratio)
Fiat Funds from Customers
Update After Launching
Currently, TrueINR is operational in India to the Indian users, however there is no apparent legal literature available other than the Honourable Indian Supreme Court Judgement dated Mar 04, 2020 which provides broad guidelines for crypto enterprises to operate in a self regulated manner. Project TrueINR adheres to the guidelines of the Hon. Indian Supreme Court Judgement as well as Industry best practises to issue StableCoins with disclosures requirements recommended for EU entities. With the ever dynamic laws of the Blockchain Industry, project TrueINR shall keep endeavouring to achieve higher levels of regulatory compliance. Furthermore, TrueINR respects GDPR compliance, Howey Test and BitLicence Compliance as a methodology for self governance and consumer protection.
Yes. TrueINR is completely transparent. The total supply of tokens are always displayed on the website and the underlying fiat funds are kept in an auditable independent bank account wherein the project founders have no influence. There would be disclosure of funds balance on regular intervals by the Project Team of TrueINR’s underlying funds in fiat as well as tokens in supply.
TrueINR project has drawn inference from the Honorable Indian Supreme Court Judgement dated Mar 04, 2020 and Industry best protocol for issuance of stable coins. TrueINR Project has been registered and licensed to operate as Finarch, Inc in an off-Jurisdiction location along with a crypto-asset recognising bank to enable fiat acceptance against issuance of TrueINR tokens. Project TrueINR recognises the restrictions imposed by the Liberalised Remittance Scheme whereby any Indian user can pay upto USD 250,000 for acquisition of Digital Assets.
TrueINR tokens are fully backed by the funds used to purchase them at issuance or fund equivalents or short-term government securities denominated in the similar underlying currency. TrueINR holders can purchase or redeem (sell back) tokens for their respective fiat currencies held in escrow accounts managed by our independent fiduciary network through the Platform.
The Company works with independent third-party financial institutions to provide fund management for the fiat deposits backing TrueINR tokens so that each TrueINR token is backed by an equivalent amount of fiat deposits, cash equivalents, or short-term government treasuries. To achieve this, a portion of the fiat deposits backing TrueINR are held in one or more depository accounts at our Banking Partners whose deposits may be insured by the Federal Insurance Corporation. Furthermore, TrueINR backed fiat funds shall be regularly disclosed by an independent professional who shall reveal the fund balances to confirm the values backing TrueINR in circulation.
TrueINR derives its value from the fiat funds that the users deposit. Price of TrueINR is thereby variable to the vagaries of the INR value. Price stability is then a function of value that the INR holds.
Yes. Watch out for this space.
Project TrueINR has future plans to register it in International exchanges, the information of which shall be shared subsequently.