Another STEX first: Bringing the Indian Rupee to Investors
STEX investors now have another edge on the competition as STEX becomes the first Estonian exchange to bring the Indian rupee (INR) to the cryptocurrency market. Now traders can make direct crypto deposits with their rupees.
It’s big news not only for the 1.3 billion people who live in India - the 5th largest economy in the world - but for all crypto investors, as it brings an infusion of new assets and possibilities to the crypto market.
The decision to bring the rupee into the STEX trading platform comes on the heels of the recent decision by India’s Supreme Court to reverse the Reserve Bank of India’s 2018 order that essentially banned crypto from the nation’s financial system. The Supreme Court ruled on March 3 that the ban was unconstitutional, opening up new opportunities for fiat to crypto trading.
The impact of the ruling was immediately felt in the crypto markets, as a surge in rupee to crypto transactions were reported by major exchanges. The volume of rupees now in the crypto markets has steadily increased allowing rupee holders to take advantage of the renewed interest in crypto fueled in part by the coronavirus pandemic. The move toward virtual currencies is now seen as a way to mitigate the potential spread of the virus through the handling of fiat currencies.
The ruling is also expected to energize the crypto economy in India. “In the last three years, several major crypto companies have withdrawn entirely from India – a significant lost opportunity for the nation,” CoinDesk columnist Ajit Tripathi said after the ruling was announced. “Now would be the perfect time for these companies to re-engage and put India right back in their plans for investment, hiring, technology partnerships and ecosystem development…”
As the first Estonian exchange to bring rupees to the crypto market, STEX provides an opportunity for rupee holders to quickly and conveniently exchange their fiat currency to digital currency. Low trading fees and lighting fast orders offered by STEX will give traders every opportunity to maximize the value of their holdings.
The full impact of the opening of India to the crypto market remains to be seen. But the possibilities are tremendous.
Dileep Seinberg, the CEO and founder at Delhi-based blockchain solution provider summarized the potential in an interview with Cointelegraph: “India has 3 key elements that make it a good and large market. First, the young generation of users who can operate and trust the internet and mobile-based Apps for financial transactions. Second is penetration of 4G and faster internet services everywhere in India and third is the access of smartphones at very low cost.”