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India USDT premium skyrockets 8.5%! ED raids double remittance costs
India’s crypto circle has been far from peaceful lately. 🇮🇳
The Enforcement Directorate (ED) conducted raids on multiple entry/exit platforms in Bengaluru, accusing them of violating FEMA by carrying out unapproved cross-border fund transfers—an amount totaling about ₹250 billion (~$3 billion). The result? The USDT premium in India jumped straight from the usual 3–4% to above 8.5%, with the quoted price hitting ₹102.88—far above the official exchange rate of ₹94.65.
Legal experts say this isn’t just a supply shortage issue; it also involves the market pricing in the risks stemming from regulatory uncertainty. For NRI groups who rely on USDT remittances, cross-border transfer costs rise directly.
With a large base of crypto users in India and a cautious regulatory stance, once this tension meets tighter enforcement, market reactions are often more intense than expected. Will the premium stay elevated or fall back? It largely depends on the scope of future enforcement and the regulatory signals that follow.
#USDT #Tether #FEMA #ED #NRI
India’s crypto circle has been far from peaceful lately. 🇮🇳
The Enforcement Directorate (ED) conducted raids on multiple entry/exit platforms in Bengaluru, accusing them of violating FEMA by carrying out unapproved cross-border fund transfers—an amount totaling about ₹250 billion (~$3 billion). The result? The USDT premium in India jumped straight from the usual 3–4% to above 8.5%, with the quoted price hitting ₹102.88—far above the official exchange rate of ₹94.65.
Legal experts say this isn’t just a supply shortage issue; it also involves the market pricing in the risks stemming from regulatory uncertainty. For NRI groups who rely on USDT remittances, cross-border transfer costs rise directly.
With a large base of crypto users in India and a cautious regulatory stance, once this tension meets tighter enforcement, market reactions are often more intense than expected. Will the premium stay elevated or fall back? It largely depends on the scope of future enforcement and the regulatory signals that follow.
#USDT #Tether #FEMA #ED #NRI
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