India’s leading crypto-fiat currency trading platform has added support for Dogecoin and Shiba Inu.
The company announced on Monday that it is the two biggest meme coins. Dogecoin (DOGE) and Shiba Inu (SHIB) The Indian exchange announced that it is ready to be traded on Unocoin.
Hey folks, #dog and #SHIB is finally live on Unocoin. #bitcoins #dogcoin #shibainu #memes #investment #cryptocurrency 1/2 pic.twitter.com/SoXPfCJMk6
— Unocoin: Buy Bitcoin & Crypto in India 🇮🇳🥇🟠📱 (@Unocoin) December 13, 2021
Users can now trade Dogecoin against the Indian rupee, but there is no fiat pair for the Shiba Inu: the second largest dog coin can only be traded against Tether, the number one USD-pegged stablecoin.
Founded in 2013, Unocoin is known as India’s leading BTC-INR trading platform and is nicknamed “Indian Coinbase”. The platform added support for Unified Payment Interface (UPI) transactions in October, making it possible for users to deposit money on the platform much faster.
The Shiba Inu has made significant progress in the Indian stock markets over the past two months. Earlier in October, ahead of Shiba Inu’s big rally, ZebPay, one of the oldest crypto trading platforms in the country, added support for the meme coin.
In the last two months, the Shiba Inu has made significant progress in the Indian stock markets. Prior to Shiba Inu’s big rally in early October, ZebPay, one of the country’s oldest crypto trading platforms, added support for the meme coin.
CoinDCX, India’s first cryptocurrency unicorn, also integrated the Shiba Inu into its retail-focused app last month.
India’s highly anticipated crypto bill
According to local media reports, India’s hottest cryptocurrency bill will be made public soon. It is expected that the green light will be given by the union cabinet for this.
While it was initially thought that all private cryptocurrencies would be banned in India, the bill reportedly aims to regulate the nascent asset class rather than ban it. The Securities and Exchange Board of India will be responsible for overseeing digital assets.
The legislation will include strict penalties, including fines of up to INR 200 million ($2.63 million) and 1.5 years in prison, for those who do not comply with the new crypto rules.
The CEO of Unocoin recently told Business Insider that there is a lot of uncertainty surrounding digital assets:
“There is still uncertainty among potential users regarding the use of cryptocurrencies compared to traditional currencies.”
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.