Indians turn overseas crypto into shopping money through gift cards
- Indian users are transferring stablecoins such as USDT to fintech platforms in Sweden & Singapore for gift cards.
- According to industry sources, one platform has issued over 16 million gift cards, converting USDT at rates around ₹88 each.
- These gift cards are redeemable at various locations, including stores, fuel stations, food apps & gold sellers.
- Regulators are monitoring potential tax & compliance issues, as crypto transactions still incur tax duties.
Source: timesofindia.indiatimes.com
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