India's Crypto Users Bypass Restrictions with Overseas Gift Cards

Indian crypto users have found a way to purchase everyday goods using stablecoins such as USDT through overseas gift-card platforms. These platforms issue vouchers that can be used at local stores, fuel stations, delivery apps, and jewelers. One platform has already issued over 16 million cards.

The process works by users sending crypto from private wallets to platforms based in countries like Sweden, Germany, and Singapore. Once the funds arrive, the platforms issue vouchers that can be redeemed for goods and services at participating merchants. This workaround allows Indians to access a wider range of products, including groceries, fuel, and gold.

This development has likely been driven by the limited availability of cryptocurrencies in India's domestic market. The Indian government imposed restrictions on crypto transactions last year, which have contributed to the growth of overseas gift-card platforms as a means for users to circumvent these limitations.