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Shiba Inu and Dogecoin appeared on India's largest cryptocurrency exchange

Shiba Inu and Dogecoin appeared on India's largest cryptocurrency exchange

Dogecoin and Shiba Inu, the two largest meme coins, are now available for trading on India's Unocoin exchange, the company announced Monday.

Its users can now trade Dogecoin against the Indian rupee. There is no fiat pairing for Shiba Inu: The second-largest fangled coin can be exchanged for Tether, the number one stable coin pegged to the U.S. dollar. Unocoin, founded in 2013, is known as India's leading BTC-INR trading platform, dubbed “Indian Coinbase”. Support for Unified Payment Interface (UPI) transactions was added in October, allowing users to deposit fiat funds onto the platform much faster. Over the past two months, Shiba Inu has made significant progress on Indian exchanges. In early October, before Shiba Inu's massive rally, ZebPay, one of the country's oldest cryptocurrency trading platforms, added support for the meme coin. According to local media reports, the much-talked-about cryptocurrency bill in India will soon be presented to the public. It has to be approved by the cabinet. Although it was originally thought that all private cryptocurrencies would be banned in India, the bill will reportedly aim 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 would impose stiff penalties for those who violate the new cryptocurrency rules: fines of up to 200 million Indian rupees ($2.63 million) and 1.5 years in jail.

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