Major stablecoin premium jumps above 8.5% after crackdown

Stablecoins are failing their promise of stability in India, with USDT premiums exploding over 8.5% after a government crackdown. While authorities label these transfers "unauthorized," users are choosing USDT because it is faster, cheaper, and yields more rupees than traditional bank wires. By bypassing official laws, crypto has exposed the total inefficiency of the banking system. Is the government protecting the public, or just an obsolete financial status quo?
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