Question 1

What is INRx v1 (INRXV1)?

Accepted Answer

INRx v1 (INRXV1) is a stablecoin pegged 1:1 to the Indian Rupee (INR). Developed by the INRx Network and governed by the Deo Foundation, it aims to offer a stable and secure digital currency specifically tailored for the Indian market. INRx is designed to provide stability by mitigating the price volatility typically associated with other cryptocurrencies. It operates on multiple blockchain platforms, including Binance Smart Chain (BSC), Ethereum, and Polygon, making it widely accessible and flexible for users in various financial activities.

Question 2

What is INRx v1 (INRXV1) used for?

Accepted Answer

INRx is primarily used as a stable medium of exchange, offering several use cases in India, such as everyday transactions, cross-border remittances, and decentralised finance (DeFi). Its rupee peg ensures that users can transact without facing exchange rate risks, particularly when compared to stablecoins pegged to foreign currencies like the US dollar. Additionally, INRx is utilised for e-commerce, investments, and savings opportunities. It also supports financial inclusion by providing a digital currency option for India's unbanked and underbanked populations.

Question 3

Who created INRx v1 (INRXV1)?

Accepted Answer

INRx was created by the Deo Foundation, a decentralised organisation established to manage and oversee the stablecoin's operations. The project was initiated by Aman Vaths and the INRx Network, which launched in 2020.