For many familiar with the world of cryptocurrencies and cross-border transactions, this is common knowledge. Yet regulators, government bodies, and most people outside the payments industry remain largely unaware of how Indians can use crypto to purchase virtually anything — from groceries and fuel to mobile recharges, food delivery, and even gold — all within the country.
Someone who has ‘earned’ cryptocurrency, whether through legal or illegal means, can spend it via international platforms without ever involving local banks or drawing the attention of tax authorities. Such individuals rely on major fintech and e-commerce platforms operated by companies based in Sweden, Germany, and Singapore, using them to obtain gift cards or vouchers that function as a form of proxy currency. This is done by transferring stablecoins from their private digital wallets directly to these foreign entities.
