Indians Spend Crypto on Groceries and Gold via Overseas Gift-Card Platforms: Over 16 Million Cards Issued as Regulators Flag Compliance Risks
Indian consumers and crypto traders are increasingly spending stablecoins like Tether (USDT) on everyday groceries, fuel, electronics, and physical gold by routing transactions through offshore gift card platforms. By purchasing closed-loop Indian merchant vouchers from fintech entities registered in Sweden, Germany, and Singapore, users are bypassing domestic banking channels, mandatory 1% Tax Deducted at Source…