Buying USDT with INR in crypto, trading crypto with USDT, and then converting USDT back to INR is not a new arrangement—it has been happening for years. USDT and USDC are dollar-pegged stablecoins issued by foreign companies. It is therefore natural for questions to arise under FEMA regarding cross-border transactions conducted through them. But the question is: if this were a regulatory issue, what have the government and agencies been doing all these years? And why hasn’t India taken serious steps toward developing its own 1:1 rupee-backed regulated INR stablecoin? Simply using USDT is not, in itself, a FEMA violation. The real question is where the money is going and how it is being used. The crypto industry should be governed by clear rules and practical policies—not by crackdowns and uncertainty. We need regulation, not confusion!