ZINR - India's First Rupee Backed and FIU-IND Compliant Stablecoin.

[GENERAL] Name and surname of main applicant

Kolluru Sumanth

[GENERAL] Are you delivering this project as an individual or as an entity (whether formally incorporated or not)

Entity (Incorporated)

[GENERAL] Requested funds in ada

140000

[GENERAL] Please specify how many months you expect your project to last (from 2-12 months)

6

[GENERAL] Please indicate if your proposal has been auto-translated into English from another language

No

[GENERAL] Summarize your solution to the problem (200-character limit including spaces)

Bringing crypto users directly on-chain with tokenization of fiat by removing CEX, P2P and Crypto Gateway.

[GENERAL] Does your project have any dependencies on other organizations, technical or otherwise?

No

[GENERAL] If YES, please describe what the dependency is and why you believe it is essential for your project’s delivery. If NO, please write “No dependencies.”

No

[GENERAL] Will your project’s output/s be fully open source?

Yes

[GENERAL] Please provide here more information on the open source status of your project outputs

Token, $ZINR, a stablecoin, which will be deployed on cardano will be open - source.

[METADATA] Horizons

Stablecoin

[SOLUTION] Please describe your proposed solution

Our Proposed Solution is to Bringing crypto users directly on-chain with tokenization of fiat by removing cex, p2p, and crypto gateway. with $ZINR, users can trade with other cryptocurrencies at low fees with reduced premium rates and with greater liquidity which will be fulfilled by strategic partnerships.

our proposed solution includes development of a Platform with most compliant way following all government regulations where users can tokenize rupee and interact with cardano dapps.

Without $ZINR

1. User convert INR to USDT in P2P and OTC Platforms.
2. Deposit USD backed stablecoin in CEX and Withdraw then Via cardano (or) Bridge USD backed stablecoin from other chains to cardano.
3. Use USD backed stablecoin across Cardano Ecosystem.

With $ZINR

1. User can Tokenize INR directly in the Cardano Network
2. Use the $ZINR across the Decentralized application in the cardano ecosystem and even bridge to other chains.
3. Since $ZINR is 1:1 Fiat backed to Indian rupees users can always redeem their token for fiat currencies.

Why you or your team are the ones to solve those problems?

Personal Experience- It was very difficult to get crypto into self-custody legally and legitimately as we needed to pay huge premiums and fees to acquire and suffered bank freeze and legal issues due to illegal trading which led to financial losses.

$ZINR Use Cases

Who is our user?

Usage Specific - DEX Traders, Yield Farmers, Stablecoin Holders, On and Off Ramping, Business and Merchant.

Region Specific - Mostly for Indian Crypto

GTM -

[IMPACT] Please define the positive impact your project will have on the wider Cardano community

Our project aims is to onboard millions of Indian crypto users onto Cardano by introducing $ZINR. This token will serve as a seamless entry point for Indian users into the Cardano Network. By simplifying access and facilitating capital flow, we anticipate significant growth in the Cardano ecosystem and user base from India.

[CAPABILITY & FEASIBILITY] What is your capability to deliver your project with high levels of trust and accountability? How do you intend to validate if your approach is feasible?

Our capability to deliver the $ZINR project with high levels of trust and accountability is built on our commitment to compliance, security, and transparency. 

Compliance - $ZINR is fully compliant with Indian regulations, ensuring adherence to government guidelines and legal frameworks.

Security - Prior to public launch, we will conduct rigorous audits by third-party security firms to ensure the safety and integrity of our token.

Transparency - We commit to monthly independent audits of our reserves, publicly sharing reports to verify that each $ZINR is fully backed by equivalent rupee reserves.

Company Incorporated on Dec 3rd 2023

Since Incorporation, our strong legal team (https://www.lakshmisri.com/) has been tirelessly working on the legal aspects of implementing $ZINR in India. With their expertise and our highly experienced crypto team, we are well-equipped to successfully deliver this project.

Independent Auditor - https://www.vaco-ca.com/index.php

Our Stablecoin is FIU-IND approval

Regulatory Clarity:

In India, the cryptocurrency sector is currently unregulated by entities like the RBI and SEBI, and companies do not require specific licenses to operate. However, businesses dealing in virtual assets must and register with FIU-INDIA. ( Financial Intelligence Unit - India )

Government Notifications - https://fiuindia.gov.in/pdfs/downloads/VDASP04072023.pdf

FIU-IND Registration

[PROJECT MILESTONES] What are the key milestones you need to achieve in order to complete your project successfully?

A Engage with Product Managers and Cardano engineers to discuss the technical implementation of a rupee-backed stablecoin on the Cardano blockchain.

B we provide a report detailing the outcomes of the discussions.

C Submit the finalized $ZINR tokenization from outcome in the form of flow chart as evidence of milestone completion.

A Platform Where users can create an account, complete Customer KYC, Bank Account Verification Process, Wallet KYC as per the AML guidelines.

B We Provide detailed report on Implementation of user onboarding process.

C video proof will be submitted as evidence of milestone completion.

A With the help of cardano devs we work on token development and also conduct auditing of developed token.

B We provide a Detailed report on token development process

C Audit report will be submitted as evidence of milestone completion.

A Platform where users can complete Aquire and Redeem stablecoin on cardano Blockchain.

B Comprehensive final report detailing process.

C Video Proof as evidence of milestone completion

[RESOURCES] Who is in the project team and what are their roles?

Sumanth, CEO

Linkedin: https://www.linkedin.com/in/sumanth271/

I have been in crypto since 2019 and have experience working on

some of the top web3 projects in Bsc chain and cronos chain. I am very passionate in blockchain and distributed ledger technology. Have work experience of 4+ years in Web3 Protocols.

Vishnu, CTO

Linkedin : https://www.linkedin.com/in/vishnuvardhan-rasalay/

Software developer with experience in creating and implementing cutting-edge solutions. Passionate about blockchain technology and its potential to revolutionize business operations.

Kishore, Principle Officer

Linkedin -

https://www.linkedin.com/in/palam-kishore/

Certified AML/CFT Analyst and Company’s Principal Office

Our Advisor -

Compliance : Sachin Rampure (Principal Offer at delta exchange)

AML professional with 7 years of comprehensive experience.

Legal And Compliance Firm that is helping us in Legal Implementation of $ZINR in India ecosystem. (Our Legal Team)

https://www.lakshmisri.com/

We also Employed 5 Additional Workforce across marketing, Development an compliance.

[BUDGET & COSTS] Please provide a cost breakdown of the proposed work and resources

Budget Break Down here - https://docs.google.com/spreadsheets/d/e/2PACX-1vQQH8ISValL-Ki4MYLB41q0EpTECyvjN8I0hmMQZVh793Z4SXfeY9_a-Hv7wv-x9gVBXcbLCboRC2AU/pubhtml

Milestone 1: Design and Implementation. Budget = 30k ADA

Milestone 2: Tokenization Platform Development. Budget = 40k ADA

Milestone 3: Token Development and Audit. Budget = 40k ADA

Milestone 4: Public Usable Platform with Live on Mainnet. Budget = 30k ADA

[VALUE FOR MONEY] How does the cost of the project represent value for money for the Cardano ecosystem?

Millions of user can access cardano vast ecosystem with 100% compliant way with proper regulatory approval.