Two Indian exchanges have announced that they are launching P2P crypto trading services which will allow traders to buy and sell crypto legally even after the central bank’s ban.
Japan Confirms Entrance Into the Crypto Space
Wazirx’s P2P Service
With the banking ban by the central bank set to take effect on July 5, Indian crypto exchange Wazirx has been working on a solution for users to buy and sell crypto without needing a banking service.
The exchange announced last week that it is launching a P2P crypto transfer service which it claims to be “the most legal way to buy/sell cryptos in India after the RBI ban”.
Koinex’s P2P Service
Another Indian crypto exchange, Koinex, also announced last week that it is launching Loop, “a peer-to-peer network for digital assets transactions using fiat currency”.
What do you think of Indian exchanges launching P2P trading?
Scammers have made it impossible for Indian crypto traders to conduct P2P trades owing to several police complaints and bank account freezes that follow.
With the Supreme Court of India postponing the crypto hearing, the Indian crypto community is calling for better protection when trading on P2P platforms. Several top crypto exchanges in the country have shared their processes and policies they have implemented to protect their P2P platform users.
Since the Reserve Bank of India (RBI), the country’s central bank, banned banks from providing services to cryptocurrency businesses, traders are increasingly trading on peer-to-peer (P2P) platforms.
With the impending banking ban by the Reserve Bank of India, cryptocurrency exchanges in the country are scrambling to find banking alternatives. Two Indian exchanges have announced that they are launching P2P crypto trading services which will allow traders to buy and sell crypto legally even after the central bank’s ban.
The Reserve Bank of India’s deadline to terminate all banking services for crypto-related entities is set to end on July 6. As the date approaches,WazirX, a cryptocurrency exchange, is getting ready for the possible end of its current crypto trading services model in India and preparing a new one.
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