Author: Jagdish Kumar, India
In order to bypass restrictions put by Indian central bank, two cryptocurrency exchanges, Wazirx and Koinex has launched Peer-to-Peer (P2P) crypto trading services.
With this launch, the exchanges will allow its users to traders to buy and sell crypto legally even after the central bank’s ban that comes into effect from 6 July 2018.
Wazirx CEO Nischal Shetty said that the P2P will be live as soon as the Reserve Bank of India (RBI) ban on banking services dealing with crypto comes into effect.
The new platform is being built with the intention to involve every Indian into the Blockchain revolution, and our resolve is stronger than ever, the Shetty added.
However, Wazirx CEO hoped that RBI changes its stand on crypto transactions in India.
Another company, Koinex also announced P2P crypto trading service called loop, which will allow users to trade cryptocurrencies in the absence of crypto currency regulation in India, after RBI ban.
With Loop, users will be able to purchase digital assets using their INR and sell digital assets for INR with zero network and transaction fees, making micro trades possible. Sandwiched between these two steps, the exchange with Crypto/Crypto corridors will allow for real-time trading of digital assets, thereby completing the loop, Koinex co-founder, Rahul Raj said in a post published on Medium.com.
Raj said that Koinex Loop will complete the full circle for digital assets trading in India, as it combines the principles of decentralization, trust, security, data privacy and ease-of-use.
The P2P service is aimed at providing a legitimate alternative so as to safeguard and protect our users against the crooked and suspicious transaction mechanisms available for exchange of digital assets.
P2P transaction network will allow all users to exchange their fiat currency into a digital asset and vice versa without compromising on the seamless experience that they are used to, Raj added.
This comes after the crypto exchanges which was looking at the Supreme Court got no relief, as the apex court did not cancelled the RBI order dated 6 April 2018, under which it has given crypto companies to cease operations in three months.
The exchanges had gone to court seeking more time, but the court did not give any interim relief.