Reserve Bank of India (RBI) is set to ban Banks from trading or having any affair with cryptocurrencies. This is to take effect staring from July 5.
So how do you trade cryptocurrency in India now? Well, Two Indian cryptocurrency exchange Wazirx and Koinex, have been working on a solution for users to buy and sell crypto without needing a banking service.
Wazirx, a crypto 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”. CEO Nischal Shetty described:
The buyer and seller can deal with each other directly while Wazirx acts as an escrow account for holding the cryptos during the transaction so that neither party cheats the other.
Wazirx releases the crypto to the buyer upon receiving a confirmation from the seller, he noted. “We verify the KYC details of every user before allowing them to trade on Wazirx, and keep a record of each and every transaction that occurs on our exchange.”
The Peer-to-peer trading service will launch once the RBI ban takes effect, Shetty explained. According to the central bank’s circular, the ban prohibiting banks from servicing crypto businesses will commence on July 5.
KOINEX’S P2P SERVICE
Koinex is another indian crypto exchange set to offer P2P trading service. Koinex, announced last week that it is launching Loop, “a peer-to-peer network for digital assets transactions using fiat currency”. The new service will be integrated into the Koinex web platform and the mobile app. Koinex users will automatically have access to it, co-founder Rahul Raj detailed, elaborating:
In conjunction with the crypto/crypto trading corridors on Koinex, the peer-to-peer 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.
How do you feel knowing you can still continue your CryptoCurrency affairs despite RBI ban on banks?