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.
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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”. 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.”
Launched in March, Wazirx currently supports the trading of 37 cryptocurrencies against INR and 17 BTC trading pairs.
Speaking to news.Bitcoin.com, Shetty shared, “we have 35 coins listed in just 3 months of launch”. With over 100,000 users currently, he added that his exchange is the “fastest to list those many coins in India in such a short span of time.”
Planning for RBI’s Ban
The P2P trading service will launch once the RBI
