Indian cryptocurrency investors can now trade after cryptocurrency ban in India by the Royal Indian Bank [RBI]. Giottus, which is an India-based exchange platform, has re-opened INR deposits and withdrawals, while also keeping in stable step with the numerous rules and regulations quantified by the RBI.
According to Arjun Vijay, the acting COO of Giottus, the RBI has been dead set on their ban on cryptocurrencies, as the panel responsible for passing it thought that cryptocurrency is only used for illegal activities. Also, Reserve Bank of India had ordered banks under its specialist to stop any current operations with trades straightaway linked with or using cryptocurrency, leading to main exchange platforms to begin offering P2P trading solutions as a substitute.
In a blow to cryptocurrency ban In India, the RBI has decided not to let the customers pay for cryptocurrency like Bitcoin through INR. But from all the exchanges, Giottus was the initial one to start offering these peer-to-peer solutions in the wake of the RBI ban. And presently, it provides services for Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Ethereum (ETH) and Ripple’s XRP. Giottus has managed to re-open its system of deposits and withdrawals for their users by classifying exact traders that can aid procedure withdrawals and deposits relatively quickly. This is accomplished and done through peer to peer, allowing many traders to still function in a usual capacity.
As reported in Bitcoin Exchange Guide, till now the program has been an unqualified success among its present population of traders within the Giottus platform and comes with a program for surmounting their individual contributions to the exchange.
The partners are not left out of the aspect of profitability and stand to make a good amount of money, as they collect roughly 0.3 percent on every transaction they are accountable for processing. Cryptocurrency ban In India comes into play as an important way when it comes to handling larger quantities within exact transactions.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]