Indian cryptocurrency exchange has been fighting a tough battle against the Reserve Bank of India.
The ban on crypto trade has made a huge impact on the many startups and enthusiastic investors. However, the exchange operators have found a new method to facilitate their customers. This innovative method works within the regulations imposed by the RBI and enables the customer to buy or sell crypto coins which will merely take 30 minutes to process the entire transaction. Also, there is a lucrative scheme attached to it according to which the client will get ten free XRP credited in their account.
According to Bitcoin News, it is stated that as soon as the ban came into the effect, the cryptocurrency exchanges in India started searching for ways to keep their trade operational. Then, a creative solution popped up suddenly which facilitated INR withdrawal and deposit. The new methods included series like crypto-to-crypto trading and peer-to-peer (P2P) services.
How Does Cryptocurrency Exchange Operate Through P2P?
One such cryptocurrency exchange dubbed as Giottus has begun offering P2P trading service to their customers and recommenced their operations despite the ongoing ban. The exchange allowed crypto coin trade within pairs of ETH, BCH, BTC, LTC, and RXP. In addition to this, the exchange also informed that the INR withdrawal can be done only during banking hours that too before 5 PM. All the requests received after 5 pm can take additional time of 10 hours.
Giottus co-founder and COO, Arjun Vijay, stated that their cryptocurrency exchange has begun the crypto trade again through P2P with selected pairs. The average process requests are taken within 15 minutes and the P2P partners are charging a service fee charge of 0.2 percent for both deposits and withdrawals.
The fate of cryptocurrency in India remains uncertain as the government has not taken a firm stand to support it. However, the government is indeed much interested in implementing the operating platform of crypto trade that is blockchain.[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. ]