RBI never considered trading in cryptocurrency as a reliable source of investing. The latest RBI guidelines brought a complete restriction on all the banking services that were earlier supporting the crypto exchanges. However, there is still some respite from this ruling. Astute investors have figured out smart ways to continue trading in cryptocurrencies via Peer-to-Peer (P2P) exchanges such as NMCCX.
Founder and CEO of Cashaa, Kumar Gaurav, feels that crypto traders will eventually move to P2P exchange platform such as National Multi Crypto Currency Exchange (NMCCX). This exchange platform facilitates trading in cryptocurrency.
On a P2P exchange, if an individual “A” is planning to purchase cryptos in exchange of INR and another individual “B” intends to sell his cryptos in exchange of INR, a third entity “C” will accept cryptos from “B” and INR from “A”. Here “C” is acting as an exchange medium. Kumar Gaurav informed that this entire process will be regularly monitored to ensure safety.
The Best Way To Trade: NMCCX P2P Platform
P2P platforms such as NMCCX allow investors to enter and exit crypto markets as per their wish. As reported in MoneyControl, Ashish Singhal, CEO, CoinSwitch.co mentioned that Indian users can even access an exchange aggregator platform and trade freely in cryptocurrency. An aggregator platform partners with global exchanges. It provides users with a single access to the same. Since these aggregator platforms are located outside India, trading on these platforms is not affected by the laws of our country.
Experts are of the opinion that RBI needs to consult counterparts such as ECB, Bank of Japan, or the Bank of England to comprehend the technicalities of crypto trade in a better way. Vajahaath Hussain, CEO, Almora, is of the opinion that India should introduce stricter regulations instead of banning cryptocurrencies completely. As reported by Zeebiz, Hussain further added that India must be an early adopter of regulations in order to reap the benefits in time. This is especially important considering cryptocurrencies and blockchain are going to be the future of our financial systems.[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. ]