Despite the fact the Supreme Court has allegedly agreed to hear the crypto requisition on July 3, 2018, two-day prior to the RBI’s deadline from discontinuing every finance services presently being availed by cryptocurrency individuals, a maximum number of the leading cryptocurrency exchanges have now ready for the likely scenario.
WazirX, which is a bitcoin exchange in India has recently announced on its blog on mediocre that it will start a peer to peer transfers Bitcoin deal and acquisitions in India.
The Peer-to-Peer (P2P) transfer will let every user purchase and sell cryptocurrencies for INR straightaway with each other. WazirX will be acting as an intermediate here, linking the buyers and sellers on the platform.
Cryptocurrency In India
Cryptocurrency in India has been worried because of the ban from the central banking authorities in India. However, this kind of trading service will begin when RBI’s ban on banking services to cryptocurrency exchanges will begin from the 5th of July onwards.
WazirX being no exclusion as this service will let individuals continue making transactions in cryptocurrencies in the country without any questions from the central bank.
According to Nischal Shetty, CEO of WazirX the company is passionate about crypto trading and investment and it could endeavor to deliver tough and protected solutions for the customers to continue their contribution in this international occurrence, according to INC42.
To safeguard the safety of users using this channel through WazirX will implement KYC and confirm they have particulars of any person using their service.
As part of this method, the seller credits the crypto payments with WazirX, which the brand escrows for protection throughout the transaction. On the other end, the buyer purchases from seller and as soon as the seller approves acceptance of the payment, WazirX issues the crypto to the purchaser[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. ]