Cryptocurrency market in India is flourishing at a decent pace even with the ban imposed by the Reserve Bank of India. The crypto traders and exchanges have already figured out ways to continue their operations within ban restrictions abiding laws. Indian banks are completely out of the picture as the government has mandated them to avoid any cryptocurrency transaction until their next instruction.
According to Business Standard, it is stated that exchanges adopted the method of peer-to-peer crypto-dollar backed transactions. Cryptocurrency market in India is now working on this operational model to facilitate their customers for an end-to-end process of buying and selling of digital coins.
In fact, it is alleged that local exchanges are seeing a tremendous rise in the number of users signing up recently. There is a wonderful response from the traders who are willing to continue their trade practice in the crypto ecosystem. Indian crypto exchange Wazirx unveiled this service last month and signed up around ten thousand new users. WazirX CEO Nischal Shetty stated that customers understand and have readily adopted this method for their trade. He also added that the exchange is witnessing 1 trade match every minute happening through P2P. It also offers auto-matching open order book in the peer-to-peer method which has never been attempted before.
Other Platforms Offering Similar Service
Another such exchange offering this service is Coindelta through which users can buy and sell their virtual currency (BTC, ETH, XRP and USDT) in cryptocurrency market between exchange and its P2P platform dubbed as Flux.
Cryptocurrency exchanges Giottus and Zecoex are also extending their services to sell coins from their crypto balances and wait for buyers to select them from a given list of offers available through P2P. Along with this, exchange Instashift is offering trade between five fiat currencies, including the Indian rupee.
The post Indian Cryptocurrency Market Thrives Despite Ban appeared first on OWLT Market.
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