Bitcoin exchanges banking on P2P ahead of SC hearing
BENGALURU: Indian cryptocurrency firms such as WazirX and Koinex have resorted to peer-topeer trading even as they await a Supreme Court hearing on Tuesday, which will take up a petition against the Reserve Bank of India for blocking banking services for bitcoin trading.
The Internet and Mobile Association of India (IAMAI), which represents internet firms has filed a writ petition against the RBI move that has set a July 5 deadline for banks and payment gateways to stop working with cryptocurrency, affecting exchanges and traders.
“If banking is something the exchanges are not allowed to do, then the solution is something that direct banking doesn’t come in,” said Nischal Shetty, chief executive of WazirX, an Indian crypto exchange that is set to introduce P2P trading.
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