Indian Crypto Exchanges advance with solutions to the RBI ban

The exchanges of Indian cryptocurrencies are advancing with their solutions to the prohibition of banking encryption imposed by the Central Bank of the country. A growing number of exchanges have stopped the support of Fiat money as peer-to-peer transactions increase and cryptography to cryptography.

The cryptographic bank ban of the Reserve Bank of India (RBI) came into effect at the end of last week. The Central Bank issued a circular three months ago, prohibiting all financial institutions under its control from providing services to companies that operate in cryptocurrencies. The industry hoped that the Supreme Court would authorize a suspension of the ban on July 3, but the court did not and the RBI ban came into force later.

Wazirx announced on July 4: "We have discontinued the INR deposits with immediate effect," adding:

"Our banking partner has stopped abruptly endorsing our bank account. This is due to the recent RBI circular prohibiting banks from providing support for cryptocurrency exchanges. "

Koinex announced on July 7 that users can "send INR withdrawal requests until 2:00 PM on July 9, 2018 (Monday), after which no further INR withdrawal requests will be accepted."

Buyucoin announced last week that "the deposit and withdrawal will be interrupted until further notice due to the RBI circular before midnight on July 5'18".

Three of the first crypto exchanges to announce a suspension of fiduciary deposits and withdrawals were Zebpay, Pexo and Coinome, as previously reported on News.Bitcoin.com. Another important exchange, Unocoin, has not yet announced that it has stopped supporting Fiat at the time of publication.

In the midst of the RBI ban, the Indian crypto exchanges have been increasing their solutions to continue the business after the ban. Among them is the P2P trade, where the exchange acts as an escrow service between two clients for each fiduciary transaction for the encryption trade.

Wazirx has been preparing to launch a P2P negotiation service. The exchange was announced on July 8, "WazirX P2P will be launched in a few days."

Koinex is also preparing to launch its P2P service called Loop. Citing that "the INR / cryptography commercial broker may be suspended in the coming days with prior notice," the exchange revealed on July 7, "after that, users will be able to trade through the Koinex Loop and True USD brokers for stability. of fiat. "The exchange has elaborated the following:

"Loop is a network of point-to-point transactions for digital assets that use fiat currency. Koinex users will automatically find their Loop accounts verified by KYC lists at the time of launch. Loop is in the final stages of development and will be launched before July 15, 2018. "

Meanwhile, several exchanges have intensified the crypto to crypto exchange services, similar to Binance and Poloniex.

Unocoin recently launched its crypto to crypto platform, Unodax. On July 4, the exchange announced more trading pairs for the platform. It now offers 9 BTC trading pairs, 4 ETH trading pairs and 4 XRP trading pairs. Unocoin emphasized:

"Unodax, the leading blockchain and cryptoasset company in India, is presenting 17 pairs of crypto exchange to cryptography."

Zebpay also offers 19 cryptocurrencies and more than 35 trading pairs on its platform now that it has lost fiat support.