Will P2P Trading Rise In India After RBI Ban Comes Into Effect?

in #india6 years ago

I've said it in some previous post of the possibility of Indian exchanges moving to P2P channels. This will be a quick fix solution to the ban on banking services to cryptocurrency exchanges imposed by the central bank of India. The ban as we know goes into effect after the 5th of July, 2018.

p2p-steem-bitcoin-trading-india.jpg

Source

To remediate the effects of this scenario, a few exchanges (especially smaller start-ups) have been considering the p2p. channels for sometime now. It's unclear at this point if larger exchanges such as Zebpay and Unocoin will do the same. They are anyways headquartered outside of India and will be able to set this up soon if they decide to.

Survival of P2P is important for the ecosystem to sustain and thrive.

Infact RBI's ban causes a major issue for anyone who is currently relying on any Indian cryptocurrency exchange for quick deposit and withdrawals. It's unlikely we will see instant withdrawals after the ban goes into effect.

However, with new players such as Instashift and WazirX coming into the picture, the growth of P2P trading will certainly flourish. I certainly expect to see a few more p2p gateways spring up in the future.

At this point however, it's worth noting that the banks cannot reject RBI's mandate. If they don't adhere to it they will be heavily penalized. Cryptocurrencies such as Bitcoins were built for p2p exchanges and until regulations come into effect in India, p2p sector will support trading activities of everyone interested in continuing their presence in the world of blockchain and cryptocurrencies.

Steemit users from India remember you needn't worry about buying Steem or cashing out.

There is no ban on using Steemit or for that matter any cryptocurrency website or services. However, we are explicitly not allowed to purchase and sell goods within India using cryptocurrencies as they are not legal tender. This has been clarified before.

However you are free to purchase, hold or sell them. Government has no control over these activities. I'm hopeful this will force them to make a fair regulation towards legalising trading activities via exchanges in India allowing the ecosystem to grow further.

Luckily, many exchange owners from India are gutsy enough to take a pro-cryptocurrency stand in the debate surrounding the use of these revolutionary new technologies in the financial sector.

Now it's a wait and watch game. We're only 5 days away from hearing on the 3rd of July, 2018 in the Supreme Court of India. I hope IAMAI's lawyers can put a strong defence and overturn RBI's mandate.

Overall the sentiment is quite positive in the market and people are continuing to trade even as the volumes have decreased significantly. I don't except a huge trading volume in p2p channels.

However, I sincerely hope that eventually there will be atleast 5-10 BTC worth of trading volume per day at global rates in this medium of exchange on top p2p exchanges in India. It would be incredible to get there!

Fingers crossed for 3rd July and I hope to see greater adoption of cryptocurrencies from India in the near future.


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Yes, I also think so, if this ban happens P2P trading will increase. I agreed 100% with you.

Peer to Peer is the best.

LocalBitcoins volume in India has been fairly steady throughout the first half of 2018, so I don't think Indian traders care about what the RBI's opinion is on cryptos.

india.png

Thank you for showing us this. :)

@firepower indian government and RBI planning to introduce their blockchain technology hence at present they curtail other cryptocurrency.

Thanks for the great information about the new way.If someone closes the door for you god opens the another one.waiting eagerly for the good results from the court.Thanks and good luck dear.

Yes p2p trading will going to increase.
But Indian government is also going to regulate cryptocurrency. They are not in mood to ban crypto.

In my own little opinion per to per is still the best until the ban will be take off

How do you exchange in your country?

P2p is common. I personally dont know other way

yes, P2P trading is best thing if india ban...It will be not possible to deposit and withdrawal of rupee but crypto deposit and withdrawal are continuous as usuals said by Zebpay India's leading crypto Exchange. Also there are other way to convert cryptocurreny in to Indian currency.

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It is good to see that people find ways to avoid the effects of bad news.

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