For last 3 months, Indian Crypto traders and investors have no idea about the future of cryptocurrencies in India. In April 2018, Reserve Bank of India (Indian Central Bank) has issued a circular giving direction to all commercial banks to prohibit providing any services to crypto related business including crypto exchanges. Although, a 3-month window was also given to settle all the crypto transactions with cryptocurrency exchanges. That 3-month window is closing on 5th July. After that Indian traders won't be able to buy/sell cryptocurrencies for Fiat.
Recently, Zebpay crypto exchanges also issued a circular urging its users to withdraw all the fiat funds in their account under the fear of discontinuation of Banking services. This announcement also caused a flash crash in BTC price in India, a fall from $6700 to $5700.
Now, WazirX exchange has come up with a solution to help people surpassing the RBI's decision.
WazirX launches P2P crypto transfers within their exchange helping users to buy/sell cryptocurrencies without any hassle. People would now be able to buy/sell cryptocurrencies from other people on exchange instead of exchange. An escrow account would be used for that purpose. This would work exactly like LocalBitcoin.com, with a high degree of trust by WazirX exchange along with its customer support.
This step by WazirX exchange might prove to be a game changer for the Government decision. Instead of panicking, now people can easily sell/buy crypto holdings without any fear of any discontinuation of banking services.
If you're a Indian crypto trader, then you can open an account with WazirX by doing your KYC.
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