New way to buy or sell crypto in rupees, but trade at your own risk

Hi my steemit friends

On July 6, the door of banking transactions are closed on Crypto Currency Exchanges in India. As the three-month window, the central bank gave all the banks and RBI-regulated institutions under the transaction with crypto exchanges, finally came, a Cripto market in India and a Cripto Mahani enthusiast was left without the cash out of their investment. Sometimes the Indian entrepreneurs who diesel, only transferred Krypto Trading, allows investors to continue trading in Krypto currencies, but without the facility of exchange their holdings for rupees through the bank. But it seems, this was the first step. At least two Crypto Exchange-Vajirx and Koexo-Now have come in another way to enable crypto-rupees trading. Before we tell you what the convenience is and how you can use it, remember that in the spite of many rounds of disappointment by the government and RBI, crypto currencies are still not illegal. In fact, a high level committee headed by Subhash Chandra Garg of Secretary of the Ministry of Financial Affairs, the Department of Education, is expected to strengthen some recommendations for Krypto rules soon. While the new feature is innovative and the crypto can promote the market, the system is full of risk. The new crypto-rupee trading facility Vajrix and Koeinux have launched pear platforms for peer to enter the Crypto currency and using the Indian Rupee. "If you are a new entangor for the crypto ecosystem, you can buy a crypto property directly by entering the seller. Similarly, you can get out of the arrival of the INR, you can get out of the IRR," Co-founder and CEO of the Cayee Rahul Raj said, which are called the PINP platform called a column loop. So far, a buyer will buy funds in an exchange and then crypto. "Now you will transfer money to another person and that personnel of Kripto will be transferred by the Exchange. It will bypass the need to deal with an exchange through a bank account. The founder and CEO of Virrils, Chitman, and Chief of the Church," You will deal with the buyer or seller's bank account. The K2EX and WAISIRX costs are offering P2P servicefuses of the exchanges that the buyer or seller will not need to interact with other party. Exchange information will facilitate sharing of information required. When the seller keeps a selling request, then its crypto property will be in custody of the exchange. Exchange is already a description of the seller's bank account because they take information that when someone opens an account with them. The seller has the option to choose between online payments including NEFT, IMPS and UPI, through which he wants to get paid for the insult of crypto holdings. The exchange shares potential information with a potential buyer, and the buyer tells a frame amount to a certain bank account (seller's account) through the selected mode of payment. However, the property buyer will only be released only when it informed the exchange that the required amount has been transferred from its bank account and the seller has accepted the receipt of the transfer amount. Image image is the device to deal with risk and disputes which is full of risk, although the exchanges claim that they are stupid. It is possible that the seller does not accept the receipt of the transferred from the buyer. "If the seller says that the amount does not have received, then a dispute solution talks on the system mechanism where our team hears to sides to develop both the sides," Shetty said. Exchange is also trying to implement the measures to immerse the default scenarios - where the buyer is not really transferred to money without doing it or the seller lies that in fact, it has not got money to despite receiving it. An important aspect is that both exchange are only allowing transactions between KECE-verified users, which include the base and permanent account number (pan) disclosure. Therefore, in terms of default, at least exchange knowledge of the parties know the identity. "Still a rating mechanism is a rating that goes up and down the user will also see before looking at a business with the other party, whether the second party is in default cases in the past or how many trades have been matched or the user's rating before you enter the business before you should be able to validate that the person you are entering the business is not to be cheated. The user will be able to create a conscious option," said Raj. Is it good? To banks banks to the banks, many Indian participants out of their status in the Crypto Ecosystem. An aggregator of Crypto exchanges, co-founder and CEO of Consolid, Shanishha Exchanges, Ashish Singhal said that in the business amount, the Indian market has clearly gone down. He said, "Those who come to Cripto currencies for short-term benefits, are despite all the people who are in the underlying technique and believe in its ability in long term." Sinhal said, the P2P option is not "a very beautiful solution". "If an ITE is a element of friction, most of the friction is most of the large and famous exchanges have not yet adopted the P2P model. This can cause that P2P transactions can appear in a gray area. But it is possible that they can come along with a P2P solution in the near future. We think the solution lies in the proper rules by the RBI," he said. While P2P platforms have to give a solution to those who want to exit or enter the Crypto World, users should be carefully carefully because the system is still being tested. It appears to be a good option for those who want to get out of its holding, but buyers should be extra cautious before transferring as a stranger on the Internet.
Thanks
@avinashsingh