A growing range of crypto exchanges in India have announced the come back of fiat deposit and withdrawal support despite the crypto banking ban imposed by the country’s central bank. Many different exchanges in the country also enable their users to use Indian rupees to buy and cash out cryptocurrencies through their exchange-escrow peer-to-peer (P2P) services.
Exchanges Say INR Support Is Back
Since the crypto banking ban by the reserve bank of india (RBI) went into impact in July, crypto exchanges in the country have been deprived of banking services. Several of them afterwards close up their inr support, disallowing users to create deposits and withdrawals in Indian rupees. The Supreme Court of India is scheduled to hear petitions against the ban next week.
However, recently at least three crypto exchanges within the country have announced the come back of inr deposit and withdrawal support despite the rbi ban.
On Wednesday, September 12, crypto exchange Koinex announced that it's brought back inr deposits and withdrawals through its P2P system, stating:
"We are happy to announce the revival of INR in the crypto universe through a new peer-to-peer deposit and withdrawal mechanism for INR transactions…Just like the old times, users will be able to deposit and withdraw funds directly from their INR wallets."
Another crypto exchange, Coindelta, announced on August 31 that it had resumed inr support. “We have resumed back the inr deposits and withdrawals on Coindelta. Not only this, your old favourite inr markets are back where you'll trade with your inr,” the exchange wrote.
In addition, news.Bitcoin.com recently reported on another exchange, Giottus, providing a creative approach of allowing users to deposit and withdraw Indian rupees using its P2P platform.
Other Exchanges With Similar Services
The three aforementioned exchanges are utilizing their exchange-escrowed P2P services to facilitate deposits and withdrawals in Indian rupees. Each has its own set of rules including the number of coins supported, the deposit and withdrawal process, and the time it takes to withdraw inr using their systems.
There are many other exchanges with similar P2P services that allow users to both purchase cryptocurrencies and cash out in Indian rupees.
Crypto exchange Wazirx, for instance, recently celebrated its six-month anniversary of launching its P2P service. The exchange claims “We’re seeing our trading volumes increasing on a daily basis.” Vouching for the popularity of P2P trading, chief executive officer Nischal Shetty told news.Bitcoin.com “We see more than one match per minute on our P2P.”
Another exchange, Instashift, has been offering P2P trading of over 80 coins. “Since the last set of rbi related developments in the past couple of months, we've continued to check robust 20-25% growth in trading volumes month on month over the last 2 quarters of our operation,” ceo Rahul Chitale said.
Coindcx also offers P2P trading on its Dcxinsta platform. “We guarantee any 50+ cryptocurrencies purchase directly with inr in less than 60 seconds,” ceo Sumit Gupta claims.
Other fiat-enabling systems outside of the P2P services are also getting used in india such as the Dabba trading system which uses the telegram messaging app to facilitate the trades.
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