A day after the Reserve Bank of India's crypro currency deadline ended, few crypto-exchanges in India have introduced P2P model to continue crypo trading which seems to be dodge from RBI’s circular. It had provided three month of grace period for the banks in order to halt dealing with exchanges, and July 5 was the last day of it.
Trust me I had hard time to get 30% of my investment coined out of exchanges, well I wasn’t scared of losing but I really needed money for my personal expense. I really hope to see a day where I could survive with P2P transactions rather embarking on fiat
Wazir and Koinex (Great exchanges) had this beautiful methodology to tackle the hindrances laid by central Bank, so the crypto community could trade as usual without the FUD; man these exchanges are really nailing it.
Well I have jotted few the statements from the CEO of WazirX, his description on P2P model.
WazirX CEO- Nischal Shetty revealed: Peer-to-peer transfer system where the people can buy and sell crypto directly with each other without any hassle. "In P2P model, the buyer and seller can deal with each other directly while WazirX acts as an escrow account for holding the cryptos during the transaction so that neither party cheats the other," he said.
Nischal Shetty also explained how peer-to-peer method will work. He said the exchange will first connect the person looking to buy crypto for rupee with someone who's looking to sell crypto for.
The Sovereign authorities are impeccably to break the community in order to retain the governance but we stood strong and will always be no matter what we come across; Change is what we all need and it has to be delivered at any cost.
India will ban cryptocurrency???
They treat it to be not a legal tender, and advanced in several ways to create a FUD, one of them is RBI's action to restrict Banks from dealing with Crypto exchanges
But the impact is Very least on market cap, hence the ones who are holding position doesn't care what regulators think.
Costs of digital forms of money fell by right around 50 percent in a solitary day after RBI discharged the roundabout. The request and movement in digital currencies has stayed curbed from that point forward.
India's remain against digital forms of money glaring difference an unmistakable difference to different nations, for example, Abu Dhabi and South Korea, which have picked manage the division instead of go for a sweeping boycott. A few organizations Moneycontrol addressed trust that the administration did almost no examination before touching base at its decision.