One of the biggest cryptocurrency exchanges in the world, Huobi, is launching peer to peer cryptocurrency for Indian Rupee (INR) trading in India. This provides cryptocurrency traders with a viable solution to buy and sell their crypto with INR, after the Central Bank of India banned all financial institutions from facilitating cryptocurrency related activity. The ban is only for banks, and INR to crypto trading is still legal, as well as crypto to crypto trading.
Huobi says “We do think it’s time that we provide a solution of buying/selling digital assets with INR for all Indian users: Huobi OTC – a proprietary peer-to-peer (P2P) platform that allows users and merchants to trade digital assets with your local currencies. Every registered Indian user of Huobi can log in to https://otc.huobi.com to trade digital assets with INR”. Huobi is providing the incentive of free trades for Indian users when transacting Bitcoin, Ethereum, and Tether (USDT).
This will be much different than a normal cryptocurrency exchange where users can deposit fiat using bank accounts, that is not possible with the INR. Instead, the platform will be a place where users can coordinate to conduct peer to peer deals. Cash in person is probably the best option for Indian crypto traders, and this new Huobi platform could enhance the growth of a network of Bitcoin dealers in India.
Even before this announcement from Huobi, peer to peer crypto trading websites have been popping up to fill the demand for crypto to INR trading now that using banks is no longer an option in India. These include the most popular peer to peer crypto site Localbitcoins, as well as Koinex and Wazirx.
The launch of this crypto exchange in India is part of Huobi’s global expansion plans. Huobi has recently launched exchanges in Australia, the United States, and is planning to open a European exchange headquartered in London and a South American exchange headquartered in Sao Paulo, Brazil.
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