Peer to Peer (P2P) trading is on the march in India due to the country’s banks shutting down crypto services this year.
Since the Reserve Bank of India (RBI) decision earlier this year, Indian traders are adapting as only Indians can do, and are doing it with great success too, with homemade P2P platforms and exchange adaptations using P2P trading.
Peer-to-Peer trading cuts out the banks completely. Out of this move, a new service KoinLoop has launched such a service, born out of two collaborating exchanges; KoinEX and WazirX. The latter’s CEO argues that his company also has the cheapest BTC price in India, adding:
“If banking is something the exchanges are not allowed to do, then the solution is something that direct banking doesn’t come in.”
As Bitcoin News reported recently Dabba is also taking off as a way of avoiding the RBI ban. Best described as a way of trading through something called a “hawala” network rather any system connected with an exchange, Dabba is becoming increasingly popular. The trading only takes place through an overseas bank account mainly based in the UK, with Dubai another favorite.
Mainly using the messaging app Telegram its use best explained simply thus:
“The broker accepts money in cash, buys Bitcoins using an overseas trading account and sells them when the bet placed in India is settled. The difference is paid in cash to the customer.”
The KoinEX system offers a P2P trading solution called Loop which offers clients access to the trading of BTC, ETH, and XRP. CEO Rahul Raj explains:
“…buyers and sellers on Loop can create their own listings (like a marketplace) or explore existing listings to choose their best trades,” adding, “…while it’s still early days, Loop has been very well received by the Indian trading community and we are seeing increasing traction every day.”
LocalBitcoins have also seen a local boost to trading since the ban with the Indian rupee (INR) volume increasing 25% from around 68 million rupees to 85 million rupees to August. BTC saw a similar hike in trading volumes with a hike of 23% over the same period.
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