Bitbns Introduces Innovating Way to Trade Crypto in India After Restriction
Bitbns has launched another update on its INR P2P model to trade cryptocurrency in India. Earlier last week Bitbns has introduced voucher based P2P model to deposit and withdraw INR using a third party service called Bidforx.com.
In the earlier model, to deposit INR on Bitbns, the exchange required the user to convert the money on the BidforX voucher and share the coupon code with the user who wanted to withdraw money from the exchange.
In the new model, to deposit INR on Bitbns, the exchange share the bank details of the user who is looking for withdrawal with the depositor. Once the depositor transfer money and withdrawer confirm the receipt of INR, The balance of both the parties are updated accordingly.
The current restriction on bank dealing with cryptocurrency by RBI has made the cryptocurrency trading difficult for the traders. Exchanges have introduced P2P [Peer-to-peer] trading services, which allows them to trade cryptocurrencies legally, despite the ban.
Another Indian Exchange WazirX is allowing the user to liquidate USDT against INR by allowing to the other deposit INR by a peer who is looking to purchase crypto against the USDT. In this model to buy a crypto user has to use a two-step process. First Buy USDT from INR and then Buy and Crypto using the USDT.
Koinex which was the largest exchange in terms of volume in India also introduced P2P, but the users are struggling around the complexity of their Koinex Loop flow bring down the daily trading volume to around ~40 BTC
Zebpay has not introduced any P2P, Ajeet Khurana, CEO of Zebpay, has openly said it will not introduce P2P seeing the risk over at the consumer end. He also added that Zebpay is very positive about the crypto regulation.
Supreme Court has set the final hearing date on September 11, 2018, around dealing of cryptocurrencies in India. Over the numerous petitions filed over cryptocurrency restriction and regulation by various cryptocurrency exchanges and individual. Supreme court in it July hearing merged all the petitions and announced a final hearing date on September 11 2018.
Until the restriction, Indian exchanges are innovating the way crypto is traded in India.