Indian Crypto exchange, WazirX has now launched P2P (Peer-to-Peer) crypto transfer solution to help crypto investors continue buying and selling without warnings from banks.
P2P (Peer-to-Peer) transfer on crypto exchange
The P2P transfer is one of the most legal ways to deal with cryptocurrencies in India after the RBI stopped all crypto related services. However, the newly launched crypto transfer will allow users to buy and sell crypto for INR directly with each other.
Today we reveal the most legal way to deal with cryptos in India after RBI restriction comes into effect. Do share it and help spread the word! https://t.co/upZk4iN7A3#blockchain #cryptocurrency #isupportcrypto
— Nischal (WazirX) ⚡️ (@NischalShetty) June 27, 2018
With this upgradation, WazirX, the India’s leading crypto exchange will now turn into an intermediary between crypto investors while buying and selling cryptocurrencies.
CEO and co-founder of WazirX, Nischal Shetty said,
“We will be at the centre of these (P2P) transactions, ensuring completely secured and hassle-free transfer of funds and cryptos to voluntary buyers and sellers”.
Further, the WazirX believes that the current impact of crypto on global economies will be acknowledged by the authorities and work closely for the betterment of regulations. He also added that, the new P2P crypto transfer solution will allow users to build their crypto assets in a more secure way.
P2P crypto transfer process:
- WazirX connects the person looking to buy crypto for INR with someone who’s looking to sell crypto for INR.
- The seller deposits the crypto with WazirX.
- WazirX escrows the crypto for safekeeping during the transaction.
- The buyer pays INR to the seller.
- WazirX releases the crypto to the buyer as soon buyer gets a confirmation from the seller.
More importantly, WazirX verifies the KYC details of every user before they make any sort of transactions. As the result, there will be a record of every transaction that occurs on exchange.
Additionally, team of WazirX is also building a robust Dispute Resolution engine. Since to analyze and resolve any disputes among the dealers. However, P2P crypto trading will be active upon RBI’s decision on crypto banking services comes into effect.
Nischal Shetty says that,
“I really hope that the RBI changes its stand on crypto transactions in India. But irrespective, we’re here to make sure you’ll not be stranded. The show will go on with P2P!”.
Moreover, there is a rapid change in crypto vibes after Subhash Chandra Garg recently said that no negative thoughts about crypto regulations in India. He is also heading 10 committee members who were working on draft pertaining to ICOs and regulations in the country.