Indian Crypto Exchange Coindelta Launches P2P Platform
Indian cryptocurrency exchange Coindelta has launched a peer-to-peer (P2P) exchange platform similar several other crypto exchanges in India in its bid to bypass the Reserve Bank of India’s ban on providing banking services to firms or individuals dealing in cryptocurrencies. The RBI ban came into effect from July 5. The platform, named Flux, is going live on July 15.
The Flux platform will enable direct deals of buying and selling cryptos for Indian Rupees FIAT (INR) by acting as an intermediary. People will be able to trade Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Tether (USDT).
The platform will also include a dispute system along with a rating mechanism to build trader’s reputation on the platform.
The Indian government has set up a committee which is supposed to propose a regulatory draft for virtual currencies in India by mid-July.
Last week, India’s Supreme Court refused to grant stay on the RBI ban issued through a circular on April 6. The RBI had given a 3-month time frame until July 5 for the banks to end all existing dealings in cryptocurrencies and stop providing accounts to entities dealing with such currencies. The next hearing is withing 2 weeks, on July 20.
Many Indian cryptocurrency exchanges have been trying to obviate the difficulties associated with the RBI ban by either introducing a peer-to-peer facility or shifting base from India.
Indian crypto exchanges Zebpay and WazirX started offering crypto-to-crypto exchange facilities. Another crypto exchange Koinex has also recently announced a similar P2P platform called Koinex Loop. BitBns is working on a similar P2P network.