OKEx releases a peer-to-peer trading platform in India amid the growing uncertainty regarding the legal stance of the country on crypto trading. In our latest crypto news today, we try and find out more.
The popular crypto exchange platform OKEx released a peer to peer trading platform in India as the local users will be able to purchase digital assets with Indian rupees with zero fees. According to a study by OKEx and Coinpaprika, the Supreme Court decided to lift the ban on crypto trading in the country and prompted a serious popularity boost for crypto assets. Both organizations concluded that the time that India’s crypto market has become prosperous again, will reflect in the exchange’s trading volume.
OKEx decided to launch a P2P trading platform in the country and in their official announcement, the Malta-based crypto exchange said upon releasing that the users will have the ability to purchase Bitcoin and Tether with INR. The company plans to add more crypto tokens later. Apart from providing the lowers price possible, and the fastest KYC process, the users of the new platform will be able to employ the most widely adopted payment methods such as UPI, IMPS, NEFT and more. The statement also outlined the massive room for growth in the second-most populated nation as about 5 million people own a type of digital currency.
The nation’s Supreme Court lifted the two-year-old ban on crypto in March and the trading volumes surged instantly since then, suggesting that the country could look into banning crypto trading again. Releasing a P2P platform allows locals to make fiat-to-crypto transactions via escrow as the CEO of the company Jay HAo said:
“OKEx has been studying the Indian cryptocurrency scene, and we have been very encouraged by the high level of awareness and interest in such a highly populated and tech-savvy country. There have been several factors that have contributed to the recent boom in trading here. Those include the reversal of the RBI’s banking ban by the Supreme Court in March, the central bank clarification that financial institutes can work with cryptocurrencies, and a spike in interest during the lockdown.
However, we have always been aware that India lacks regulatory clarity around cryptocurrencies, and this has been a stumbling block to the growth of the space here. We work closely with our Indian partners and are confident that the latest rumors of a law to ban cryptocurrency in the country will not come into effect.”
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