The Reserve Bank of India’s deadline to terminate all banking services for crypto-related entities is set to end on July 6. As the date approaches,WazirX, a cryptocurrency exchange, is getting ready for the possible end of its current crypto trading services model in India and preparing a new one.
The platform has announced the launch of its peer-to-peer crypto transfer services, which will allow users to continue trading “without getting those warning emails from your bank!”.
A Smart Move for Survival?
The Mumbai-based exchange WazirX said in a Medium post:
“In Peer-to-Peer transfer, you can buy and sell crypto for INR directly with each other without any hassle. It’s a glimpse into the decentralized future!”
The platform will become an intermediary for P2P transfers, which will allow people to trade directly with each other. This will help the platform continue to do business in highly uncertain times.
How Does P2P Work on WazirX?
WazirX will collect crypto deposits from the seller and escrows it for safekeeping during the transaction. The buyer makes a payment to the seller in Indian Rupees, following which the exchange releases the digital currencies to the buyer.
Co-founder and CEO Nischal Shetty explained the new trading model, saying:
“We will be at the center of these (P2P) transactions, ensuring completely secured and hassle-free transfer of funds and cryptos to voluntary buyers and sellers.”
He also stated that the platform hopes for regulations instead of bans from the authorities. A court petition against the RBI ban order is sub judice with the next hearing scheduled on July 3.
Crypto companies in the country may hear good news in the future as the secretary of the Department of Economic Affairs, Subhash Chandra Garg, recently hinted that a 10-member committee he is heading is suggesting regulations over a complete ban. The committee will submit its report next month.