BTC Wires: The tussle between the higher authorities and crypto exchange platforms in India are showing signs of having become a cat and mouse fight. Every time a new announcement is made by the Government of India, restricting the Crypto based platforms from conducting regular business, startups never fail at working a way around the terms of the regulation to keep their operations ongoing.
In its pursuit, cryptocurrency exchanges in India have shifted their focus on peer-to-peer cryptocurrency trading platforms to facilitate transactions between its users. The verdict of the Supreme Court of India, upholding the Reserve bank of India’s regulatory ban over banks supporting any cryptocurrency service provider has sent a shockwave to millions of regular users on these platforms. Shortly after the circular’s issuance, the banks were allowed a period of 3 months to settle all pending transactions.
“The demand for trade in Virtual Currencies, in India, has only increased over the years and government bodies like the RBI should focus on regulating the industry, instead of pulling out a blanket ban over the sector altogether.” -says Jatin Madhra from CryptoniumX, a peer to peer (P2P) cryptocurrency exchange platform. P2P exchanges like CryptoniumX allow the traders to trade directly with each other and with the help of a trusted third party. The third-party platform, in turn, acts as an escrow service, maintaining the trust of both the buyer as well as the seller involved in the trade.
The service will do a complete hand-holding to ensure a clean transaction and release funds. The trust factor is built upon the fact that such platforms can conduct a due diligence over user profiles and complete KYC requirements before initiating any trades. This allows the users to seamlessly buy/sell Bitcoins.