Even as the Supreme Court has reportedly agreed to hear the crypto petition on July 3 this year, the RBI’s deadline to stop all banking services being availed by cryptocurrency entities is just two days away. In view of this, most leading cryptocurrency exchanges have already prepared for the possible scenario. WazirX is no exception.
Mumbai-based cryptocurrency exchange WazirX has launched a P2P crypto transfer solution to enable crypto enthusiasts to continue buying and selling cryptocurrencies.
The Peer-to-Peer (P2P) transfer will allow users to buy and sell crypto directly with each other for Indian rupees. WazirX will act as an intermediary here, connecting the buyers and sellers on the platform.
Here’s how it works:
- 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 exchange.
- 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 we get a confirmation from the seller
Nischal Shetty, co-founder and CEO of WazirX, 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.”
WazirX will make P2P live as soon as the RBI ban on banking services dealing with crypto comes into effect. We’ve built WazirX with the intention to involve every Indian into the blockchain revolution, and our resolve is stronger than ever. That being said, 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.
The cryptocurrency sector is hopeful since Subhash Chandra Garg, secretary, Department of Economic Affairs, recently indicated that a committee headed by him might suggest a regulation instead of banning crypto altogether. Garg is heading the 10-member committee which is working on a draft relating to cryptocurrency regulation and ICOs in India.
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