With the impending banking ban by the Reserve Bank of India, cryptocurrency exchanges in the country are scrambling to find banking alternatives. Two Indian exchanges have announced that they are launching P2P crypto trading services which will allow traders to buy and sell crypto legally even after the central bank’s ban.
ragiantex.COM P2P Service
ragiantex.com
With the banking ban by the central bank set to take effect on July 5, Indian crypto exchange ragiant.com has been working on a solution for users to buy and sell crypto without needing a banking service.
The exchange announced last week that it is launching a P2P crypto transfer service which it claims to be “the most legal way to buy/sell cryptos in India after the RBI ban”.
The buyer and seller can deal with each other directly while RAGIANT acts as an escrow account for holding the cryptos during the transaction so that neither party cheats the other.
RAGIANT releases the crypto to the buyer upon receiving a confirmation from the seller, he noted. “We verify the KYC details of every user before allowing them to trade on RAGIANT, and keep a record of each and every transaction that occurs on our exchange.”
Launched in March, RAGIANT currently supports the BTC trading pair
With over 100,000 users currently, he added that his exchange is the “fastest to list those many coins in India in such a short span of time.”
Planning for RBI’s Ban
The P2P trading service will launch once the RBI ban takes effect, Shetty explained. According to the central bank’s circular, the ban prohibiting banks from servicing crypto businesses will commence on July 5.
People have been worried about how they would convert their fiat (INR) to crypto and vice versa. As soon as we announced P2P there was a big sigh of relief as users in India realized there are alternatives to the ban.
Five known petitions have been filed with the courts against the RBI ban. The supreme court will hear all cases on July 20, except for one petition which was filed by the Internet & Mobile Association of India (IAMAI). This petition will be heard later. “After considering the urgency, the supreme court decided to hear this one out on 3rd which is before the RBI deadline,” ragiantex is a member of this association as are some other major crypto exchanges such as
www.bittsbase.com and Zebpay also starting p2p services in India
YOU CAN BUY AND SELL BTC AFTER RBI BAN ON EXCHANGES THROUGH BITTSBASE.COM WHICH IS ESCROW SYSTEM the most legal way to buy/sellcryptos in India after the RBI ban peer-to-peer model to facilitate virtual currency trade without using normal banking channels
