[2018-08-10] Huge Demand for ‘P2P’ Crypto Trading Seen in India After RBI Ban

[maarx]

https://news.bitcoin.com/p2p-crypto-trading-india/

Exchange-escrowed trading directly between cryptocurrency buyers and sellers is growing in popularity in India following the crypto banking ban imposed by the country’s central bank. One local exchange, in particular, is seeing “tremendous” response from Indian traders for this service as “tens of thousands of new users have signed up” in a month.

Indians Warming Up to New Solution

Huge Demand for 'P2P' Crypto Trading Seen in India After RBI BanSince the country’s central bank, the Reserve Bank of India (RBI), banned banks from providing fiat service to crypto companies, local cryptocurrency exchanges have come up with solutions for their users to be able to withdraw Indian rupees. One popular solution is exchange-escrowed trading which local exchanges call peer-to-peer (P2P) trading.

Trade will increase in India?

[snipie]

Creative way to bypass the crypto ban imposed by the Indian central bank.
Exchanges hold cryptocurrencies and allow you to trade it for USDT for example and it is up to users to buy and sell from each other and for the exchange to act as an escrow.

[hugeblack]

The primary purpose of these currencies is to overcome the restrictions imposed by countries and governments on the conversion of coins and make the exchange from P2P without the need for an intermediary.

the Domination of central trading platforms made Bitcoin resemble a currency produced by those platforms.
I hope that this shift will not be temporary due to the imposition of restrictions on the local banks, but the concept of the use of these currencies.

Also, I don't want to question the news that comes from bitcoin.com

[Kemarit]

What else do you expect? Similar thing can be seen during the China restrictions, crypto enthusiast find a way to bypass this restrictions by doing P2P and OTC and the money continues to flow. And I think the crackdown only raises the demand more in the underground so I say that those bans or restrictions didn't put any significant dent on the market itself. It may slowdown a bit, but we all know that its hard to stop this crypto revolution.

[Kprawn]

Well, traders in China basically did the same thing when their government started to close down exchanges. They started P2P

trading via LocalBitcoin and other platforms. You cannot stop people from using and trading a global decentralized technology

like Bitcoin by blocking the onramp, like India is doing with the help of Banks. The informal black markets and trading network

has already been established.