The popular cryptocurrency exchange OKEx will launch a peer-to-peer trading platform in India today. Local users will be able to purchase digital assets with Indian rupees (INR) with zero transaction fees.
According to a study compiled by OKEx and Coinpaprika earlier this year, the Supreme Court decision to lift the ban on cryptocurrency trading has prompted a serious popularity boost for digital assets. The two organizations concluded at the time that “India’s overall cryptocurrency market has become prosperous again, especially reflected in the exchanges’ trading volume,”
Perhaps somewhat expectedly, OKEx has decided to launch a P2P trading platform in the country. In the official announcement, the Malta-based cryptocurrency exchange said that upon releasing it, users will initially have the ability to purchase Bitcoin and Tether (USDT) with INR. The company plans to add further cryptocurrency tokens later.
Apart from providing “the lowest price, the deepest market, and the fastest KYC process,” users of the new platform will be able to employ the most widely adopted payment methods – UPI, IMPS, NEFT, and more.
The statement also highlighted the massive room for growth in the second-most populated nation. Out of the 1.3 billion citizens, only about 5 million people reportedly own any type of digital currencies.
As mentioned above, the nation’s Supreme Court lifted two-year-old ban on cryptocurrency in March instituted by the Reserve Bank of India (RBI). Although the trading volumes have indeed surged since then, reports surface frequently suggesting that the country may look into banning cryptocurrency trading again.
Releasing a P2P platform allowing locals to make fiat-to-crypto transactions with each other via escrow is OKEx’s answer. Company CEO Jay Hao told CryptoPotato:
“OKEx has been studying the Indian cryptocurrency scene, and we have been very encouraged by the high level of awareness and interest in such a highly populated and tech-savvy country. There have been several factors that have contributed to the recent boom in trading here. Those include the reversal of the RBI’s banking ban by the Supreme Court in March, the central bank clarification that financial institutes can work with cryptocurrencies, and a spike in interest during the lockdown.
However, we have always been aware that India lacks regulatory clarity around cryptocurrencies, and this has been a stumbling block to the growth of the space here. We work closely with our Indian partners and are confident that the latest rumors of a law to ban cryptocurrency in the country will not come into effect.”