Cryptocurrency alternate OKEx has introduced a brand new peer-to-peer buying and selling platform launching Aug. 5, which permits customers to purc
Cryptocurrency alternate OKEx has introduced a brand new peer-to-peer buying and selling platform launching Aug. 5, which permits customers to purchase digital currencies with zero transaction charges utilizing Indian rupees (INR).
The announcement comes sizzling on the heels of studies that the Indian authorities is planning to move a regulation making cryptocurrency buying and selling unlawful within the nation.
Simple fiat onramp helps main Indian fee platforms
At launch the platform is providing Bitcoin (BTC) and Tether (USDT) pairs for INR, with assist for additional cryptocurrencies promised quickly.
OKEx describes the platform as a market for merchants to make fiat-to-crypto transactions by way of escrow. Customers may additionally make the most of the preferred Indian fee strategies together with UPI, IMPS, and NEFT.
This fiat onramp for INR will hyperlink on to merchants’ present OKEx accounts, permitting easy accessibility to the broader OKEx buying and selling ecosystem.
Indian crypto ban lifted in March however nonetheless looms massive
The announcement acknowledges that the regulatory place within the nation remains to be unclear following the Indian Supreme Court docket’s overturning of the Reserve Financial institution of India’s (RBI) blanket ban on banks coping with cryptocurrency corporations earlier this yr.
It states that the Indian authorities is in dialogue a couple of regulatory framework for cryptocurrency with the RBI and the Securities and Trade Board of India.
Nevertheless, as Cointelegraph reported simply hours in the past, there are actually studies that the Indian authorities is actively working in direction of a brand new regulation banning cryptocurrency buying and selling altogether.
OKEx CEO Jay Hao informed Cointelegraph that the corporate had been learning the market keenly for a while. He famous that talks with the corporate’s Indian companions appear to point {that a} blanket ban could be unlikely to move.
“We’re prepared to assist our Indian companions and are hopeful that we are able to work with regulators to make clear their primary doubts and points with cryptocurrencies and assist construct a framework that enables this booming business to proceed to flourish.”
If the ban does go forward, Hao confirmed that “OKEx will clearly adjust to all native legal guidelines.”