Today, at 3:00 pm, popular cryptocurrency exchange, WazirX, the only exchange with it’s very own altcoin, started P2P(peer-to-peer) trading on their platform. This is a perfectly legal way to invest or trade in virtual currencies according to them and is a huge blowback to the recent blanket ban applied by RBI. The Supreme Court also declined the writ petition by IAMAI to over rule the RBI circular regarding all entities regulated by them to stop dealing with cryptocurrencies, although we still have our fingers crossed for another hearing about this petition on 20th July. For now, however, WazirX’s P2P trading is the only hope.
1$ USD=1 USDT
Recently after the implementation of the RBI circular on 3rd June the values of cryptos on Indian exchanges caused a huge downslide which lead to shortselling and arbitrage due to which people made a lot of money(once again, well done RBI). As of now there are a lot of fluctuations in the Indian Crypto market but once again the solution is, Tether! As it is the most stable coin and highly liquid, all we need to do, is to buy Tether which WazirX will hold in escrow from the seller and once the seller confirms he has received payment, which he will as most of the users on the exchange are KYC verified and in case there are any problems, WazirX has also introduced a new dispute feature which they say they will resolve ASAP. The best thing about this is now when we sell our crypto’s the sell amount will be directly transferred to our bank account! Bye Bye withdrawl fees!! Sapiens Point of View. Although this is a solution, and a truly great one at that, to our problem, we shouldnt have a problem like this in the first place. Almost every superpower nation has adopted cryptocurrency and a lot of them have even regulated them. By putting such a blanket ban we have put our country in league with nations like Nepal. This is a huge step backward towards development of our nation. In the words of U.S. CFTC chairman Chris Giancarlo “We owe it to our future generation”. Restricting a 250 billion dollar market is a very unplanned and immature move by the RBI. It’s like shutting down the stock market just because it’s new to the world and complicated. We sincerly hope the future hearings will overturn these moves and open up new horizons for the Indian Crypto-community.