Growing Number of Indian Crypto Exchanges Say Fiat Support Is Back Despite RBI Ban
A growing number of crypto exchanges in India have announced the return of fiat deposit and withdrawal support despite the crypto banking ban imposed by the country’s central bank. Several other exchanges in the country also allow their users to use Indian rupees to buy and cash out cryptocurrencies through their exchange-escrow peer-to-peer (P2P) services.
Exchanges Say INR Support Is Back
Since the crypto banking ban by the Reserve Bank of India (RBI) went into effect in July, crypto exchanges in the country have been deprived of banking services. Many of them subsequently shut down their INR support, disallowing users to make deposits and withdrawals in Indian rupees. The Supreme Court of India is scheduled to hear petitions against the ban next week.
However, recently at least three crypto exchanges in the country have announced the return of INR deposit and withdrawal support despite the RBI ban.
On Wednesday, September 12, crypto exchange Koinex announced that it has brought back INR deposits and withdrawals through its P2P system, stating:
We are happy to announce the revival of INR in the crypto universe through a new peer-to-peer deposit and withdrawal mechanism for INR transactions…Just like the old times, users will be able to deposit and withdraw funds directly from their INR wallets.
Another crypto exchange, Coindelta, announced on August 31 that it had resumed INR support. “We have resumed back the INR deposits and withdrawals on Coindelta. Not only this, your old favourite INR markets are back where you can trade with your INR,” the exchange wrote.
In addition, news.Bitcoin.com recently reported on another exchange, Giottus, offering a creative way of allowing users to deposit and withdraw Indian rupees using its P2P platform.
Other Exchanges With Similar Services
The three aforementioned exchanges are utilizing their exchange-escrowed P2P services to facilitate deposits and withdrawals in Indian rupees. Each has its own set of rules including the number of coins supported, the deposit and withdrawal process, and the time it takes to withdraw INR using their systems.
There are several other exchanges with similar P2P services that allow users to both purchase cryptocurrencies and cash out in Indian rupees.
Crypto exchange Wazirx, for example, recently celebrated its six-month anniversary of launching its P2P service. The exchange claims “We’re seeing our trading volumes increasing every day.” Vouching for the popularity of P2P trading, CEO Nischal Shetty told news.Bitcoin.com “We see more than 1 match per minute on our P2P.”
Another exchange, Instashift, has been offering P2P trading of over 80 coins. “Since the last set of RBI related developments in the past couple of months, we have continued to see strong 20-25% growth in trading volumes month on month over the last 2 quarters of our operation,” CEO Rahul Chitale shared with news.Bitcoin.com.
Coindcx also offers P2P trading on its Dcxinsta platform. “We guarantee any 50+ cryptocurrencies purchase directly with INR in less than 60 seconds,” CEO Sumit Gupta claims.
Other fiat-enabling systems outside of the P2P services are also being used in India such as the Dabba trading system which uses the Telegram messaging app to facilitate the trades.