Despite the crypto banking ban imposed by the Indian central bank in July, a growing number of crypto exchanges in the country have announced the return of Fiat deposit and withdrawal support.
Crypto exchanges in the country had since the ban been deprived of banking services. This led to many of them shutting down their Indian Rupee (INR) support. Users could no longer make deposits and withdrawals in Indian rupees. Next week, the Supreme Court of India will be hearing petitions against the ban.
Koinex however announced on Wednesday, Sept. 12, the return of INR deposits and withdrawals through its P2P system. The exchange stated: “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.”
On August 31, Coindelta, another exchange announced it had resumed INR support. The exchange wrote: “We have resumed back the INR deposits and withdrawals on Coindelta. Not only this, your old favorite INR markets are back where you can trade with your INR.”
News.Bitcoin.com also reported on Giottus, another exchange, which is offering a creative way that gives room to users to deposit and withdraw Indian rupees using its P2P platform.
Koinex, Coindelta and Giottus all make use of their P2P services to allow deposits and withdrawals in Indian rupees. Their rules are all set and they include the number of coins supported, the deposit and withdrawal process, and also the time required to withdraw INR with their systems.
There are other exchanges with similar facilities that also give room for users to purchase cryptocurrencies and cash out in the local currency. An example of such an exchange is Wazirx. The exchange celebrated not long ago its six-month anniversary of the launching of 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.”
We also have Instashift, which has been offering P2P trading of more than 80 coins. The CEO, Rahul Chitale, shared with news.Bitcoin.com that: “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.”
There are other such services on the Indian territory operating despite the ban and even other fiat-enabling systems outside the P2P services.