These days a burgeoning number of crypto exchanges in India are announcing the return of fiat deposit and withdrawal support regardless of the crypto banking ban set by the country’s central bank. Also, some other exchanges in the country want to allow their users to use Indian rupees to buy and cash out cryptocurrencies through their exchange-escrow peer-to-peer (P2P) services.
Back in July when the Reserve Bank of India (RBI) imposed the crypto banking ban, since then crypto exchanges have been impoverished of banking services. Most of them eventually shut down their INR support, disallowing users to make deposits and withdrawals in Indian rupees. Sometime next week, the Supreme Court of India is scheduled to hear petitions against the ban. Nonetheless, somewhat three crypto exchanges in the country have disclosed the return of INR deposit and withdrawal support despite the RBI ban. Last week Wednesday, Koinex crypto exchange announced that it has brought back INR deposits and withdrawals through its P2P system. The firm 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.
At the end of last month, another crypto exchange, Coindelta, announced that it had resumed INR support. “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,” the firm noted. Also, recently reported was another exchange called Giottus, providing a creative way of allowing users to deposit and withdraw Indian rupees using its P2P platform. The three exchanges mentioned above are using their exchange-escrowed P2P services to facilitate deposits and withdrawals in Indian rupees. Each one of them has its own set of rules along with the number of coins supported, the deposit and withdrawal process, and the time it takes to withdraw INR using their systems.
One example is Wazirx crypto exchange, which celebrated its six-month anniversary of launching its P2P service. The exchange insists “We’re seeing our trading volumes increasing every day.” Another exchange, Instashift, has been offering P2P trading of over 80 coins. CEO Rahul Chitale stated, “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 operations.”