Coindelta is one of the largest crypto exchanges in India. Due to the recent ban by the Reserve Bank of India, the company has come up with a solution to bypass the ban and trade cryptocurrencies.
According to MoneyControl, Coindelta is launching a Peer to Peer platform called ‘Flux’. Here on this platform traders can trade bitcoin, ripple, ethereum, and Tether. This P2P trading platform has been build upon a clever method to bypass the ban.
Cryptocurrency Trading Process Using P2P Platform.
The Business head of Coindelta, Shubham Yadhav Stated that A Trader who has already bought cryptocurrencies need to register on the platform. Then If the Trader is willing to sell his cryptocurrency can use the platform to sell it. During the trade, the platform will generate a link which is only visible to other traders on the platform.
The Seller who has listed his cryptocurrency on the platform during this process he won’t be able to use it until the deal is complete. After the Buyer finds the seller from the platform link and if he agrees to trade, then the buyer needs to send the amount to the sellers account directly. Once Seller gets the amount and confirms then the cryptocurrency will be transferred from the seller’s to buyer’s wallet.
Also, WazirX is a crypto exchange platform which has come up with a similar P2P solution. This shows that many cryptocurrency exchanges will be planning to move towards P2P trading until the RBI ban is resolved.
When Yadhav was asked, “What if RBI targets P2P Trades?“. He stated that the government has not banned cryptocurrencies and its trading. If RBI targets P2P, Traders will be able to file tax returns because they are disclosing their income from an asset which is not illegal in India.
Using P2P has some cons like the trade might take more time than the quick exchanges before but this is the only way to trade P2P in India until the RBI removes the ban on cryptocurrency trading.
Let us wait and see if there is any chance where the supreme court of India might stop the ban by RBI. Until then the traders need to trade using P2P platforms and Exchanges in India.