Amid the Regulatory Uncertainties, OKEx Launched P2P Trading Platform In India

August 6, 2020 4:16 PM UTC

 

OKEx, a giant cryptocurrency exchange, plans to expand its platform in India by offering a P2P trading platform and fiat onramp. On Thursday, exchange discloses that a new P2P trading platform will empower users to trade crypto assets using Indian rupees, and no transactional fees will be charged.

OKEx highlights that traders are allowed to carry out fiat-to-crypto transactions through escrow. The announcement further discloses Bitcoin and Tether trading pairs for INR, support for additional cryptocurrencies is promised to launch soon.

With INR onramp, traders can instantly connect to existing OKEx accounts. Easy access will support OKEx to expand the trading ecosystem. 

Indian Government Looking To Ban Crypto 

Ever since the Indian supreme court removed the ban from the crypto sector, India’s ties with the crypto market are quite complicated. The Central Bank of India and major ministers have taken a stand against cryptocurrencies and going to restrict crypto activities in the country. 

There are now reports that Indian legislators are actively working on a cryptocurrency draft bill entitled “Banning of Cryptocurrency and Regulation of Official Digital Currency Bill, 2019.”

Jay Hao, CEO of OKEx, stated that the firm had been investigating the Indian crypto market for a long time. He said:

“We are willing to support our Indian partners and are hopeful that we can work with regulators to clarify their main doubts and issues with cryptocurrencies and help build a framework that allows this booming industry to continue to flourish.”

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