Huobi Announces Peer-to-Peer Exchange Is Going Live In India, Featuring Ethereum, Bitcoin, And Tether
On the 26th July, Indian clients of Huobi OTC received an email announcing the launch of its new Peer-to-Peer based in India. The email went on to talk about the unique features that would be available for users including zero transaction fees for Bitcoin, Ethereum and Tether.
For traders that want to complete larger-volume transactions, they will be able to move funds from this Indian-based platform to the larger Huobi Global exchange, all while having access to 24/7 customer support.
For Indian crypto traders, the introduction of a more local cryptocurrency exchange means that intervention from third-party sources will be removed. Most notably for India, this third party takes the form of the Reserve Bank of India (RBI), which has since taken an anti-cryptocurrency stance.
The RBI had since legislated for a ban on the conversion of cryptos to Indian Rupees, throughout July, the country's Supreme Court laid the ground for further discussions of this ban.
According to internal reports, minimal challenges were made by the Internet and Mobile Association of India on the 20th of July, further pleas are expected to be completed for the 11th of September.
Huobi OTC operates as an affiliate of Huobi Pro, serving as a platform dedicated to over-the-counter transactions of digital assets. Users are able to post their trade on the OTC via an advert which can be completed with an additional party, giving Indian-based traders a way to convert their crypto into fiat.
Thanks to the interface of the OTC, adverts posted can also be completed offline, giving flexibility to the trader. Effectively, Huobi OTC provides an escrow on digital assets.
With the current political landscape in India veering more to a hostility towards cryptocurrencies, Peer-to-Peer platforms remain one of the only ways traders are able to sell their cryptos for fiat.