Indian cryptocurrency exchange, Bitbns has unveiled a website that attempts to make bidding and trading cryptocurrencies simple in India. The project titled, BidforX, will permit Indians to bid a minimum of one percent of the original price of a good in a legal manner. Products can even be as simple as a cellular phone, as noted by Coincrunch.
India’s stance on cryptocurrencies have clearly been one in contradiction of, as the Reserve Bank of India [RBI] imposed a ban, preventing banks from contributing to the exchange of funds between investors on such exchanges. While there are ongoing debates on the ban, which AMBCrypto mentioned that took place on July 3 and 20 respectively, the ban still remains, and discussions on the matter pushed to sometime this September.
How will Indian investors trade cryptocurrencies without coming into conflict with the banks? A peer-to-peer system has been in place, which promotes both legal trading, while encouraging investors to remain true to their passion for cryptocurrencies. As for BidforX, a bidding system has been embedded, such that users can deposit their holdings of the Indian Rupee (INR) on Bitbns and convert it to the BidforX Voucher. The said vouchers will then be held on the exchange.
As per an image shared by Pankaj Jadhav on Twitter, Bitbns is also working towards establishing different support systems for vouchers, including Flipkart and Amazon India, however, the layout of this respective plan has not been provided as of yet.
Another Twitter user, Crypto Investor, seems to be thrilled with Bitbns’ move, calling their plan an “innovative model, that shows they’re here Long term for benefitting Indians”, and praising their entirety for having “a true genius minds.”
Several P2P systems are traversing towards India, as Huobi OTC announced its launch in the country to encourage legal, crypto trading. Another Indian crypto exchange, Koinex, seems to support the idea of using P2P exchanges, calling it the “most legal” approach yet.