Indian Crypto Exchanges are Supporting Indian Rupee (INR) Again Despite RBI Ban
Indian Cryptocurrency Exchanges Say They Support Fiat Currencies Despite Ban
Some virtual currency exchanges in India announced that they are supporting, once again, fiat deposits and withdrawals despite the cryptocurrency banking ban imposed by the Reserve Bank of India (RBI). There are exchanges that are allowing clients to use Indian rupees to buy virtual currencies such as Bitcoin (BTC) and Ethereum (ETH)
Back in July, the RBI imposed a ban that deprived financial institutions to offer services to cryptocurrency exchanges. Because of this, users were not able to make deposits and withdrawals in Indian rupees. On the matter, the Supreme Court of India will hear petitions against the bank in the coming week.
Nonetheless, there are several reports about some virtual currency exchanges that are allowing users to use Indian rupees despite the ban.
One of the exchanges that was able to bring back deposits in Indian Rupees was Koinex.
The company explained on the matter:
“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.”
However, this is not the only exchange that is accepting INR deposits once again. Coindelta informed its users that they’ve resumed back INR deposits and withdrawals.
These exchanges work in different way. Each of them have different rules for depositing and withdrawing funds. Moreover, the trading pairs offered are also different among exchanges.
Trading volume in most of the exchanges has also increased in the last months, despite the measures taken by the RBI. Instashift, for example, has experienced a trading volume growth of 20-25% in the last months.
Furthermore, other exchanges such as Coindcx and Wazirx, continue to offer their P2P services without any problems.
It will be very important to follow what the Supreme Court of India has to say on the matter during the hearing scheduled for the next days. Several countries took very hard measures in order to control virtual currency trading activities.