BidforX is a new website by Bitbns that auctions premium products to the highest bid amongst all bidder. The bids, in this case, are as low as 1% of the original product value and are entitled to legal wagering. According to Coincrunch, an instance would be, the phone ‘Redmi Note 5’ being sold for Rs. 10.92 [$0.16] to the winning bidder.
The Reserve Bank of India [RBI] petitioned a ban against cryptocurrencies, which prohibited banks from providing services to cryptocurrency exchanges. The ban was discussed previously in two meetings, which were held on 3rd and 20th July respectively. As per the recent reports released on 20th July, the ban had not been laid off and petition of pleadings has been moved to 11th September.
The current ban on cryptocurrencies in India has made the cryptocurrency trading difficult for the traders. Exchanges have introduced P2P [Peer-to-peer] trading services, which allows them to trade cryptocurrencies legally, despite the ban.
Instead of using the P2P route, Bitbns uses bidding. To deposit INR on Bitbns, the exchange requires the user to convert the money on the BidforX voucher. The deposited INR is then converted into redeemable vouchers, which will later be added to Bitbns’ crypto-trading platform.
Crypto Investor, a Twitterati said:
“This is how an Indian exchange (bitBns) comes up with the innovative model, shows that they’re here Long term for benefitting Indians. Now I can sleep happily without worrying about INR transfers & withdrawals. A true genius minds. Keep it up.”
Pankaj Jhadav another crypto-enthusiast said:
“Now this What’s called Thinking Out of the Box when All could see P2P as Solution, @bitbns Nailed it.”
Along with this, Pankaj also posted a picture:
Recently, Huobi OTC announced the launch of its peer-to-peer [P2P] exchange in India. The team emailed its Indian clients and explained the features on the P2P exchange for Indian crypto-traders. The exchange enables zero transaction fee for BTC, ETH, and USDT. Huobi also promised its users to seamlessly trade cryptocurrencies with 24/7 customer support.
Koinex, an Indian exchange platform followed the trail as WazirX, one of the leading cryptocurrency exchange platforms of India made an announcement regarding the exclusive and “most legal” P2P service. Both these platforms will maintain the service through an escrow account.
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