On 26th July, Huobi OTC emailed Indian clients to announce the launch of its peer-to-peer [P2P] exchange in India. The email explained the features on the exchange for Indian crypto-traders.
The exchange will enable zero transaction fee for BTC, ETH and USDT. The users who further require to trade with more volume can transfer their funds to Huobi Global exchange. They will be entitled to seamlessly trade cryptocurrencies along with 24/7 customer support.
This potential launch will act as a bridge between cryptocurrency traders without the intervention of a third party, in this case, Reserve Bank of India [RBI].
The RBI had filed a case for the prohibition of cryptocurrencies to be converted into INR [Indian Rupee]. On 3rd July, the Supreme Court of India [SC] laid the ban as per RBI’s filings, for the further discussions the case was scheduled for 20th July.
As per internal reports, limited arguments were put forth on behalf of Internet and Mobile Association of India [IAMAI] and RBI on 20th July. Since SEBI [Securities Board of Exchange India] and a few others had not filed their response to the petition seeking regulation, the Court directed for the completion of pleadings to 11th September.
As per Huobi’s official website, Huobi OTC serves as an affiliated website of Huobi Pro. It is a platform devoted to over-the-counter trades of digital assets. Users can trade their digital assets by posting an advertisement on Huobi OTC and then complete transactions with the other party so as to exchange their digital assets against fiats.
Huobi OTC offers an aggregated display of trading information and the actual payment can be completed offline. In other words, Huobi OTC provides an escrow on digital assets.The new P2P exchange is supposed to eradicate the current issue Indian crypto-traders are facing, which is the conversion of cryptocurrencies to INR. The exchange will enable users to trade funds from each other at the index price maintained by the exchange. A user can buy and sell in INR to Indian users.
The launch of P2P platforms remains the only option for local traders who want to exchange BTC, ETH and USDT for Indian currency. WazirX, one of the leading cryptocurrency exchange platforms of India made an announcement regarding the exclusive and “most legal” P2P service. Koinex, another exchange platform followed the trail. Both these platforms will maintain the service through an escrow account.
As P2P creates a market of unregulated assets and accelerates the trade of money laundering. Speculators suggest that P2P is only a temporary solution to the prohibition laid by RBI.
Indian crypto Girl, a Twitter user and crypto-enthusiast tweeted:
“Not just Indians, but one of World’s Largest Exchanges, Huobi, launches P2P Exchange in India with 🔹 zero transaction fee for $BTC, $ETH and $USDT 🔹Option to transfer to Huobi Global exchange if a user wished to trade with ‘more volume’ @RBI, ab ye rok ke dikhao 😋[now try to stop this RBI]”
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