The Supreme Court has agreed to hear the crypto petition on July 3 this year, but the RBI’s deadline to stop all banking services being availed by cryptocurrency entities will come into force on July 5. In view of this, most leading crypto exchanges have already prepared for the possible scenario.
WazirX, Mumbai-based cryptocurrency exchange, has launched a P2P crypto transfer solution to enable crypto enthusiasts to continue buying and selling cryptocurrencies.
The Peer-to-Peer (P2P) transfer will allow users to buy and sell crypto directly with each other for Indian rupees. WazirX will act as an intermediary here, connecting the buyers and sellers on the platform.
How it works?
The seller deposits the cryptocurrency with WazirX, which the latter escrows for safekeeping during the transaction. At the other end, the buyer pays Indian rupees to the seller; as soon as the seller confirms receipt of the payment, WazirX releases the crypto to the buyer.
Nischal Shetty, co-founder and CEO of WazirX, said that while the P2P crypto transfer feature allows users to build digital assets, WazirX is also hopeful that the authorities will acknowledge the impact crypto has on global economies and will work closely with private players like them to regulate this space instead of simply banning cryptocurrency.
According to a statement by Subhash Chandra Garg, Secretary of the Department of Economic Affairs at the Ministry of Finance, the new Indian regulatory framework for cryptocurrencies is likely to be presented in the first half of July.