Many cryptocurrency exchanges in India offer some kind of peer-to-peer (P2P) trading. News.Bitcoin.com talked to several of them to find out what is unique about each platform, most of which were launched in response to the banking restriction imposed by the country’s central bank.
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P2P With Tether
A number of Indian crypto exchanges launched exchange-escrowed P2P trading following the banking restriction imposed by the Reserve Bank of India (RBI) which went into effect in July last year. Some of them use dollar-pegged stablecoin tether (USDT) as an extra step between rupees and buying or selling other cryptocurrencies on their P2P platforms.
Wazirx has a P2P platform that allows users to convert their INR to USDT in order to trade against any of the 42 coins listed on its main exchange. CEO Nischal Shetty described to news.Bitcoin.com that “Unlike other P2P where [the] user has to decide which buyer or seller to connect with,…