This week, cryptocurrency exchange Huobi informed users of its intentions to launch a p2p platform that will allow trading BTC, ETH and USDT paired with local currencies without transaction fees. “We believe it is time to offer buying/selling of digital assets for rupees to all registered users in India,” the exchange states.
Huobi OTC is a private peer-to-peer (P2P) platform that allows users and merchants to trade digital assets with local currencies. The exchange also invited users to become “international traders.” The message reads: “Once you become Huobi OTC International Merchants, you will be eligible to advertise tokens to increase profits, enjoy zero transaction fees and receive 24/7 customer support.”
The Indian cryptocurrency market is currently is going through difficult times times. In recent months, Indian companies and individuals carrying out cryptocurrency activities have faced opposition from banks following a ban imposed by the country's Central Bank (RBI). The ban took effect on July 5 after the Supreme Court denied a petition to overturn the ban at a hearing on July 3 and then upheld the ban at another hearing on July 20. A final hearing on the matter is scheduled for September 11.
In April, the RBI ordered regulated financial institutions to stop providing services to entities and individuals engaged in cryptocurrency activities. Since then, restrictions have forced Indian cryptocurrency exchanges to suspend fiat transactions and only trade cryptocurrency pairs. The regulations currently being drafted are expected to be adopted in September and will define the rules governing cryptocurrency activities. Until regulation comes in, peer-to-peer platforms are the only alternative way to exchange cryptocurrencies for rupees. Cryptocurrency exchanges Koinex and Wazirx already offer peer-to-peer trading services.
Huobi exchange plans to expand its geographic presence also include Europe, Asia, and America. In June, the exchange confirmed its intentions to open an office in London. At the beginning of July, the exchange launched a platform in Australia with 10 pairs for the Australian dollar. Huobi is also considering providing services in Toronto, San Francisco and Sao Paulo.
According to news.bitcoin.com
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