Indian crypto exchanges are trying to circumvent the RBI ban

Indian cryptocurrency exchange Coindelta, like several other Indian exchanges, has launched a p2p exchange platform in an attempt to circumvent the Reserve Bank of India's (RBI) ban on providing banking services to firms or individuals dealing in cryptocurrency. The RBI ban came into effect on July 5.

The platform, called Flux, will be fully available to users from July 15.

The platform will allow users to buy and sell cryptocurrency for Indian rupees, acting as an intermediary. Clients will be able to trade Bitcoin, Ethereum, Ripple and Tether. The platform will be equipped with a rating mechanism that will evaluate the reputation of the trader. 

The Indian government has assembled a committee that is expected to propose regulations for cryptocurrencies by mid-July.

Last week, the Supreme Court of India rejected a petition to lift the RBI ban, which was issued on April 5. The RBI has given banks a period of three months to cease all existing transactions with cryptocurrency companies and stop opening accounts for legal entities dealing in digital currencies.

Many Indian crypto exchanges are trying to cope with the difficulties caused by the RBI ban. Some of them provide p2p platforms, and some are moving their operations outside India.

Indian crypto exchanges Zebpay and WazirX have started offering cryptocurrency-to-cryptocurrency exchange services. Another exchange called Koinex also recently announced the creation of a p2p platform called Koinex Loop. The developers of the BitBns exchange are working on creating a similar decentralized peer-to-peer network.

According to rttnews.com