Indian crypto exchange platforms were using P2P ( peer to peer ) for crpto exchange , exchange platform were using this to stop the ban imposed by banks and other financial firms .
Indian exchange platforms are using P2P to stop the use deposits platforms , they introduced P2P system as an alternative .Let us tell you that indian crpto exchange platform are getting orders for purchases through it , after this there-after the exchange directs the seller to the buyer with immediate effect . Doing so entitles the buyer to transfer fund to seller using a bank or a payments platform .
After this the seller can transfer crpto assets from his wallet to the buyer’s wallet . This would prevent the direct transfer between payments platforms or exchanges between bank could . Let us tell you that recently , after the restrictions imposed on payments platform this ‘ been came into effect by indian crypto exchanges.
Why Indian Crpto Exchange platforms are helping in P2P transaction ?
A exchange officer said that by using this new system , transaction can be done between two people without any problems , officer further said that it is not that , how this works , it’s system is less productive . Officer says that due to lack of restriction , laws , its process has become like membership . By third party payments process exchanges and their customers , FIAT is used as ON and OFF .
According to a another unidentified exchange officer ,the new development remains a seamless money trasfer from A to B . Unknown officer beleive that exchanges are not meant to act such as trend remains unproductive .
However he feels that exchange subscribe to the process , because it lacks , law and order .Accordingly the process works by using third party payment processes , which usually FIAT receivable between exchanges and their customers appears as an ON and OFF ramp .
Let us tell you that recently Reserve Bank of India warned these payment platforms to work with the crpto exchange platforms . CoinBase banned its partner just a few days after the exchange was launched . Reason for suspention implemented by Apex Bank of India , strict rules have been given . Earlier CoinBase intentions was to offer UPI to its customers / users .
Regulators claimed that the exchanges were not aware of UPI , due which the plan to implement the financials rules were called off / was stopped .Indian crpto exchange platform CoinSwitch Kuber has stopped all crypto deposits and withdrawals that were available on its payments platform . However , Indians were restricted to a few options for exchange transaction .
Several crypto exchange platforms are planning to use various mechanism for payments , directly from their customers to their respective bank accounts , steps are being taken forward for receiving crypto funds . After this , users will be able to do the process of relaying the crypto exchange from their wallets .