The Indian cryptocurrency sector has not enjoyed the blessing of the government in recent times, but it has not given up. And with the support of external crypto companies, investors and traders in the country are able to continue with their activities. Chinese company Huobi, in particular, is reported to be setting up peer-to-peer, or P2P crypto transactions in India.
Huobi is one of the largest global exchanges, with operations in more than 130 countries with more than $1 billion in assets. Founded in 2013, the cryptocurrency exchange lists about 100 digital currencies.
The Huobi plan for P2P crypto transactions in India hinges on the fact that customers will be able to use the local traditional currency, Rupee. In April of this year, the Reserve Bank of India (RBI) issued a ban on cryptocurrencies – specifically that cryptos can’t be converted to Rupees. In spite of reports that the RBI didn’t carry out enough research about the matter, the Supreme Court allowed the ban to stay in place by denying a petition filed by players in the crypto niche.
With Huobi’s expansion, traders can carry out their transactions directly with each other. To sweeten the pot, the exchange has stated that there will be no transaction fee for BTC, ETH, and USDT. In the future, more cryptocurrencies will be added to the platform.