Peer-to-Peer Trading Launched in India

As you might be aware that The Reserve Bank of India had directed all the banks to stop dealing with crypto currencies whose deadline was on 5th of July. Now there had been a lot of panic selling happened over the last one month and people have sold their bitcoins for loses because of the uncertainity.

Now some of the Indian Exchanges have already have announced that they will be introducing peer-to-peer model to continue the trade. WazirX CEO Nischal Shetty said that

In P2P model, the buyer and seller can deal with each other directly while WazirX acts as an escrow account for holding the cryptos during the transaction so that neither party cheats the other,

Now after 6 days of RBI ban WaxirX has started the P2P transfer and it is the first Indian Exchange to do it. The trading pair is USDT/INR where you can cash in 24/7.

An Example how WaxirX P2P works

Lets say you want to sell 1 BTC worth $6000 which is approximately ₹4 Lakhs INR.

At first sell your BTC for 6000 USDT.
Then put your 6000 USDT for sale on WazirX P2P.
Now once WaxirX finds a buyer to buy 6000 USDT on WazirX P2P, they will transfer ₹4 Lakhs to your bank account.

This is as simple and there is no way of cheating because WazirX acts as an escrow account. You can read more at https://medium.com/wazirx/wazirx-p2p-arrives-today-135d928a0d72