On July 6th, India had made all the transactions of cryptocurrency. By the month the RBI had reduced the crypto exchange in all the banks of India.
Sometimes-ever-dead Indians are transferred to the crypto business, so that investors continue to trade in crypto currencies, but these rules of the bank have made the Indians very disappointed, but the Indian government has at least two crypto Exchange-WazerX and KOnex - Now another feature is to enable the crypto-rupee trade.
Before we tell you what the facility is and how you can use it, remember that the RBI has not yet fully leaked cryptocurrency.
While the new facility is innovative and can encourage the crypto market, the system is full of risks.
New crypto-rupee trade facility
WazirX and Koinex have launched peer-to-peer platforms for the convenience of entry and exit cryptoscopy using Indian Rupees.
"If you are a new entrant for crypto ecosystem, you can buy crypto properties directly by transferring the INR to a seller, this is your first entry point. Similarly, you can sell it in return instead of INR, "Co-founder and CEO Rahul Raj said, whose P2P platform is called the Connex Loop.
Up to now, a buyer will transfer money to an exchange and then buy crypto. "Now you will transfer the money to another person and that person's crypto will be transferred to you by the exchange, hence the need to deal with the exchange through a bank account will be blocked." Said, "You will deal with the buyer or seller's bank account." KOnex and WazirX P2P services are offered for free.
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Negotiating the vendor and the buyer for exchange will not be required. Information for two people will be found by one another.
When the seller requests to sell a cell, its crypto property will be in the custody of the exchange. The exchanges already have the seller's bank account details because when a person opens an account with them, then he takes that information forward. The seller has the option to choose between online methods of payment, including NEFT, IMPS and UPi, through which he wants to receive payment in lieu of crypto holdings. The exchange then shares the necessary information with a potential buyer, and asks the buyer to transfer a certain amount in a fixed bank account (seller's account) through the chosen method of payment.
However, the property will be issued to the buyer only when he will inform the exchange that the required amount has been transferred from his bank account and the seller can accept the receipt of the transferred funds.