Even as the Supreme Court has reportedly agreed to hear the crypto petition on July 3 this year, the RBI’s deadline to stop all banking services being availed by cryptocurrency entities is just two days away. In view of this, most leading cryptocurrency exchanges have already prepared for the possible scenario. WazirX is no exception.
Mumbai-based cryptocurrency exchange WazirX has launched a P2P crypto transfer solution to enable crypto enthusiasts to continue buying and selling cryptocurrencies.
The Peer-to-Peer (P2P) transfer will allow users to buy and sell crypto directly with each other for Indian rupees. WazirX will act as an intermediary here, connecting the buyers and sellers on the platform.
How it works: The seller deposits the cryptocurrency with WazirX, which the latter escrows for safekeeping during the transaction. At the other end, the buyer pays Indian rupees to the seller; as soon as the seller confirms receipt of the payment, WazirX releases the crypto to the buyer.
Nischal Shetty, co-founder and CEO of WazirX, said, “We will be at the centre of these (P2P) transactions, ensuring completely secured and hassle-free transfer of funds and cryptos to voluntary buyers and sellers.”
He added that while the P2P crypto transfer feature allows users to build digital assets, WazirX is also hopeful that the authorities will acknowledge the impact crypto has on global economies and will work closely with private players like them to regulate this space instead of simply banning cryptocurrency.
The cryptocurrency sector is hopeful since Subhash Chandra Garg, secretary, Department of Economic Affairs, recently indicated that a committee headed by him might suggest a regulation instead of banning crypto altogether. Garg is heading the 10-member committee which is working on a draft relating to cryptocurrency regulation and ICOs in India.
The committee is expected to submit its report next month.