After 6th July deadline closing in, most of indians are worried about crypto trading. But WAZIRX said they have been working on a solution to help all traders to continue buying/selling of crypto without getting those warning emails from your banks! Now they’re ready to reveal it to you!
They are introducing Peer-to-Peer transfer, you can buy and sell crypto for INR directly with each other without any hassle. It’s a glimpse into the decentralized future!
Working Process
In a trade, there’s always a buyer and a seller involved. In P2P, 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. Here’s how it works:
WazirX connects the person looking to buy crypto for INR with someone who’s looking to sell crypto for INR
The seller deposits the crypto with WazirX
WazirX escrows the crypto for safekeeping during the transaction
The buyer pays INR to the seller
WazirX releases the crypto to the buyer as soon we get a confirmation from the seller
WAZIRX said, they are verify the KYC details of every user before allowing them to trade on WazirX, and keep a record of each and every transaction that occurs on our exchange. You don’t need to worry about the legitimacy of the person you’re transacting with — it’s all taken care of! Moreover, P2P is perhaps, the safest and most legal way to cash in/cash out of cryptos in India. Once you cash in, you can trade in crypto-pairs, then cash out with ease!
WAZIRX said, P2P trading is available soon as the RBI ban on banking services dealing with crypto comes into effect. They also said, built a systen in WAZIRX exchange to involve every Indian into the blockchain revolution, and our resolve is stronger than ever!
- I think RBI changes its stand on crypto transactions in India.