The Indian cryptocurrency exchanges are finding new ways to all their users to deposit and withdraw fiat currency (rupees) despite the ban by the Reserve Bank of India. One of the exchange also guarantees that the rupee requests will be processed in under an hour’s time. Incase, they fail to do so, they will credit 10 XRP coins free to their account.
Earlier, the Reserve Bank of India (RBI), the country’s central bank had issued a circular in April 2018 to all the financial institutions for banning all transactions related to crypto currencys and also stop providing services to the crypto exchanges. The ban went into effect in July 2018 and all the services to the crypto exchanges by banks were discontinued or their accounts were closed. This led to innovative ideas of trading crypto exchanges for INR deposits and withdrawals. Some exchanged also launched Peer to Peer (P2P) services with escrow in between and some started crypto to cryto trading.
Giottus, one of the crypto exchange, claims to have found a way to get rid of the ban. It offers exchange escrowed P2P trading service and had reopened its fiat support despite the RBI ban into existance. The exchange offers BTC, ETH, BCH, XRP and LTC trading pairs.
The co-founder and COO of Giottus, Aruj Vijay has explained the Ambcrypto publication that his exchange is able to offer INR deposit and withdrawal services by identifying specific traders who can handle and process the deposits and withdrawal quickly. This is still done through P2P, allowing traders to still function normally. The fee for trading on this exchange is also nominal. They charge 0.2% for both deposits and withdrawal. At present, the average processing time for the request is around 15 minutes, which seems to be quite quick for the Indian trading environment.