WazirX has launched P2P transfer on its platform which will allow buyers and sellers to trade with INR even after the RBI cryptocurrency ban which will come into effect after July 5th. WazirX will act as an escrow account to ensure that a buyer and seller do not each other. WazirX exchange will store the crypto intended to be sold by the seller in their escrow account and will only release the crypto asset once the seller confirms that he/she has received the money from the buyer. The exchange is also working on a dispute resolution mechanism to solve any dispute that may occur between a buyer and seller in the course of a transaction.
With this announcement, two exchanges – WazirX and Koinex – have now offered peer-to-peer trading on their platforms enabling the cryptocurrency revolution to flourish in India despite the RBI cryptocurrency ban. We congratulate WazirX and Koinex for introducing this feature on their respective exchanges in a short time frame.