The global crypto exchange OKEx has announced the launch of a peer-to-peer trading platform in India, allowing users to buy cryptocurrencies with INR without fees. OKEx has announced that a peer-to-peer trading platform in India will be launched on Aug. 5, allowing Indian users to buy cryptocurrencies with Indian rupees (INR) with zero transaction fees. The crypto exchange announced that a campaign with a 30,000 USDT prize pool would also take place at the same time.
The OKEx P2P trading platform offers Bitcoin and USDT pairs for INR.
The OKEx P2P trading platform is offering Bitcoin and USDT pairs for INR, with more coins becoming available soon. In addition to the lowest price, the deepest market, and the fastest KYC process provided by OKEx, users can also use India’s most widely used payment methods — including UPI, IMPS, NEFT, etc. The announcement noted that among India’s staggering population of 1.3 billion, currently, an estimated 5 million people own digital currencies, with a huge opportunity for growth in the short term.
According to CoinDCX, an OKEx partner, the bitcoin trading volume in India increased by 1031.4% month-on-month after the Supreme Court lifted the ban in March and maintained a growth rate of more than 100% April.
The Indian government is reportedly planning to ban crypto.
As reported earlier, authorities in India are actively working on a legal framework to ban cryptocurrencies on the subcontinent. Indian officials are making preparations to pass a law banning cryptocurrency trading. According to a local report, consultations between the Ministry of Electronics and Information Technology, the Ministry of Law and Justice, and the Reserve Bank of India (RBI) had begun regarding the framework of such a law. However, governments can’t ban the use of crypto, as most of them are decentralized in nature.