P2P trading in Telegram and WhatsApp cryptocurrency dominates India

Indian investors and traders are turning to P2P platforms and many impromptu groups on messaging platforms to trade cryptocurrencies. This trend is spreading more and more, especially against the background that banks are scrutinizing crypto.

P2P trading dominates

While the Indian government is considering regulating the crypto market, people keep pouring capital into it through the P2P platform. Much report said investors are gradually turning to P2P groups and platforms on Telegram and WhatsApp to further expand trading conditions. It is reported that these platforms account for around 60-80% of all trades in the market.

This report comes after it was reported that one of the country’s most popular banks, State Bank of India, blocked revenue from crypto exchanges on the national payments platform UPI. This meant that many investors had to find another way.

“P2P is not a way to trade cryptocurrencies. Instead, this is a legitimate solution for the crypto market. In the absence of bank payment options, people will use P2P to transfer fiat money in cryptocurrency (usually USDT) and vice versa, ”said Nischal Shetty, CEO of the WazirX exchange.

Indians are very interested in crypto and that has been shown over the years. Even though rumors of a ban have been circulating for some time, people have not given up on this new asset class. The Reserve Bank of India, the country’s central bank, has ordered banks to stop processing crypto-related transactions. While that ban has been lifted by the Supreme Court decision, banks continue to hesitate whether or not to allow crypto transactions.

Where does India stand when it comes to cryptocurrencies?

The Indian government has completely ignored its decision to regulate the cryptocurrency market. Some reports suggest that they have announced a complete ban, while others suggest that the government is proposing adequate regulation.

Some of the recent reports suggest that the government will classify and tax cryptocurrencies as commodities. There is also some evidence that the maximum amount that can be held will be $ 250,000.

Pro-crypto groups have been lobbying the government and the situation is widening. They claim that any draconian solution offered will slow India down compared to other countries. The alternative they recommend is for governments to put in place regulations that encourage innovation while protecting investors and national interests.

Meanwhile, governments and central banks are currently researching and developing a central bank digital currency (CBDC), which is expected to be tested later this year. This plan is quite promising and seems a bit optimistic for Indian investors. You will surely be pleased to hear that the government is at least considering introducing crypto-friendly regulations.

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According to Beincrypto

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