Indian Crypto Exchanges Announce The Return Of Fiat Support Despite RBI Ban

By Kapil Gauhar

An increasing number of crypto exchanges in India have announced the come back of fiat deposit as well as withdrawal support in spite of the crypto banking ban imposed by the country’s central bank. Many other exchanges within the country additionally allow their users to use Indian rupees to purchase and cash out virtual currency via their exchange-escrow peer-to-peer services.

INR Support Is Back, Says Exchanges

Since the crypto banking ban by RBI went into effect in July, crypto exchanges within the country have been deprived of the banking services. Several of them subsequently shut down their fiat support, not allowing users to make deposits as well as withdrawals in Indian rupees. India’s Supreme Court is scheduled to hear the petitions against the ban next week.

Although, minimum three crypto exchanges in India have recently announced the come back of INR deposit as well as withdrawal support in spite of the RBI ban.

On September 12, crypto exchange Koinex declared that it had brought back the INR deposits and withdrawals via its P2P system while stating –

“We are happy to announce the revival of INR in the crypto universe through a new peer-to-peer deposit and withdrawal mechanism for INR transactions…Just like the old times, users will be able to deposit and withdraw funds directly from their INR wallets.”

Coindelta, another crypto exchange, declared that it had resumed INR support on August 31 stating –

“We have resumed back the INR deposits and withdrawals on Coindelta. Not only this, your old favourite INR markets are back where you can trade with your INR.”

Other Exchanges with Same Services

The aforementioned exchanges are using their exchange-escrowed P2P services for facilitating deposits as well as withdrawals in INR. They have their own set of rules such as several coins supported, the deposit as well as the withdrawal process, and the time that it takes for the withdrawal of INR using their systems.

Many other exchanges are offering similar P2P services allowing their users to both purchase cryptocurrencies and cash out in Indian rupees.

For instance, crypto exchange Wazirx that recently celebrated its six-month anniversary of launching its P2P service. The exchange claims that “We are seeing our trading volumes enhancing with each passing day”.

Instashift that has been offering Peer-to-Peer trading of over 80 coins. The CEO of the exchange Rahul Chitale said, “Since the last set of RBI related developments in the past couple of months, we have continued to see strong 20-25% growth in trading volumes month on month over the last two-quarters of our operation”.