WazirX is a bitcoin exchange in India and just now it has announced on it's blog on medium that it will begin peer to peer transfers Bitcoin sale and purchase in India.
This service will be started when RBI's ban on banking services to cryptocurrency exchanges comes into effect from the 5th of July onwards. This service will allow people to continue trading in cryptocurrencies such as Bitcoin in the country without any issues from the central bank.
How does this P2P service work?
In a trade, there’s always a buyer and a seller involved. In P2P, the buyer and seller can deal with each other directly while WazirX acts as an escrow account for holding the cryptos during the transaction so that neither party cheats the other. Here’s how it works:
- WazirX connects the person looking to buy crypto for INR with someone who’s looking to sell crypto for INR
- The seller deposits the crypto with WazirX
- WazirX escrows the crypto for safekeeping during the transaction
- The buyer pays INR to the seller
- WazirX releases the crypto to the buyer as soon we get a confirmation from the seller
P2P is a 'safe' way of transacting in and out of the world of cryptocurrencies anywhere in the world including India. As long as the seller and buyer are both cooperating and keep their end of the bargain.
To ensure safety of people using this channel via WazirX they will implement KYC and ensure they have details of any individual using their service.
I'm sure they will extend this service to include other crypto-tokens once the service is online. Overall this is great news for everyone from India.
Their service will be available soon. Stay tuned as I keep your informed on the latest developments in the cryptocurrency ecosystem in India.
If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:
- United Bikers of Mangalore Donates To Orphanage On World Motorcycle Day!
- Why You Should Vote For @firepower As Witness—Witness Campaign Post From India!
- Steem.Chat Contest #32
