OKEx has presented to Indians, a peer-to-peer trading platform accessible with the Indian fiat currency.
Today, August 5, marks the day OKEx started another P2P trading platform for Indians who wish to spend their local currency to buy some cryptocurrencies without spending any transaction fee.
This recent move by OKEx has triggered diverse reactions because in India right now, nobody is sure about the fate of the crypto industry.
Buying crypto has just got easier with various payment platforms
With the new platform, Indian rupees can be used to buy BTC and USDT. Other cryptocurrencies will soon be added, OKEx promised.
OKEx explained that the purchase will be guided with escrow. Apart from the INR, Indians wishing to buy any of the supported crypto can do so with UPI, NEFT, and IMPS since Indians are already used to these payment systems for their transactions.
Already existing OKEx users will now enjoy the platform better and easier since the ability to use fiat currency will now be added to their accounts.
Trouble still around the corner despite crypto ban upliftment in India
OKEx new product cannot be clearly explained by many in the crypto environment because they know that crypto companies are running at a risk of being shut down any moment if the legislative arm doesn’t do something in their favor.
There are also reports that the executive arm of the government is planning to regulate the crypto industry with contributions from the Securities and Exchange Board of India and the central bank.
This contrasts to the news earlier said today about the possibility of having a new law that will ban crypto trading in the country.
The CEO of OKEx, Jay Hao, said the ban may not work after all according to what he has gathered so far from the opinions of some Indians working with him. He said:
“We are willing to support our Indian partners and are hopeful that we can work with regulators to clarify their main doubts and issues with cryptocurrencies and help build a framework that allows this booming industry to continue to flourish.”
However, Hao is ready to accept both the good and the bad as seen in his statement: “OKEx will obviously comply with all local laws.”