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Telegram, and WhatsApp Used For Crypto Trading P2P Dominates in India

Many Indians now uses messaging platforms for P2P Crypto Trading. This will help them to escape restrictions and regulations from banks and government.

Meanwhile, Indian government are still finding their next move as regaring regulation the crypto market in the country.

However, Citizen’s passion for the market cannot stop as they are using P2P Crypto tradings patten.

This means they can enter the market through these platforms and make transactions without Bank’s restrictions.

Additionally, Information from the local media suggests that many crypto investors now uses these platforms to trade. These platforms includes Telegram groups and WhatsApp groups to facilities these trades.

Related Posts – Crypto Investors Grow Interest In India’s Smaller Cities As Records Shows

Also, they hold a record of about 60%-80% of all the Crypto Trading Transactions.

Also, the news reveals how India’s popular bank, State Bank of India blocks fund receipts by crypto bourses on the national payment platform, UPI. Which of course made a huge number of investors turning to other crypto trading platform and methods.
Nischal Shetty, CEO of exchange WazirX, said,

“P2P is not a way to trade crypto, but instead, it’s a fiat to crypto on-ramp solution. In the absence of banking options during the banking ban, people would use P2P to convert their fiat to crypto (USDT) and vice-versa.”

So, this data shows that Indian’s crypto market interest is growing despite threats for regulations and ban.

This is after The Reserve Bank of India, the country’s central bank orders banks to stop conducting crypto trading transactions. However, the decision was overturned by the supreme court.

Furthermore, banks expresses hesitations to continue allowing such transactions again.

India’s Position In The Crypto Trading

There’s so much uncertainties and rumors’ around the crypto trading industry in India. Some reports indicates an outright ban while others suggests necessary regulations.

However, The latest reports suggests that the government will consider cryptocurrencies as commodities. Furthermore, They will then now tax them accordingly.

Multiple indications shows that the maximum amount holdings will be $250,000. However, it’s expected that the parliament should debate cryptocurrency in its next session.

Pro-cryptocurrency supporters are putting pressure on the government as they believe that any harsh decision will leave India catching up in the future.

This is because countries are already making bitcoin a legal tender or considering it as seen in El Salvador.

Additionally, they believe there could be reasonable regulation that encourages crypto trading and also to protect investors and national interests.
There are signs of hopes as The government and central bank works on a central bank digital currency (CBDC).

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.