India to soon have its P2P Huobi Platform
Huboi Exchange has announced that it will offer a new P2P platform for Indian users. The news of this Indian-fiat accepting project has been welcomed by users in the subcontinent. As one of the largest and stable economies of the region, the Indian Rupee-based transactions are expected to guide higher adoption of the cryptocurrency ecosystem in the country.
Huobi is a Singapore-based exchange and has been on the virtual currency scenario in different markets. It has been differentiating itself from other players in this sector through innovative products and services.
It announced in June 2018 that it would follow its Wall Street colleagues in the cryptocurrency world to offer its own version of an ETF. The firm has announced an ETF-style fund centered about ten digital asset indices. The exchange announced that it would offer Indian users a peer-to-peer trading service where transaction fee zero. Traders can use BTC, Ethereum (ETH) as well as a tether (USDT). The advantage the platform offers its users is that they can buy and sell cryptocurrencies using Indian Rupees or INR.
The exchange said that “we do think it’s time that we provide a solution of buying/selling digital assets with INR for all Indian users: Huobi OTC – a proprietary peer-to-peer (P2P) platform that allows [s] users and merchants to trade digital assets with your local currencies. Every registered Indian user of Huobi can log in to https://otc.huobi.com to trade digital assets with INR.”
The trading platform recommended to its users that they are exploring new liquidity then they should transfer to Huobi Global. The organization had preceded its move to offer the platform here by first conducting a market survey. In its questionnaire to Indian users Huobi it had sought information on which of the processes are required. It also encouraged users of the community in India to become part of its initiative called ‘Global merchants,’ in order to move ahead of the cryptocurrency market in the world.
The mail also suggested that once a user becomes a global merchant of Huobi OTC, then they can become post-fiat-to-token advertisements and also earn better with using a new service called the ‘buy & sell’ processes. The result of the process is that users can enjoy zero transaction fee and will also receive maximized customer support.
The timing of Huobi’s offer does seem to be wrong, suggest observers. Lately, the Indian government had borne down on its user community and disallowed the use of cryptocurrencies. The Central bank had suggested that banks cannot honor transactions in bitcoin or any other alternate coin. The ban is now in appeal at the highest courts, and the result of the hearing is expected to be in September.
The regulatory guidelines in the country have made it difficult for institutions to consider servicing the cryptocurrency clientele. Exchanges operating in the country are forced to suspend fiat-transactions and will bring about crypto-to-crypto trading services. The authorities in the country, in the meanwhile, are developing the latest framework to ensure better monitoring of the cryptocurrency trading activities in the country.