Huobi, China’s largest cryptocurrency exchange, has revealed its expansion plan in India by informing that it will come up with a peer-to-peer (P2P) platform which will support trading in Indian currency – Rupee. Indian users did not have the permission to perform transactions in cryptocurrencies since Indian government has taken a standpoint that they will not be held responsible for any mishaps taking place.
Huobi has also said that no transaction fees will be levied on their transactions, but the free transaction is limited only to Bitcoin (BTC), Ethereum (ETH) and Tether (USDT). Huobi will allow trading of other cryptocurrencies as soon as possible. In the meantime, they have to transfer to Huobi to trade with other cryptocurrencies. The transactions can be made through https://otc.huobi.com
The report states, “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 users and merchants to trade digital assets with your local currencies.”
The cryptocurrency exchange, in an email, has requested Indian users to become “Global Merchants”. The mail reads, “After becoming a global merchant of Huobi OTC, you will be entitled to post-fiat-to-token advertisements to gain more earnings during “Buy & Sell” processes; enjoy zero transaction fee and obtain 24/7 customer support.” While it has not been officially declared yet, it could be announced soon.
The Reserve Bank of India has asked all financial institutions to prevent their customers from trading in any forms of cryptocurrencies. The restrictions forced Indian cryptocurrency exchanges to switch to a crypto-to-crypto trading facility, instead of fiat-to-crypto transactions. A draft of regulations already in the anvil with consultations underway to take the final decision on it.