Cryptocurrency exchange Huobi recently announced that it will launch a peer-to-peer (P2P) exchange for digital currency traders in India. The international multi-language crypto exchange will reportedly provide support for trading using the Indian Rupee (INR).
Notably, Huobi’s representatives sent an email to Indian investors on July 26th to inform them regarding the company’s plans to offer P2P crypto trading. The email noted that the Singapore based exchange would support zero-fee trading for Bitcoin (BTC), Ethereum (ETH), and Tether (USDT).
Crypto Trading Without Third-Party Intervention
Large-volume traders will be able to shift their digital currency to Huobi’s Global Exchange, while being able to conveniently execute trades with 24/7 customer support. Should Huobi OTC’s plans materialize, the exchange may be able to facilitate cryptocurrency trading for a large number of Indian investors.
Moreover, crypto traders in India might be able to use Huobi’s P2P platform without being restricted by the Reserve Bank of India (RBI), which has instructed all local banks to stop providing services to digital currency investors.
The RBI had also approached the Indian courts to ban the use of the INR in cryptocurrency trading. On July 3rd, as reported by CryptoGlobe, the Supreme Court of India agreed to placing restrictions on crypto-related activity, according to the RBI’s recommendations.
Restrictive Approach To Cryptocurrencies
With another hearing scheduled for July 20th, internal sources revealed that India’s Supreme Court did not fully address the arguments presented by the Internet and Mobile Association of India (IAMAI) for cryptocurrency-related activities. The IAMAI is a non-profit organization that focuses on improving the services offered by local internet-based companies.
The Supreme Court has now decided to hold another hearing on September 11th during which the Securities Board of Exchange India (SEBI) and a number of other local authorities will issue recommendations regarding crypto regulations.
According to Huobi Group’s official website, Huobi OTC “offers an exchange bridge between fiats and digital assets.” Users can post ads in order to buy or sell cryptocurrencies through the exchange’s OTC website, in a similar way to how crypto traders use LocalBitcoins. Huobi Pro also provides crypto-to-crypto trading and various types of investment services for digital assets.