After the Reserve Bank of India's decision, the exchanges turned trading route between the crypto currency
On 6th April, the RBI had asked banks, e-walts and payment gateway providers to withdraw support given to the crypto currency exchanges in three months.
In view of India's reluctance to allow purchase and distribution of bitcoin through banking channels, three major crypto currency exchanges of the country, Zeppay, Kouenex and Geocex have offered their customers trading between virtual currencies on their platforms. Traditionally, the entire business is being done through banking channels on the crypto currency exchanges.
On 6th April, the RBI had asked banks, e-wallets and payment gateway providers to withdraw support given to the crypto currency exchanges in three months. Ajit Khurana, chief executive of Jebpe said, "Even if the RBI did not come in the circular, crypto to crypto product would have come, even though it has accelerated due to the circular. This will create a scope for expeditious solution. '
Trading between the exchange virtual currency is called 'trading pairs'. Crypto currency 'trading pairs' means trading between two different crypto currency. For example, if trading pair is of etherium and bitcoin, then you can buy etherium with bitcoine based on volatility.
Analysts said that this is the first step towards reducing the reliance on exchanges on the Indian rupee, as banks will stop supporting them in the coming months.
RBI Crypto Currency Policy
Crypto Currency Information
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