The world’s third largest cryptocurrency exchange by 24-hour trading volume, Huobi, will soon offer support for Indian rupee INR-based transactions.
The Singaporean company, Huobi, will begin to accept INR transactions within its peer-to-peer (P2P) trading platform, according to Crypto News India. The company’s over-the-counter (OTC) service will provide to users zero-commission trading on BTC, ETH, and USDT in pair with rupees. Huobi noted in an email:
“We do think it’s time that we provide a solution of buying/selling digital assets with INR for all Indian users…every registered Indian user of Huobi can log in to https://otc.huobi.com to trade digital assets with INR.”
The company further explained in the email that users are free to switch to Huobi Global’s services if they prefer crypto transactions with “high liquidity“.
Even so, the announcement must be confirmed by the company through an official press release along with the correspondence published by Crypto News.
Irrespective of the final verdict, the announcement regarding the national currency involvement in crypto transactions is a brave step in India, taking into account the measures to be taken by the Reserve Bank of India’s (RBI).
We would like to remind you that the RBI has forbidden all financial institutions to deal with crypto-powered companies and operations. The law came into force on 5 July. 24 hours before the law was implemented, cryptocurrency exchange WazirX disclosed that it would convert itself into a peer-to-peer platform just to avoid any restrictions imposed by regulators.