EXCHANGES

An Indian cryptocurrency exchange has come up with a new method to allow its users to deposit and withdraw rupees despite the crypto banking ban by the country’s central bank. The exchange also guarantees that rupee requests will be processed within 30 minutes or the user will receive ten free XRP credited to their account.

Creative Ways Around RBI Ban

Get your INR processed within 30 mins of placing your request, else get 10 XRP credited to your Giottus account.

The exchange explained that INR withdrawals are only processed during banking hours, adding that “withdrawal requests received after 5 p.m. will take a maximum of 10 hrs or will be credited [the] next day (whichever is earliest).”

Giottus’ Method

Giottus co-founder and COO, Arjun Vijay, recently explained to Ambcrypto publication that his exchange is able to offer INR deposit and withdrawal services “by identifying specific traders who can process deposits and withdrawals quickly. This is still done through P2P, allowing the traders to still function normally,” the news outlet conveyed and quoted Vijay saying:

We have now started processing INR deposits and withdrawals through these selected P2P partners and they currently on average process requests within 15 minutes. As a safety measure, we take collateral from these P2P partners, and these partners, as service fee charge 0.2% for the deposits and 0.2% for the withdrawals.

Vijay further noted that traders can process volumes of up to approximately 60-70 percent of their collateral deposited with the exchange before additional collateral is required.

Disclaimer: Bitcoin.com does not endorse or support claims made by any parties in this article. None of the information in this article is intended as investment advice, as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products or companies. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

What do you think of Giottus’ method to let customers deposit and withdraw rupees amid RBI’s ban? Let us know in the comments section below.