A growing number of crypto exchanges in India have announced the return of fiat deposit and withdrawal support despite the crypto banking ban imposed by the country’s central bank. Several other exchanges in the country also allow their users to use Indian rupees to buy and cash out cryptocurrencies through their exchange-escrow peer-to-peer (P2P) services.
Exchanges Say INR Support Is Back
Since the crypto banking ban by the Reserve Bank of India (RBI) went into effect in July, crypto exchanges in the country have been deprived of banking services. Many of them subsequently shut down their INR support, disallowing users to make deposits and withdrawals in Indian rupees. The Supreme Court of India is scheduled to hear petitions against the ban next week.
However, recently at least three crypto exchanges in the country have announced the return of INR deposit and withdrawal support despite the RBI ban.
On Wednesday, September 12, crypto exchange Koinex announced that it has brought back INR deposits and withdrawals through its P2P system, stating:
Another crypto exchange, Coindelta, announced on August 31 that it had resumed INR support. “We have resumed back the INR deposits and withdrawals on Coindelta. Not only this, your old favourite INR markets are back where you can trade with your INR,” the exchange wrote.
In addition, news.Bitcoin.com recently reported on another exchange, Giottus, offering a creative way of allowing users to deposit and withdraw Indian rupees using its P2P platform.
Other Exchanges With Similar Services
The three aforementioned exchanges are utilizing their exchange-escrowed P2P services to facilitate deposits and withdrawals in Indian rupees. Each has its own set of rules including the number of coins supported, the deposit and withdrawal process, and the time it takes to withdraw INR using their systems.