Instashift.io has added a total of 9 crypto/INR pairs starting with only BTC/INR. It is a new service from India that allows users from India to purchase and sell cryptocurrencies for INR with KYC using their exchange.
They are officially registered in Estonia. This actually allows them to provide a quick and easy way to change your crypto for Indian rupee and vice versa without holding any of your INR funds. You can easily place an order and have it fulfilled without any KYC compliance necessary.
@libert has written a guide on using this exchange here. I'm likely to give them a test run soon as their prices seem quite favourable even as the crypto market in India deals with panic selling.
My only concern at the moment is the low daily volumes but that's likely to increase now as more traders will consider p2p and otc channels for entering and exiting the market.
RBI ban has opened up new avenues for business and this is one of them.
In case you need assistance in using their services you can log on to their telegram channel. Admin and exchange owner is very active here: https://t.me/instashift
Give them a try and let me know what you think in the comments below!
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That's are good news for us. Thanks for sharing @firepower.
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wow great information for Indian cryptocurrency users
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That's a good news form an Indian's perspective. I've got a simple question to ask. In this P2P system, one can deposit INR & buy Bitcoin and vice-versa. When you will sell your cryptocurrencies and/or book your profits, how will that profits/income be treated?? If the concerned authorities (IT Dept and others) want to know the source of Income, what will we have to say or what credibility of that income from the P2P platform will have?? Please clear that portion in details for our better understanding. Please pardon me @firepower if I'm unable to make you understand what I exactly intend to mean. You deserve a salute from me for your selfless contribution to this community. I closely follow you and want to share some ideas with you but my words are my biggest enemies as I run out of it in that very crucial moment thus make me clueless as to what to say and express.
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I believe crypto cannot be banned. If one door closes one opens.
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I believe crypto
Cannot be banned. If one door
Closes one opens.
- pankuvirat
I'm a bot. I detect haiku.
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What is haiku???
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