Cryptocurrency exchange OKEx has announced a new peer-to-peer trading platform launching Aug. 5, which allows users to buy digital currencies with zero transaction fees using Indian rupees (INR).
The announcement comes hot on the heels of reports that the Indian government is planning to pass a law making cryptocurrency trading illegal in the country.
Easy fiat onramp supports major Indian payment platforms
At launch the platform is offering Bitcoin (BTC) and Tether (USDT) pairs for INR, with support for further cryptocurrencies promised soon.
OKEx describes the platform as a marketplace for traders to make fiat-to-crypto transactions via escrow. Users may also utilize the most popular Indian payment methods including UPI, IMPS, and NEFT.
This fiat onramp for INR will link directly to traders’ existing OKEx accounts, allowing easy access to the wider OKEx trading ecosystem.
Indian crypto ban lifted in March but still looms large
The announcement acknowledges that the regulatory position in the country is still unclear following the Indian Supreme Court’s overturning of the Reserve Bank of India’s (RBI) blanket ban on banks dealing with cryptocurrency firms earlier this year.
It states that the Indian government is in discussion about a regulatory framework for cryptocurrency with the RBI and the Securities and Exchange Board of India.
However, as Cointelegraph reported just hours ago, there are now reports that the Indian government is actively working towards a new law banning cryptocurrency trading altogether.
OKEx CEO Jay Hao told Cointelegraph that the company had been studying the market keenly for some time. He noted that talks with the company’s Indian partners seem to indicate that a blanket ban would be unlikely to pass.
“We are willing to support our Indian partners and are hopeful that we can work with regulators to clarify their main doubts and issues with cryptocurrencies and help build a framework that allows this booming industry to continue to flourish.”
If the ban does go ahead, Hao confirmed that “OKEx will obviously comply with all local laws.”