Huobi, China’s biggest crypto exchange, aims to take advantage of India’s growing interest in cryptocurrencies by expanding its service in the said country via a new peer-to-peer (P2P) portal.
The main highlight of the platform is the fact that it will support trading in India’s national currency, the rupee. The announcement was made by Huobi to all its Indian users via an email containing a questionnaire. The crypto exchange has also stated that Indian users will benefit from zero-fee transactions, but only in the case of Bitcoin (BTC), Ethereum, and Tether (USDT).
Even though the Indian government has officially stated that it will not be held responsible for any type of fraud and scams, crypto transactions are still banned in India. Huobi mentioned that Indian users could indeed buy and sell their coins only via Indian rupees. The transactions can be made through https://otc.huobi.com
Not long ago, the Reserve Bank of India has also asked all financial institutions to forbid their customers to get involved into cryptocurrency trading. That’s why most Indian currency exchanges were obliged to switch from fiat-to-crypto transactions to full, crypto-to-crypto ones.
Huobi aiming to further expand its business in India
In a report by Crypto News, India, the company stated: “We do think it’s time that we provide a solution of buying/selling digital assets with INR for all Indian users: Huobi OTC – a proprietary peer-to-peer (P2P) platform that allows users and merchants to trade digital assets with your local currencies.”
In another email, the Chinese cryptocurrency exchange has also requested Indian users to become “Global Merchants,” as follows: “After becoming a global merchant of Huobi OTC, you will be entitled to post-fiat-to-token advertisements to gain more earnings during “Buy & Sell” processes; enjoy zero transaction fee and obtain 24/7 customer support.”
Though times for crypto in India
Undoubtedly, Huobi’s announcements might seem a bit “pushy” as these are somewhat difficult times for the Indian crypto community. A complete list of changes and regulatory guidelines is expected to arrive somewhere in September.
Until then, P2P platforms are here to stay providing Indian users with solid options for trading cryptos with rupees. Huobi doesn’t show any plans of stopping its global expansion while displaying keen interest in European, American, and Australian markets.