What is WazirX P2P and how to use it to buy Crypto Coins; check here

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What is WazirX P2P and how to use it to buy Crypto Coins; Check here

fter the "informal" order by Reserve Bank of India (RBI), banks around the country announced that they would no longer deal with crypto exchanges.

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May 22, 2021 15:56 IST
What is WazirX P2P and how to use it to buy Crypto Coins; Check here
What is WazirX P2P and how to use it to buy Crypto Coins; Check here

New Delhi: Users of cryptocurrency exchange app in India, WazirX will now have one less option to buy or sell cyrpto with. Paytm Payments Bank has announced that it will not deal with cryptocurrency exchanges anymore and will also not allow cryptocurrency transactions on its platform. The decision comes days after the crypto market fell tremendously.

After the “informal” order by the Reserve Bank of India (RBI), banks around the country announced on Thursday that they would no longer deal with crypto exchanges such as WazirX, BuyUCoin, and Zebpay. WazirX emailed its users, explaining that their Paytm Bank account will be unavailable for the time being, which also means that money transfers using NEFT or IMPS method from your bank account will be unavailable. This is a new twist in the story of cryptocurrency trading in India. Banking institutions’ unwillingness to work with crypto exchanges has also led to WazirX, CoinSwitch Kuber, and CoinDCX, unable to provide UPI payments as a payment option to users.

WazirX in a tweet mentioned “WazirX will not accept INR deposits to PayTM Bank account from 11:59 PM IST tonight, 20th May 2021. If you make any INR deposit via IMPS/NEFT/RTGS to our PayTM Bank account after that, it will revert to your source bank account within 7-10 business days”.

The company further said, “While we work with our partners to add more INR deposit options, we recommend you to use WazirX P2P to buy/sell USDT with INR. Thank you for your support.”

WazirX P2P is the only alternative available, and it allows you to buy and sell USDT directly with other buyers and sellers.

Following your selection of the amount of USDT you want to exchange, the app matches you with sellers or buyers who are looking to make a trade at that moment.

However, the Indian National Payments Corporation which operates the UPI real-time payment system has rejected a ban on crypto-monetary transactions in the country. Instead, they requested banks to establish their own cryptocurrency policies.

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