Indian cryptocurrency exchange WazirX has launched its P2P trading platform, 4 days after the RBI cryptocurrency ban took effect. WazirX P2P will allow users to continue trading cryptocurrencies with INR, in a legal and secure fashion. WazirX exchange has also launched USDT which will play a big role on its P2P platform. Users who want to buy cryptocurrency with INR will first have to buy USDT with INR, and then use the USDT coin to buy other cryptocurrencies. The same will happen during the selling process where users will have to first convert the cryptocurrency into USDT, and then get the INR straight into the bank accounts. WazirX has chosen USDT as the base cryptocurrency for its P2P trading platform, as the stable coin has low volatility and high liquidity.
WazirX also has an escrow account in place which will ensure that a buyer does not receive any cryptocurrency till the seller receives the money from the buyer. Conversely, if a seller acts in bad faith, then WazirX has planned a robust dispute mechanism to decide who will get the cryptocurrency.