India is a very interesting region when it comes to cryptocurrency activity. Although the Reserve Bank of India has banned all fiat currency trading in this regard, peer-to-peer exchanges continue to remain quite popular. Instashift is one such platform, who despite the recent ban has continued to add new assets to its portfolio at an accelerated pace.
Instashift Makes an Impact
In India, buying and selling cryptocurrencies will be very difficult for the foreseeable future. There is an ongoing ban issued by the RBI to prevent consumers and corporations from spending fiat currency on these digital assets. This is an unfortunate development for the cryptocurrency industry, especially when considering how the market has seen so much bearish pressure throughout 2018 already.
While it is evident that this ban will impact traditional centralized exchanges, peer-to-peer trading will remain popular for quite some time to come. Unlike their centralized counterparts, a peer-to-peer trading platform does not act as a custodian of user funds most of the time. Some platforms even offer instant exchanges between different assets, which do not necessarily require users to sign up for an account. Albeit they may not support fiat currency trading, there is still a lot of potential for these platforms.
What’s On Offer Here?
Instashift is one of the peer-to-peer trading platforms that is quickly making a name for itself. The platform allows for the trading of 15 different assets and currencies, including Bitcoin, XRP, ZRX, ELF, and so forth. ERC20 Tokens are quite popular on this platform and more currencies will be added in the coming weeks.
Considering how the company is not registered in India, it will be interesting to see how the platform fares in the long run.
What makes this particular platform so appealing is how it does support the INR fiat currency. This means consumers can buy any of the supported currencies with rupees, despite the central bank of India banning such activity. It is a bit unclear how long the company will be able to offer these services moving forward.
The Indian cryptocurrency ecosystem is bound to undergo some big changes in the coming weeks and months. Peer-to-peer exchanges are the go-to solution until decentralized exchange platforms finally make their mark on the cryptocurrency industry.
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