Will Huobi Support Indian Rupee Transactions?

Will Huobi Support Indian Rupee Transactions? According to a number of online media reports, this popular cryptocurrency exchange plans to introduce the support for INR transactions on its platform. 

31 July, AtoZ Markets Huobi, the third largest cryptocurrency exchange by trading volume, is reportedly planning to support Indian rupee (INR) transactions on its proprietary peer-to-peer trading platform. 

Will Huobi Support Indian Rupee Transactions?

Some of the online reports cite the email from Huobi, where the company has revealed its plans to offer Indian users fee-free trading on Bitcoin, Ethereum, and Tether using rupees. The email reads:

“We do think it’s time that we provide a solution of buying/selling digital assets with INR for all Indian users...every registered Indian user of Huobi can log in to https://otc.huobi.com to trade digital assets with INR.”

Moreover, the reports state that the email further advises customers that it is possible to transfer to Huobi Global in order to trade more cryptocurrencies with “high liquidity.” The over-the-counter option for Indian users is still not confirmed in the official statement from the company. 

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Indian RBI Crypto Banking Ban

This news concerning Huobi OTC support for Rupee transaction is relatively significant for Indian cryptocurrency market taking into the consideration the latest Indian central bank’s ban on crypto-related banks’ dealings with local companies. 

This April, the Reserve Bank of India (RBI) has moved to restrict the regulated firms from working with businesses or individuals that deal with cryptocurrencies. 

On the 5th of April, the RBI has published a statement from the Chief General Manager Jose J. Kattoor in relation to the development and regulatory policies. He has spoken regarding RBI’s approach to virtual currencies, as he also has addressed the prospect of central bank digital currency (CBDC).

Kattoor has written in his statement:

"It has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling VCs," wrote Kattoor. "Regulated entities which already provide such services shall exit the relationship within a specified time."

Reportedly, Deputy Governor Bibhu Prasad Kanugo has stated that central bank-regulated firms that are dealing with cryptocurrency related businesses will have a deadline of three months to finish their relationships.

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