Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Indians Buy Bitcoin, Dogecoin, Shiba Inu In Peer-To-Peer Deals Amid Latest Regulatory Crackdown

Cryptocurrency Apr 18, 2022 14:11
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Indians Buy Bitcoin, Dogecoin, Shiba Inu In Peer-To-Peer Deals Amid Latest Regulatory Crackdown

Amid a hostile environment and regulatory uproar for cryptocurrencies like Bitcoin (CRYPTO: BTC), Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) in India, several cryptocurrency exchanges are using peer-to-peer deals and direct deposits to overcome payment curbs imposed by the central bank according to the Economic Times.

In a peer-to-peer transaction, after receiving an order from a buyer, the cryptocurrency exchange shares the seller’s account details with them. The buyer directly sends the funds to the seller’s account and the seller then moves the cryptocurrency from their wallet with the exchange to the buyer’s wallet.

This came after India’s central bank’s unit National Payments Corporation of India, which governs the use of UPI in India, disassociated itself from the exchanges using its services to buy digital assets.

“This is not how an exchange should be functioning. It’s certainly less efficient. But apparently, there is no violation of any regulation or law. It’s a simple money transfer from A to B over net banking or IMPS or NEFT, and it’s happening outside the exchange,” an official with one of the exchanges requesting anonymity told ET.

Besides the payment hurdle, the cryptocurrency community has been imposed with taxes, including a 30% tax on profits from digital assets that came into force on April 1 and a 1% tax-deducted-at-source that will come into effect on July 1.

The regulatory uproar has sent many big-ticket cryptocurrency traders to switch to exchanges overseas. The government has been long mulling, bringing in a law to either regulate or tighten the use of digital assets in the country.

Price Action: According to data from Benzinga Pro, Bitcoin was trading at $38,940, losing 1.88% in the last 24 hours, and Ethereum was trading at $2,908, down 2.69% over the same period.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Indians Buy Bitcoin, Dogecoin, Shiba Inu In Peer-To-Peer Deals Amid Latest Regulatory Crackdown
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email