Colodax, an Indian-based digital asset exchange, has just announced the listing of XRP token on its platform. The representatives of the exchange wrote about this on the official Twitter account.
Take advantage of our Broker network and get instant INR Deposits and Withdrawals!
— Colodax (@colodax) August 20, 2019
To date, all customers of Colodax can use the services of trading an asset to the Indian rupee (INT). Moreover, the company opens the possibility of instant deposit and withdrawal of Ripple XRP tokens through its own broker network.
Colodax is the leading digital asset exchange in India. To date, the platform offers 10 trading pairs; Among them are Bitcoin, Ethereum, Ripple, Stellar, Litecoin, Bitcoin Cash, Pundi X, 0x and the Tron cryptocurrency.
A major feature of the digital asset exchange is the instant deposit and withdrawal of funds.
Digital Asset’s Ban in India: Bypassing the Rules
Last year, the Supreme Court of India halted the local courts to consider lawsuits and petitions in which crypto traders demand the RBI decision to ban digital assets in the country to be illegal.
After that, many companies, in particular, Kali Digital and Flintstone Tech, the exchange operators, started to sue the regulator with a demand to cancel this decision. The Supreme Court in its decree forbade representatives of the judicial system to intervene in this process.
Last spring, the Reserve Bank of India forbade subordinate organizations to cooperate with crypto business. However, the central bank is not against the development of blockchain technologies and plans to launch its own digital currency.
When asked about how Colodax intends to process applications for depositing and withdrawing cryptocurrencies in the current uncertain conditions, the representatives of the exchange said that it has its own peer-to-peer network called B2P.
“RBI had directed all banks to stop providing any services to exchanges accounts. To ensure smooth INR withdrawals and deposits we had to build a network similar to P2P (Peer to Peer) and we are calling it Broker to Peer i.e B2P. This helps our Indian traders to trade worry-free,” Colodax representatives wrote. “As there is no regulation in India, these brokers cannot be supervised or regulated. So, for now, you can call it traders affiliated to the exchange.”
A year later, the government began discussing a bill proposing a complete ban on the use, trading, and ownership of private cryptocurrencies.
At the moment, there is no accurate information on the next steps of the Indian government, but more information may become known at the annual Swell conference, which is led by Ripple. So, the main guests of the event will be the former head of the Reserve Bank of India. Perhaps he can shed light on the actions of regulators regarding cryptocurrencies in general.
The ban will have a very negative impact on cryptocurrencies in general. Bitcoin, Ripple, and Ethereum would be among the affected cryptocurrencies if the ban came into force.