Colodax Includes Ripple’s Token on Its Platform Amid RBI Restrictions
Colodax- crypto exchange firm headquartered in India recently revealed its new development, the listing of Ripple’s native token XRP on its platform. The information was announced on the official Twitter account of Colodax.
The Colodax crypto exchange provides minimum trading fees and also offers quick deposit and withdrawal of XRP tokens via its broker network. It also offers faster transactions within 30 minutes in Indian Rupee (INR).
As per the web blog post, Colodax platform is considered as one of the preferable options for trading due to its security.
Colodax is one of the leading crypto exchanges in India. The exchange after adding XRP token to its platform, offers total of 10 crypto trading pairs, namely Bitcoin, Ripple, Bitcoin Cash, Ethereum, Stellar, Pundi X, Litecoin, 0x and the Tron.
The latest news was published on Twitter that reads as follows,
“You can buy/sell and trade #XRP on @colodax. Take advantage of our Broker network and get instant INR Deposits and Withdrawals!”
While in the previous year, Indian Supreme Court had stopped the local courts to investigate suits and petitions in which cryptocurrency investors called the decision of the Central Bank to ban digital currency in India to be illegal.
After this, most institutions such as the exchange providers Flinstone Tech and Kali Digital filed a lawsuit against the regulator with a request to call off their decision. The Supreme Court in its ruling banned judicial system representative from interfering in this matter.
When the representative of Colodax was questioned on how the exchange plans to process an application for withdrawing and depositing digital currencies in the existing unclear situation, the representative answered, the exchange has its P2P (Peer-to-Peer) network named B2P.
While the Supreme Court is seriously thinking about the future of digital currencies in India, numerous crypto traders were interested in the crypto exchange move, amid current RBI regulations.
However, Colodax shared their views on the concerns relating to RBI restriction saying,
“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.”
“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.”
The government of India, since 2018 is debating over the proposed anti-crypto bill, if passed, will impose a complete ban on trading and using digital currencies.
Although at this movement, there is no valid information over the next move of the Indian government, additional information may be revealed during the annual Swell conference. The conference will be headed by Ripple crypto exchange and the guest of the program will be the former RBI head, he might give some information on the regulators’ decision against digital currencies.
If the Indian government imposes a ban on the emerging technology, the leading cryptocurrencies Bitcoin, Ethereum and Ripple will be significantly affected negatively.