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In spite of the Reserve Bank Of India’s (RBI) regulatory stand against cryptocurrencies, Indian exchange Colodax listed Ripple’s token XRP. The exchange made an official announcement on its twitter handle about the same.
According to the tweet, the crypto traders can buy/sell and trade XRP on Colodax. The exchange has established a broker network to settle the deposits instantly in INR
did not cause any price movement for Ripple but it was a positive move in the Indian cryptocurrency market after a long timeYesterday, only the Supreme Court of India has questioned the jurisdiction of RBI on cryptocurrencies
Colodax has been leading the crypto space by offering its users low trading fees. In addition, the exchange supports faster (30 mins) withdrawals and faster transactions in INR. Apart from Ripple, the exchange offers over 10 trading pairs. These are Bitcoin, Ethereum, Ripple, Stellar, Litecoin, PundiX, Bitcoin Cash, 0x and Tron.
When questioned how it is operating the crypto to INR liquidity, the exchange responded that they have built a P2P kind of network. The exchange’s Peer-to-Peer the network is being called a Broker to Peer (B2P). This is to circumvent the RBI restrictions on the banks. It prohibits all banks from providing any account services to crypto exchanges.
The Supreme Court of India is still in deliberation with RBI to devise crypto policies or to ban the cryptocurrencies. The Colodax support for Ripple trading is indicative of a positive change.
