Indian crypto investors now prefer peer-to-peer transfers, Telegram or WhatsApp groups and spot trading to trade currencies because of volatile banking services being offered by the banks to exchanges.
Currently, SBI blocked receiving of funds by the crypto exchange on its UPI platform.
Though most top-notch exchanges witnessed a rise in buying activity in the previous few weeks, as much as 60-80% of all transactions are now occurring via some of the new ways introduced by the crypto bourses.
Industry analysts believe that P2P crypto bourses have witnessed a gush in other methods like direct sell-and-buy, spot trading, buying and selling through Telegram/WhatsApp groups and direct purchasing via mutual friends.
These ways now account for about 80% of all transactions on exchanges, up from around 10-15% last year.
P2P is an alternative that is currently offered by many crypto exchanges where buyers can directly trade fiat money against crypto from other people.
Some bourses claim that many other banks are carrying on providing services.
The latest RBI note quoted that banks can’t use its 2018 circular on cryptos that banned any trade in digital currencies, as it was nullified by the Supreme Court.
Many of the exchanges are so thriving that they’re suggesting Systematic Investment Plan (SIP) funds and products where customers can invest every month to buy a few crypto assets.