Crypto Exchange from India, ‘CoinDelta’ has recently released a statement about their new Add-On feature – The launch of a peer to peer trading platform for bitcoin and other altcoins called ‘FLUX’ for the crypto community in India after the government’s ban on cryptocurrencies following July 5th this year, As reported by EtherDesk Earlier this month.
As per company claims, FLUX is a trusted peer to peer network where crypto users will be able to trade in crypto pairs with USDT. USDT is a stable cryptocurrency, the price of which is pegged to $1 USD. FLUX and Coindelta will be integrated with each other seamlessly. The new feature FLUX is expected to launch on July 15 this year. Head of Business at Coindelta stated:
“Flux will enable you to trade the same digital assets that you used to buy and sell on our flagship product, Coindelta. Exchange based on the similar model has been very inefficient so far, but we have worked out the dynamics for this and are coming up with a faster and a more efficient peer to peer exchange following the governments restriction to work with cryptocurrencies.”
Flux will allow user to trade in pair within available other users account directly. Once the trade is confirmed at both ends, Flux will transfer bitcoins from seller’s account to the buyer’s account and vice-versa. As per other sources from the website, It further stated:
“Most people in the country are confused about their crypto worth after 5th July. It should be further noted that trading are not illegal. You will still be able to buy or sell your bitcoins through a peer to peer exchange. There are so many crypto-to-crypto exchanges where you can trade one cryptocurrency with another.”
The government has set up a committee which is supposed to propose a regulatory draft for virtual currencies in India by mid-July.
Many investors say they are confident and largely stay invested. Meanwhile, we still hope that exchanges find some other legal routes, so that no one is at risk.