peer-to-peer (P2P) cryptocurrency trading is allowed in India, although there are no specific regulations directly governing P2P trading platforms. P2P trading allows users to buy and sell cryptocurrencies directly with each other, bypassing intermediaries like banks. It has become popular in India, especially after the Reserve Bank of India's (RBI) 2018 banking ban on cryptocurrencies was lifted by the Supreme Court in 2020.
Major platforms like Binance, WazirX, and others offer P2P services in India, where users can trade cryptocurrencies in exchange for INR (Indian Rupee) without needing to go through traditional banking systems. However, crypto transactions and trading remain in a regulatory grey area, with no clear framework from the government. Users should stay updated with any changes in laws or regulations, as the Indian government has indicated it may introduce new legislation to regulate cryptocurrencies.
