Giottus, a cryptocurrency exchange in India has come up with a new method to allow its users to deposit and withdraw rupees despite the crypto ban by RBI.
In April 2018, RBI issued a circular banning all financial institutions under its control from providing services to crypto exchanges. Giottus has come up with a way around the ban, the company has reopened its fiat support despite the RBI ban.
Giottus, on their website:
Get your INR processed within 30 mins of placing your request, else get 10 XRP credited to your Giottus account. INR withdrawals are only processed during banking hours, adding that “withdrawal requests received after 5 p.m. will take a maximum of 10 hrs or will be credited next day
How is Giottus able to offer INR deposit and withdrawal services?
CEO of Giottus said: By identifying specific traders who can process deposits and withdrawals quickly. This is still done through P2P, allowing the traders to still function normally. We have now started processing INR deposits and withdrawals through these selected P2P partners and they currently on average process requests within 15 minutes. As a safety measure, we take collateral from these P2P partners, and these partners, as service fee charge 0.2% for the deposits and 0.2% for the withdrawals.