Bitcoins and other cryptocurrencies, although revolutionizing payments, are yet to find haven in some countries like India, China, and Iran, among others, due to non-existent regulatory clarity. Recently, LocalBitcoins.com, a Helinski-based Bitcoin exchange, stopped servicing Iran residents, while the Central Bank in India issued a circular preventing banks from entertaining users buying crypto.
However, LocalEthereum, based in Australia, published a blog explaining how they had dropped the charging fees for buying and selling Ethereum. The blog stated:
“The global war on cash and privacy continues. LocalBitcoins suddenly removed all cash-in-person offers today, without any warning to its users. In response, we’ve reduced the trading fee on cash exchanges to 0%. From today until July 1st, you can buy or sell ETH with cash using LocalEthereum for free.”
Similar to LocalBitcoins, LocalEthereum is a peer-to-peer trading platform of Ethereum. LocalEthereum’s Michael Foster said that LocalBitcoins’ decision had to do with “the new EU directive, which regulated custodian wallet providers”. He also commented:
“LocalBitcoins is based in Finland. We are in Australia. LocalEthereum is fully non-custodial. We hold zero ETH and zero fiat for users — even ETH in escrow is outside our custody (the escrow is a smart contract).”
The decision taken by LocalEthereum would further foster the adoption of cryptocurrencies, especially considering the recent Bitcoin, which pushed the collective market to bullish pastures, including coins like Ethereum, and Bitcoin Cash.
Some users also questioned the legitimacy of cash transactions taking place on LocalEthereum and how it could pose risks of counterfeit currency and other concerns of meeting a buyer in person.
A Reddit user Introspecter commented:
“The peer-to-peer cash-to-crypto economy is our last line of defense to a decentralized future. We all owe LocalEthereum and services like them a tremendous debt of gratitude.”
Ethereum, at press time, was priced at $268 and had a market cap of $28 million. The currency had surged by over 7% in a week.
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