Bitcoin in India: Legality and Purchase
Background
Cryptocurrencies are endorsed and used by corporations and government departments in their daily functions. Bitcoin was invented in 2008 by an unknown person or a group named Satoshi Nakamoto. The invention of bitcoin was outlined in a white paper. The currency began to be used in 2009 when its implementation was released as open-source software. Bitcoin has grown rapidly and spread far in a relatively short period of time. Across the world, companies ranging from a large jewelry chain in the US to a private hospital in Poland accept bitcoin currency. Bitcoins are created as a reward in a process known as mining. In India, Bitcoin made its debut in 2012 when freelance software developers in India were being paid in Bitcoin by their international and US-based employers to avoid high transfer fees. Cryptocurrency exchanges came into existence in 2013, and within a few months, the RBI had started issuing warnings.
Is Bitcoin legal in India?
In 2018, the RBI banned regulated companies (such as banks) from trading Bitcoin. However, last year the Supervisory Committee lifted the ban. While holding Bitcoin has never been made illegal, the SC’s decision means it will make it easier for companies to do business in this space. Bitcoin is slowly becoming an inescapable part of the future. Looking at Bitcoin’s price, it’s easy to say that there is a Bitcoin Bubble. Further, no set rules, regulations, or guidelines have been laid down for resolving disputes that could arise while dealing with bitcoins. So, Bitcoin transactions in India come with their own set of risks. The Supreme Court of India has, in its ruling pronounced on 25 February 2019 required the Government to come up with Cryptocurrency regulation policies. The matter had been adjourned in the hearing on 29 March 2019 and has been rescheduled for hearing in the second week of July 2019. Investing money into bitcoin in any of its many guises is not for the risk-averse. Bitcoins are a rival to government currency and may be used for black market transactions, money laundering, illegal activities, or tax evasion. However, it is legal to buy and sell Bitcoin in India. If you want to buy Bitcoin to make good money from it then Bitcoin Loophole trading bot is perfect for you. It is one of the authentic automated trading robots.
How to buy Bitcoin in India?
In India, you can buy bitcoins from some trusted Bitcoin apps. The leading peer-to-peer Bitcoin marketplace is now in India. Paxful is the best option if you want to convert your Indian Rupee (INR) to BTC. With escrow-backed payments and over 300 payment methods available, buying Bitcoin has never been more safe and easy. Zebpay, UnoCoin, CoinSecure, etc., are a few popular choices for Indian crypto enthusiasts. Choosing the best platform to buy them from is another task. For any retail investor looking to add a fraction of Bitcoin to their portfolio, buying it through an exchange is the simplest way. Many exchanges in India facilitate Bitcoin transactions for their users. All you have to do is sign up on a platform where you can buy bitcoin and complete the KYC process using the documents asked on the platform. After completing KYC, you can add money to your wallet and can place an order for your bitcoin. You can invest in bitcoin at a minimum capital rate of 100 Rs.
Top Exchanges to Buy Bitcoin in India: List
Here is the updated list of most popular Indian Bitcoin exchanges where people from India can buy/sell Bitcoins:
- Wazirx
- Binance (Use USDT for trading, later on, transfer profit to India exchange and withdraw in INR)
- Zebpay
- Bitbns
- CoinDCX
- Localbitcoins (Multiple Indian Payment options)
- Paxful – An alternative for P2P buying/selling
- Cex.io (Buy bitcoins using a debit/credit card)
Conclusion
The Supreme Court of India legitimized the usage of Bitcoin across the country in 2020. The apex court observed that the existence of Bitcoin or any cryptocurrency is unregulated but not illegal. This has relieved cryptocurrency traders to some extent. Now, India as a market is as vast as China, and this ruling has supported the world of digital money extensively. So, in simple words, investing in Bitcoin is completely legal, and you can do so through various apps and traders in the market.
Victoria has recently joined our team as a content officer. She has written a number of news articles in a different niche such as Stock market, Emerging technologies, Economics, and various analysis. She has 10+ years of experience in writing and has interviewed multiple personalities of various backgrounds. She also loves to write books on personal finance.
