Started off just a decade back, Bitcoin has become an emotion for the crypto traders and enthusiasts who get affected by its low and thrilled by its highs. It is something that is keeping the traders, and the crypto aficionados latched onto the cryptocurrency exchanges in India.
Some of the countries embraced Bitcoin, other just acknowledged it, and most of them adopted it.
India came a bit recently to the picture, as on March 4, 2020, the Supreme Court of India lifted the banking ban imposed on crypto firms, after going through over a year-long hearing (Bitcoin news India Supreme Court). And, it has been finally marked as a big win for the Indian crypto enthusiasts and became a part of the Bitcoin legal countries list.
Now, the question of whether Bitcoin is legal or illegal in India has been solved. Convert BTC to INR at the best rate easily.
Now that India has officially entered the Bitcoin legal countries list, there is no going back. You might be having questions as to is bitcoin mining legal in India, is it legal to buy Bitcoin in India. All your questions are being answered here.
The State of Frenzy in India Post Crypto Ban Got Lifted
- Tim Draper, a big-time Bitcoin enthusiast, and billionaire investor tweeted that its a renaissance for India. He even said that he met with several crypto startups in his India tour, and he hopes to be able to fund a few of them. He further commented that during this time of Coronavirus Pandemic, the benefits of Bitcoin and other cryptos might become more apparent.
- Then comes one of the leading exchanges in the world, Binance, which has put 50 million USD into the “Blockchain for India” fund, where they promise to invest around $100,000 in crypto startups in India.
- Another Indian exchange, CoinDCX announced that they would be allocating $1.3 million funding towards increasing crypto awareness in India, which would lead to crypto adoption in the country. The project named “TryCryptp” aims to introduce crypto to around 50 million people across the country.
- Even before the ban got lifted, many foreign exchanges like Bithumb Global tried to approach the Indian market because of its potentiality. Huobi, the reputed Singapore-based exchange platform, even intends to launch a P2P crypto trading platform in India. Paxful, a US-based crypto exchange, had run some campaigns in India last year to build an online crypto community.
- OKEx already expanded its operations to the Indian market by partnering with COINDCX.
Now, that this is being supported by organizations worldwide, this is indeed the best time to acknowledge and educate about Bitcoin. Also Read: What are Bitcoins
Through these simple steps, you can understand how to buy Bitcoin in India:
#1 You can buy BTC in India by going to this page, after which you will come across this window. On the left converter tab, you choose INR and put the amount of INR you want to invest in converting into Bitcoin. You can choose the crypto you want to convert into, in the right-hand tab. You have to put the Bitcoin address, where you will receive the amount once the transaction is complete. Click on “ Continue”.
#2 Then you will get this window, where you have to fill in the details to finish the KYC (Know Your Customer) process, which won’t take more than a couple of minutes. After verifying the details, click on “I agree to the terms and conditions” and click on “Pay now” button. Your transaction has been completed. Now, just relax till you receive Bitcoin in the given address.
FAQs on Bitcoin Trading in India
Is it legal to buy bitcoin in India?
Yes, it is absolutely legal to buy Bitcoin in India as the Supreme Court of India has lifted the ban on cryptocurrencies.
Does Bitcoin have a future in India?
Considering the enthusiasm and the potentiality of the market, it is quite certain that Bitcoin has a good future in India.
Can I withdraw bitcoin in India?
Bitcoin ATMs are going to be functioning fully very soon; then you can withdraw.
Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.
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