Is Bitcoin Legal in India 2020?

Bitcoin had started off a decade back, and now it has turned out to be more of emotion for the crypto traders and enthusiasts who get affected by its low and thrilled by its highs. Now, in 2020, when the world is fighting against a critical pandemic, Bitcoin is something that is keeping the traders, and the crypto aficionados latch onto the exchanges and candlestick charts. 

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. 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 INR to BTC at the best rate easily.

The State of Frenzy in India Post Crypto Ban Got Lifted

1. 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.
2. 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.
3. 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.
4. 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.
5. 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.

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.

Frequently Asked Questions (FAQ)

1. 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.

2. 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.

3. Can I withdraw bitcoin in India?

Bitcoin ATMs are going to be functioning fully very soon; then you can withdraw.

About CoinSwitch

CoinSwitch.co is the world’s largest cryptocurrency exchange aggregator which supports 300+ coins and over 45,000+ pairs. It provides an easier way of trading through global exchanges like Binance, KuCoin, IDEX, Huobi, Ethfinex, HitBTC and Cryptopia without creating an account on them. If you are interested in buying cryptos, do give it a try!

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