For sometime, the fate of cryptocurrency sphere in India has been in limbo.
In April 2018, Central Bank of the country prohibited banks to exchange cryptocurrencies. And in July 2019, an inter-ministerial panel, set up to study bitcoins, led by the top bureaucrat Subhash Chandra Garg, recommended imprisoning those people, who even store Bitcoins and other digital assets. Get to know more interesting facts about btc doubler website.
By the way,September`s report by the steering committee of the ministry of finance advisedmore loyal approach, referring to the importance of blockchain technology.
Uncertainty in cryptocurrency field,appeared because of legal background absence, started to decline. It`simportant for Indian government to look at Bitcoin and other cryptocurrencies froma different angle and consider them not only as digital currency, but also ascomputer network and technical protocol.
Huge technical opportunities of blockchainand perspectives of BTC inspire many investors to invest money in the firstcryptocurrency. So, Indian authority should see in Bitcoin not only danger foreconomy, but also opportunities of country`s development.
Is Bitcoin Legal inIndia?
Status of Bitcoin in India stays in an odd positionenough. Bitcoin in India is legal and illegal simultaneously, there are twoaspects of this question:
- Buying and selling BTC is NOT ILLEGALin India. Today there is no regulating law in the country forbidding to buyor sell bitcoin, so what is not illegal can be considered legal;
- Bitcoin usage for regular payment isILLEGAL. The first cryptocurrency isnot a legal payment means in India. This means that you cannot buy coffee, payfor rental housing or get a salary in BTC. This moment is distinctlyregulated by Indian government.
In cryptocurrency ecosystem in India reignsconfusion. The Narendra Modi government and India’s central bank have clarifiedthat they don`t welcomedigital currencies, and activity of numerous investorsonly strengthen authority`s negative attitude.
30 November2017, when investors` frenzy was at a high with rising bitcoin prices, financeminister Arun Jaitley claimedthat the country didn`t approve cryptocurrencies as a legal payment means. Amonth later the government actively warned citizens from investing in digitalassets, saying that they looked like fraudulent schemes.
On 2 January of the same year, Jaitley againconfirmed the position of Indian government, stating that people invest theirmoney at their own risk. “By numerous notifications both sides, government andReserve Bank of India (RBI), have many times informed the society that Bitcoinwon`t be approved as a valid payment means in India”, – he said.
Also in April 2018, RBI forbade banks toopen accounts for crypto exchanges and forbade users to involve bankingchannels for settlements on crypto transactions. This factor does not makeBitcoin banned in India. But RBI`s forbiddance means that citizens cannot usebanking account to purchase or sell BTC.
When was Bitcoin banned in India?
In 2019, Bitcoin regulation in India was tough updated by the new government`s bill called “Banning Cryptocurrencies andRegulation of Official Digital Currency Bill 2019”. This bill offers ajudgement of 10 years’ imprisonment for citizens, dealing withcryptocurrencies.
Such a strict verdict will concern thosewho mine, hold, purchase and sell Bitcoin and other cryptocurrencies, and thosewho correctly or incorrectly deal with digital assets in the country.
If the bill is adopted, Indian government willoblige cryptocurrency holders to inform about their crypto assets within 90days and to dispose the assets “in accordance with the prescription of centralgovernment.” In addition, the bill provides for system of fines, which three time exceed loss caused to theeconomy or profits of crypto holders.
What is more, “cognisable and non-bailable”offense can lead to arrest for 10 years. On the other hand, this crypto ban hasbeen challenged in the supreme court which is expected to resume hearing thecase in January.
In the bill they also propose to developIndian national digital currency – Digital Rupee. And there is an opinion that sucha decision of cryptocurrencies banning is also connected with promoting offuture Digital Rupee.
You can see, as of today BTC and altcoinsare not legal and not illegal in India. There is no precise regulation in the country, and with thefiling of Indian government digital currencies stay in the “gray area”.
Why is Bitcoin Illegal in India?
Thequestion of why Bitcoin is illegal in India has a clear answer. Such a statusof the first cryptocurrency in the country is related with its decentralization,due to Blockchain-based technology.
Digitalcurrencies do not operate on a single server, URL or IP-address. They run onseveral nodes, which can be owned and managed by anyone and are usually spreadall over the world. None government has a centralized point to ban or attackcryptocurrencies.
So, why isBitcoin banned in India? If carefully read RBI circular, you will notice thatthey have never used a word “ban”, telling about Bitcoin. It has only preventedany organisation regulated by the central bank to deal with businesses thathave anything to do with digital assets. On practice, the banks will have tostop deposits and withdrawals to and from Indian rupee (INR) on cryptocurrencyexchanges. This news has been widely spread countrywide and has been immediatelytreated as “Bitcoin is not legal in India”.
However, traders still can buy and sellcryptocurrencies at all crypto exchanges within 3 months after RBI`s warning.Even after this period the central bank or the government technically are notable to ban BTC.
As a larger part of cryptocurrency tradingtakes place at international crypto exchange, the prohibition of Indianexchanges will make citizens purchase digital assets only at internationalservices or OTC (over the counter) options, because in this case a cryptopurchase/sale is impossible to track.
When will Bitcoin become legal in India? This query is not so common and univocal to answer. Many cryptocurrency experts believe that Bitcoin`s coming to India will help its economy`s rise. Blockchain technology can also promote development of many other country`s sphere. However, other experts think that population of Bitcoin contra may harm the economy of India and crash Indian rupee. So, a clear status of the first cryptocurrency will determine only the future.
Who Accepts Bitcoinin India?
Though Indian government makes every effort to drive BTC out of thecountry, the cryptocurrency becomes even more popular among citizens. Countrywidethere are some land-based points, where Bitcoin is accepted in India:
- Suryawanshi restaurants inBengaluru’s Indiranagar and Whitefield;
- Castle Blue spa and salon –Mumbai;
- StartUp Café – co–working spacein Gorakhpur;
- Sapna book store (Sapnaonline) –one of the oldest and largest stationary segment.
Also, there is the number of onlineresources, who accept Bitcoin in India, let`s take a look at them:
- Indsoft and Cyberls –webhosting service providers;
- Reload – online mobile recharge;
- Tecdoc365 – utility softwaremanagement website;
- Fashiondiva – online cloth andaccessories portal;
- People place is online trainingand recruitment firm;
- EPaisa, a free point–of–saleapp provide bitcoin as a payment option;
- Flight Shop;
- Dharwad International School;
- Zebpay app allows you to buyvouchers of Amazon, Flipkart, Freecharge, Bookmyshow and Makemytrip. It hasalso enabled its users to recharge their prepaid or post-paid plans withtelecom operators such as Airtel, Vodafone, Uninor, Reliance, BSNL, MTNL, TataDocomo along with the DTH service providers.
Where to BuyBitcoin in India?
In India exists now only one place, whereto buy Bitcoin – online cryptocurrency exchanges. You will not find in thecountry any Bitcoin-ATM (BTM) and it is not easy to find here aperson, selling BTC by cash.
Howto buy bitcoin in India using PayTM
PayTM is one of the most popular Indianpayment gateway app, which since now can be used for buying BTC. Though, youcannot purchase Bitcoin directly using the PayTM wallet app. There is thenumber of websites, where citizens can buy Bitcoin in India and pay it withPayTM. Before buying digital currency with the help of this payment app youshould know a couple of things:
- You are able to get both a fullBTC coin and its part (0,001 for example);
- You can purchase Bitcoins worth$100 (INR 6400) or less;
- If you hold significant amountof Bitcoins (more than $500), you`d better buy a hardware wallet;
- For short-term BTC usage youmay use mobile cryptocurrency wallets.
Below we provide you with two websites,where you can purchase Bitcoin using PayTM:
Howto buy bitcoin in India using debit/credit card
Buying Bitcoin with debit/credit card canbe a bit trickier and more expensive than local bank transfers, but there is noshortage of options once you know where to look. Below in this article we aregoing to consider the list of reliable exchanges, operating in India.
Note, while purchasing BTC at an exchangeusing your credit/debit card, take into account card acceptance, transferlimits and exchange fees. Also, make sure that your card will permit you to withdrawdigital currency.
Howto buy bitcoin in India using PayPal
Unfortunately, PayPal and Bitcoin networkco-operate not very well, so it is not easy to buy BTC and other altcoinsthrough PayPal, if you are not its constant customer.
Bitcoin transactions are irreversible,while PayPal supports chargebacks. The disadvantage is that your options arelimited, and that you’ll often have to take extra steps which can beinconvenient and might mean slightly less value for money than other paymentmethods. There are 4 well-known resources, where you can get cryptocurrenciesusing PayPal service. They are arranged from least to most complicated:
Howto buy bitcoin in India using cash
It is quite difficult to buy Bitcoin withcash in India. In the country there is no Bitcoin-ATM, which you can use forbuying BTC with cash. Although, Indians may enter LocalBitcoins website and tryto find a person, physically selling cryptocurrency in the country.
Top 3 Bitcoin exchangesin India
And now we are going to present you threemost popular and trusted cryptocurrency exchanges, today operating in India.
- WazirX. This exchange is something that citizensof India should all appreciate. It came after Koinex and Bitbns and creates hisseparated fan-base due to ease to trade. That’s something really difficult, aseveryone is struggling with the new RBI guidelines. They created an error-lessautomated trading platform which makes the trading way easier with respect toother exchanges available. With some few clicks you can just sell any of yourassets easily;
- Koinex. Koinex is something people cantrust and rely on, it came when Zebpay and Unocoin had already penetrated themarket. They came as different, they are the first reliable Indian exchange tolet you buy multiple crypto assets like Ripple, Ethereum, Bitcoin Cash andLitecoin directly from Debit cards, e-wallets. At start, they only provided 5cryptocurrencies. There is a reason it is on №2 due to its semi-automated process of buying orselling cryptocurrency;
- BitBNS. BitBNS started like a star, atthe start it let you purchase 20+ digital currencies directly with UPI,E-wallets. That is really a big deal as all other exchanges are either let youpurchase only Bitcoin or less than 5–6 cryptos. It is first Indian exchange toinclude margin trading. Currently, it let you trade 67 cryptocurrencies so far.They also have option to lend or borrow cryptos.
From 2015 till now, these three mentionedexchanges survived and proved that they can be relied on. By the way, numerousother services, working in India, just stopped their functioning in the country.
How to Sell Bitcoin in India
The question “how to sell bitcoin in India”has only one answer – cryptocurrency exchanges. Above in the article you canfind the list of reliable exchanges, operating now in India, where you have anopportunity to sell your crypto.
In addition, to sell bitcoin in India forcash you should use LocalBitcoins service. Try to find a person in yourlocation, who wants to buy BTC for cash.
How to Trade Bitcoin in India
Despite avague situation in the field of cryptocurrency regulation, bitcoin still can betraded in India. There are some broker platforms, which are available forIndians:
- BitMEX. It has become the most well-knownprofessional Bitcoin broker in relatively short time. The reason might be thatthe platform is fairly uncomplicated – signups are quick and without IDverification. Also, the platform has a highly professional trading engineproviding all advanced order types. By the way, withdrawals are not limited atall;
- PrimeXBT. This resource is a relatively new but highlyprofessional Bitcoin margin broker which gained popularity very quickly. Theirtrading platform is easy to use and very intuitive and they do not ask for anyID verification at all. Their live chat customer support is very helpful and respondswithin a couple of minutes;
- Binance. It is the number one altcoin trading website.They have a big altcoin portfolio. All altcoins can be traded against Bitcoinor Ether. Binance allows deposits or withdrawals for all listedcryptocurrencies but no INR or any other fiat currency;
- Bitfinex. This platform belongs to the largest internationalcrypto brokers. Their altcoin portfolio is constantly growing, and they have aprofessional trading engine with advanced order types and an intuitive userinterface. Altcoins can be traded against Bitcoin or Ether. Indian citizens canopen an account and deposit and withdrawal cryptocurrencies only, like at allunregulated crypto brokers.
Todaytrading in Bitcoin sphere is convenient enough. For traders` comfort werecreated apps for smartphones and other gadgets, what greatly ease life of Bitcointraders.
Is Bitcoin Trading in India Legal or Not?
Bitcoin trading in India cannot be calledlegal, as till now the fate of the first cryptocurrency is still uncertain inlegal sense. As a result, any citizen of India, who decides to trade BTC, maymeet issues while signing up at an exchange and while money withdrawal to hisbank card or another account in India.
Bitcoin in India –Price in Rupees (₹)
In 2008 was registered domain name bitcoin.org. The same year thebeta-test of Bitcoin was held for all comers in order to experience miningtechnology. In 2008 was no Bitcoin rate at all, as well as Bitcoin itself.
Howmuch did Bitcoin value in 2009? October 5 at theexchange New Liberty Standard was published the first Bitcoin rate to US dollar(USD): $1 = 1,309.03 BTC. Interesting fact, there was one transaction of 10 000BTC, which was used for purchase of 2 pizzas Papa Johns.
Bitcoinprice in Indian rupees (₹). Now it is possible tobuy Bitcoin in India through online cryptocurrencyexchanges. At the moment of this article writing (10.01.2020) 1 BTC values 574050 rupees (₹).
Bitcoin Mining in India
Today, mining is very popular business.Miners have an opportunity to make significant profit. On the other hand, acommon person without thousands of dollars cannot afford to start miningactivity.
It is not profitable to mine cryptocurrencyin India, even if you have resources for this. Legal uncertainty of the firstcryptocurrency in the country endangers any mining business. However, if youhave taken a decision to mine in India, you should buy a miner (mining farm),which will make calculations. You will install software on this equipment, andthen connect to a pool.
Also, you can mine cryptocurrency on yoursmartphone. We advise you to learn information about mining on Wikipedia – https://en.wikipedia.org/wiki/Bitcoin#Mining.
How to Invest in Bitcoin in India
Bitcoin is easy to invest in. You can buy it and sell whenever you want to. You do not have to sign an agreement, and you can do it all by yourself! Also, you can read about how to double your bitcoins legit.
Bitcoin itself is an investment. There aremany ways to invest and earn with BTC, namely:
- Buy low, sell high;
- Stay up-to-date on Bitcoin market trends;
- Use Bitcoin wealth to purchase more stable investments;
- Bitcoin mining (purchasing needed equipment for cryptocurrency mining).
Beforeinvesting in Bitcoin, you might be interested in getting it for free.
How to Get Bitcoinin India for Free
It is quite easy to get free cryptocurrency in India. You may earn free BTC in India by working at bitcoin faucets, making trading or implementing some work for a fee in bitcoins. We give you an example of earning free bitcoins at the well-known faucet freebitcoi.in:
- Create an account at freebitco.in;
- Get some free Satoshi (bitcoin);
- Multiply these Satoshi;
- Exchange it for money.
Create free account onthe freebitco.in website
This is one of the easiest steps. Enter freebitco.in, type your email and password and go to your account.
Timeto claim your free bitcoins on freebitco.in.
This is probably the hardest step. Why? Because you will be tempted to start the Hi-Lo game after you got some satoshis. Do not do it. Again: DO NOT start gambling prematurely! You will lose everything, believe me.
Just go to the “Free BTC” page every hour, click on the “I’m no robot” captcha and click the “Roll” button. That’s not so hard. After that, a 5-digit number will be rolled and displayed. You will always get some Satoshi. And with some luck you will win even more coins by getting a roll over 9886. As soon as you hit 8192 Satoshi (= 0.00008192 BitCoins) you can proceed with the next step.
Multiplyyour free satoshi (BTC) by playing the Hi-Lo game.
Next step is playing the game: freebitco.inprovides a Hi-Lo game. And there is a simple strategy to beat such games: Whenyou win, return to your base set; when you lose, double your set. This way youwill always win your base bet (if you do not run out of moneywhile betting).