There has been quite a misconception among the general Indian public that Bitcoin and other cryptocurrencies are banned in India. Well, they are not, they just are not recognized as a legal entity or regulated by the RBI. You can still buy, sell, and trade Bitcoin within the legal frame.
Coming to the question of, can you trade Bitcoin in India? The simple answer is yes, and we will look at different aspects related to cryptocurrency in India in detail in this article.
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The Current State of Cryptocurrency in India and Its Future
India is on the verge of becoming the fastest growing economy by 2030, leaving China and many of its western counterparts behind. With a population of over a billion and most of them falling in the younger age bracket, the Indian market is surely going to be a hub for major technologies and evolution.
Having missed the last industrial revolution, thanks to its first world problems of inequality and corruption, India is vigilant and more careful this time around. The country has slowly overcome most of its problems in the last decade and a half and is on its way to becoming a superpower soon.
When it comes to cryptocurrencies, the government has been watchful but hasn’t turned a blind eye to the next big thing, Blockchain technology. The country has invested in the research and use cases of the technology, and recently even finalized the draft for regulating cryptocurrencies.
Even though the government does not recognize cryptocurrencies as a legal entity in its financial sector, people interpreted it as a total ban, which is not the case. When the government deems it as a non-recognized entity, it means you cannot use Bitcoin to buy the products in the market, which can be brought against Indian rupees (INR) since the digital currency is not regulated by any Indian banks.
On December 24, 2013, RBI issued a press release on virtual currencies (like Bitcoins, Litecoins, Ethereum, Dogecoins, etc.) stating that creation, trade, and usage of virtual currencies as a medium for payment is not authorized by any central bank or monetary authority.
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How Can I Trade Bitcoin in India?
There are plenty of legal exchanges available in the country which can be used to buy, sell or trade Bitcoin in India. With the news of central government and RBI drafting final plans to bring in cryptocurrency regulation, the market would see many new players making an entry.
Among many options which allow the user to trade the Bitcoin, with a few exchanges even availing the option to use Indian INR for payments. The following websites or exchanges are well-established and tested to suit every Indian crypto enthusiasts needs.
You can use any of the above-mentioned websites to trade Bitcoin, and using them is as easy as creating a Gmail account. However, I will list the steps required to start using these websites which is more or less common for everyone.
Step 1: Go to the website of your choice and register yourself with the information asked on the respective platform.
Step 2: Confirm your verification using any of the government aided ID-proof and wait for a couple of days before the verification gets authenticated.
Step 3: Once your account is verified and you become a recognized member on the platform, you can start using the platform to trade Bitcoin and other altcoins available on the exchange.
Step 4: Buy or download a crypto wallet from plenty of option available online. A hardware wallet like Ledger Nano S is considered to be the safest option, however, you can also opt for desktop or mobile wallets which are trusted around the globe.
Step 5: Now deposit a certain amount into your exchange wallet and start buying Bitcoin or any other altcoin of your choice.
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India has the potential to become the largest consumer market for any new, existing, or upcoming technologies. To make you understand how important India has become in the global market scene, you need to look at major tech giants like Google, Samsung, and Apple who all have dedicated roadmap and products specially designed for the Indian market.
Apple started manufacturing iPhones in India recently, Samsung has its biggest manufacturing plant in India and even launched the “M-Series” of mobile and India-only product to counter the dominance of Chinese phones.
Same will be the case with cryptocurrencies, the regulation and planning have been in the pipelines for long, now it’s time for execution and once that happens the Bitcoin and other altcoins will become a rage in a very short time.
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