The bitcoin concept in India is like a roller coaster ride for many newbie and beginners in the cryptocurrency sphere. Many people have various assumptions and look at the entire bitcoin concept in India from a different perspective.
And this leads to having different opinions from different people on whether there is a bitcoin ban in India and whether you can buy, sell and trade it or not.
Bitcoin concept in India
In this article, I will explain to you a few important things related to the bitcoin ban in India and also I will tell you whether you can buy bitcoin or not.
What does Bitcoin ban by RBI mean
The entire scenario began when the RBI (Reserve bank of India) rolled out a ban on April 05. The RBI strictly stated that all Indian banks should stop providing support to cryptocurrency exchanges present in India within 3 months. With this announcement, all cryptocurrency exchanges were shut in three months due to no support from banks.
Because if there are no banks who provide support or a payment gateway to the cryptocurrency exchanges. Then there is no way for an Indian resident to use his/her debit/credit card or bank account to buy, sell or trade in the Indian cryptocurrency exchanges.
Fast forward to today, there are no Indian cryptocurrency exchanges which allow you to buy, sell cryptocurrencies using your Indian bank account. However, there are a few peers to peer exchanges but, they do not deal with payments and they are operational and people do use them to buy, sell bitcoins.
Can you buy Bitcoins in India
Yes, you can buy and posses bitcoins in India and there is nothing wrong or illegal about it. The bitcoin ban is only for the banks to not provide support for the cryptocurrency exchanges.
You can buy bitcoins using a few alternative cryptocurrency exchanges which are located in other countries using your debit/credit cards. Or you can make use of peer to peer bitcoin networks from India to buy and sell bitcoin and other cryptocurrencies.
Make it a note that bitcoins are not meant to be used in the black market or the dark web. If you’re caught, then strict actions will be taken against you. Plus always make it a habit to pay your taxes on time. If you’re into bitcoin trading and if you generate huge revenues, make sure you pay your taxes to avoid any laws being broken.
How to buy and sell Bitcoins in India
There are a few cryptocurrency exchanges located in other countries with which you can buy and sell and even trade bitcoins. You can buy from them using your debit/credit cards without any issues. Coinmama is one of the exchanges which you can use. Apart from cryptocurrency exchanges, you can make use of peer to peer cryptocurrency networks. These are a marketplace for buyers to meet sellers and vice versa.
The bitcoin concept in India is mistakenly understood by most of the beginners in the cryptocurrency field. And there is nothing wrong in buying, selling or trading bitcoins. Any resident of India can freely possess bitcoins.
If you have any queries related to the bitcoin concept in India. Then feel free to ask in the comments below.