All beginners to the bitcoin and the cryptocurrency world residing in India have a common question to be clarified and that is to know is bitcoin available in India? Well, to you give you a straight-forward answer to this question I would say, yes and no both.
Is Bitcoin available in India
Let me elaborate a little more on this question “Is bitcoin available in India” to make you understand in a much easier way. I’ll explain below who can buy bitcoin in India and what really bitcoin ban in India means.
Can you buy Bitcoin in India
Yes, you can easily and freely buy bitcoin in India and there is no way someone can stop you from doing it. You can buy, sell or trade bitcoin and other cryptocurrencies easily from any cryptocurrency exchange that provides support to Indian residents.
What does RBI ban on cryptocurrency in India mean
On April 05. The RBI (reserve bank of India) announced that all banks in India should stop providing support to the cryptocurrency buy, sell exchanges within 3 months.
Basically, cryptocurrency exchanges are the place from where you buy or sell your cryptocurrencies such as Bitcoin, Ethereum, Ripple Litecoin etc. And if there is not a single bank that provides the ability to execute a transaction or which provides a gateway for the cryptocurrency exchanges. Then this means you can no longer buy bitcoin or cryptocurrency by using your Indian debit/credit cards or bank accounts.
This disrupted all the cryptocurrency exchanges in India and eventually they had to shut down. Some of the founders of Indian cryptocurrency exchanges did take the matters to supreme court to lift the ban however, the court has yet to rethink and give its final decision upon whether to keep the ban or to lift it.
What is Bitcoin banned for in India
There is no known circulation yet which states that the possession of bitcoin and other cryptocurrencies is illegal. And it is considered that there is no possibility or a way to control or ban people from buying bitcoins.
Until now only banks have been stopped to provide support to the cryptocurrency exchanges. People are not allowed to trade using bitcoin in the black market or the dark web as a means of payments. If caught, serious laws will be implemented and strict actions will be taken by the government.
If you’re into bitcoin trading and if you’re generating huge revenues, then it’s your duty to pay the taxes in time. If you’re found violating the terms or not paying taxes then this could cause you some trouble. This applies to people who generate huge amounts of revenues by bitcoin trading. If you’re a small-time investor or trader there’s nothing to worry at all. Plus paying taxes in time is always good.
How to buy and sell Bitcoin in India
Buying, selling or trading bitcoin is not a crime and you can do so freely. There are a few cryptocurrency exchanges from other countries which do accept Indian debit/credits cards and you can use those exchanges easily. Or you can make use of peer to peer bitcoin exchanges such as localbitcoins or Paxful.
Giving a short answer to is bitcoin available in India. I would say yes. It is available and anyone can buy, sell or trade it. You can make use of exchanges located in other countries to buy, sell or trade bitcoin and other cryptocurrencies. And always make sure you pay your taxes on time.
If you have questions regarding the topic (is bitcoin available in India?) you can ask them in the comments below.