Selling and buying of Bitcoins in India – Are they legal?

Bitcoin

Bitcoins have seen a remarkable growth in value (300%) within a year, thereby being the most sought-after investment which you might be looking for. Despite all the amusing facts on Bitcoins, there are many among us who have been left wondering whether or not it is safe to buy Bitcoins, store them or sell them within India. As per recent nrews, Bitcoins are touted to be the sole method of payment to pay bribes to WannaCry attackers; they can be used for several other things.

Countries like South Korea and Japan are also leading in the field of Bitcoins. One of the biggest electronic retailers in Japan, Bic Camera started accepting such bitcoins at 2 different stores in Tokyo. So, bitcoins are gradually gaining momentum in India and many other countries.

In what way do they create Bitcoins?

Unlike the paper currencies, Bitcoins can’t be minted but they can only be mined. Till now there are 21 million bitcoins which have been created. Presently, there are 16.8 million or 80% of the bitcoins are mined.

How to purchase Bitcoins?

You can watch out for different digital currency exchanges if you wish to buy Bitcoin. They can be bought with a credit card and Coindesk.com and Coinbase.com are the 2 most famous exchanges that you can use. The best part is that they even offer you tutorials on online currencies. If you’re based in India, you can buy Bitcoin from Zebpay exchange and they also have an iPhone and Android app which permits you to link your bank account for faster transfers.

You can buy them in exchange of a payment to Zebpay’s bank account and you will also be allowed to withdraw money to the bank account and track data on the valuation of Bitcoin in the country. As Prime Minister Modi gradually leads the government and tries his best to make India cashless economy, cryptocurrencies have caught attention to most Indians. In order to store Bitcoins, you’ll require a wallet which can either be in your smartphone or computer.

Are Bitcoins considered as legitimate in India?

Even though various other economies like Russia and Japan are all set to legalize Bitcoin usage, yet being in the crux of digital revolution, India has still not recognized Bitcoins officially. RBI, the central bank of India had warned the users, traders and holders of such virtual currencies like Bitcoins. So, this has still not been authorised by any monetary authority in India and there aren’t any regulatory approvals. Nevertheless, that doesn’t mean that the central bank has banned Bitcoins in the country.

The technology behind Bitcoin

Though Bitcoin is yet to become commonplace and accepted in India, the technology behind this, the blockchain technology has caught the eyeballs of several banks in India. In fact, in 2016, ICICI banks announced that it executed transactions in international trade utilizing the blockchain technology.

Therefore, if you too are interested in buying and selling of Bitcoins, you can definitely do so through exchanges.

Image source: https://pixabay.com/en/bitcoin-digital-money-decentralized-2007769/