Many exchanges in India facilitate Bitcoin transactions for their users. All you have to do is sign up with an exchange of your choice and complete.
Table of contents
- Different Ways to Invest in Bitcoin in India 2021
- Top Bitcoin & Cryptocurrency Exchanges in India
- How To Invest In Bitcoin In India | : A Step By Step Guide
- Investing in Cryptocurrency? Risks, Safety Legal Status, Future in India – All you need to know
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Different Ways to Invest in Bitcoin in India 2021
Disclaimer: The views expressed here are that of author and may not be same as that of Groww. Investment Basics. Crypto How to buy Bitcoins in India? Looking to invest? Open an account with Groww and start investing for free. In this article What are Bitcoins? What is the minimum amount needed to buy Bitcoins in India? What are the legal procedures to buy Bitcoins in India? How to set-up Bitcoin Wallet? Are the returns from Bitcoins taxable?
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Top Bitcoin & Cryptocurrency Exchanges in India
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How To Invest In Bitcoin In India | : A Step By Step Guide
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Investing in Cryptocurrency? Risks, Safety Legal Status, Future in India – All you need to know
To give them a clear picture, we talked to some experts for insights on risks, safety, legal status, and expected future of cryptocurrency in India. It has been around for over a decade and withstood two global recessions. Traditionally, investors used gold to hedge against stock volatility. But today, crypto is slowly emerging as a mainstream investment class especially among millennials. It is true that it is not illegal to buy cryptocurrency in India. However, there is no legal guarantee of the safety of the invested amount like regular investment avenues.
The virtual currency is not guaranteed by the Central Government, so, in order for any virtual currency to be declared legal tender, it will have to be expressly guaranteed by the Central Government. In that case, parties are legally bound to accept it as a mode of payment. Dubey said the government has cautioned people about the risks in dealing with virtual currencies stating that virtual currencies are not a valid legal tender in India and even made clear that virtual currencies do not have regulatory protection in India.
The RBI had also cautioned about the potential financial, operational, customer protection and legal risks associated with virtual currency. Shetty believes that over the next few months, we will see crypto go mainstream faster with more retail investors, and first-timers entering the market. Should you invest despite risks? If you want to start investing in cryptocurrency even after knowing all the risks, Shetty suggests that as a first-timer in crypto, the most important thing you should bear in mind is that that crypto is a high risk, high reward investment option.
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What is the current legal status of cryptocurrency in India? Shetty said that as of now, there is no crypto regulation in India. However, buying Bitcoin is absolutely legal in India. He said that there was a banking ban between July — March due to which cryptocurrency exchanges were not able to hold bank accounts. However, the Supreme Court of India quashed the banking ban in Dubey said that the Department of Economic Affairs, Ministry of Finance had constituted a committee to study the issues related to virtual currencies and propose specific actions to be taken.
This committee presented its Report dated February 28, recommending prohibition of all private cryptocurrencies, except any virtual currencies issued by the state.
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However, it will support and use underlying cryptocurrency technologies. GST on Cryptocurrency? According to Shetty, the RBI ban was an under-researched and arbitrary move. Bitcoin is slowly emerging as a mainstream investment class especially among millennials. Majority of WazirX users are below 30 years of age.
The youth is looking at crypto as an alternate investment option, and increasingly participating here. Bitcoin is labelled as digital gold by many, and is also seen as more superior to gold in several respects. It offers a high degree of accessibility, allowing anyone to send and receive Bitcoin in a permissionless way.
The support to the usage of cryptocurrency extended by the IAMAI has also been a major factor in securing popularity. He further said that the startup sector in India is particularly fond of cryptocurrencies since they facilitate cross border transactions with ease, which provides a lot of opportunities to small and medium enterprises to expand their presence across the global market.
What is the future of cryptocurrency in India? Dubey said that in India, the regulators and governments have been sceptical about the virtual currencies and are apprehensive about the associated risks. However, Shetty thinks the future is exciting for cryptocurrency in India. Slowly, more and more people are becoming aware of crypto, and wanting to pursue a career in Blockchain. Positive regulations will give a big push to crypto adoption in India with more startups building projects on blockchain.