Buying and selling Bitcoins in India
The suggested cryptocurrency bill is attracting a lot of attention right now since it clarifies the process of transferring funds to and from bitcoin exchange accounts. The Supreme Court overturned the ban on rupee-to-cryptocurrency transactions.
Indians have been among the world’s largest cryptocurrency investors. In India, there are an estimated 15-20 million cryptocurrency users. The cryptocurrency bill, which was tabled in Parliament during the Winter Session, has piqued the interest of investors.
One of the reasons for the increased adoption of cryptocurrencies in India is the ease with which they can be bought and sold. But is it really as simple as it sounds?
We examine if the procedure of purchasing and selling cryptocurrency in India is as straightforward as it appears.
The first step is to create an account with an Indian cryptocurrency exchange such as WazirX or CoinswitchKuber. Then you must meet the requirements for knowing your customer (KYC). You will be able to buy and trade cryptocurrencies once you have completed the KYC registration.
A cryptocurrency wallet, like a bank account, is a digital application that allows you to store and retrieve your bitcoins. A crypto wallet has a private key that only the user knows about and a public key that acts as an address for sending crypto to the wallet.
Purchasing cryptocurrencies in India has been relatively simple since the Supreme Court overturned the Reserve Bank of India’s (RBI) restriction on rupee-crypto transactions in March 2020. Not all banks, however, enable consumers to link their accounts and transfer money to cryptocurrency exchange accounts. You’ll have to turn to peer-to-peer (P2P) lending if your bank won’t let you.
There are several ways to deposit Indian rupees into a crypto exchange account. You can utilize a payment gateway or the National Electronic Funds Transfer (NEFT), Immediate Payment Service (IMPS), Unified Payments Interface (UPI). BandhulBansal, founder of Finstreet, a financial education organization, adds, “You can deposit the INR using internet banking or a third-party wallet or you can use the P2P technique for deposit.” It’s vital to know that you can’t buy cryptocurrencies using cash.
You can buy cryptocurrency with the money you have in your account.
However, keep in mind that, while the process is simple, you should have a basic understanding of how cryptocurrencies function and conduct due research before investing in them.