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[Dagov]

Is it permitted to purchase and sell Bitcoin in India?
In India, buying and selling bitcoins is legal. In India, there is currently no law that forbids it. The cryptocurrency has not yet received official recognition in India, which is on the edge of a digital revolution. The Reserve Bank of India (RBI), which oversees the Indian Rupee, had already issued a warning to Cryptocurrency users, Bitcoin holders, and Crypto currency investors.

The production, exchange, or use of Bitcoins as a payment method is not permitted by any central bank or financial authority. The firms involved claim to not have secured any regulatory permits, registrations, or authorizations for the conduct of such activities.

 

[magnus2022]

India government is still confuse and in a state of dilemma whether to ban cryptocurrency or not. The central bank is against crypto trading and general involvement of citizens in digital currency .
It is very legal to deposit and withdraw bitcoin from india.

 

[btaliat]

With your write up, I can only deduce one fact. It seems the government of India only permits the use of crypto among the citizens but not really allowed as a transactional means. I think India is just doing this to protect her CBDC.

 

[Riberet19]

I think that prohibiting cryptography really does not help and I think it would increase its adoption, since that would only betray the fear they have and that it is a way to preserve freedoms, the CBDC is an evil to which we must be attentive although it is being shown that many countries do not want it in Japan the people said no and discarded the Yen CBDC project and in Venezuela the CBDC of the Petro failed after even renaming it more than once.

 

[Riberet19]

No is not the Indian government has said that Bitcoin can't be used as a part of the payments system. However, nobody expressly forbids people from trading in cryptocurrencies, as long as they're not treated as legal tender.. However, due to bank-imposed (RBI) restrictions, you might not be able to fund your crypto exchange account using Indian banks. The situation has significantly affected the country's crypto landscape, even forcing to shut down some native cryptocurrency exchanges. Despite the RBI crackdown, it is still possible to buy and sell bitcoins in India because there are done exchange that can help you like Uncoin exchange in India.

that well to hear that you can still exchange bitcoins there in India, the ecosystem landscape is not good anywhere and India is not spared from it, even if India banned anyway the CEX or centralized exchange you could always buy through DEX or peer2peer

 

[brindagladden]

When there is no law to forbid it, people can purchase or sell Bitcoin in India. And there are many people who hold Bitcoin in India.

 

[btaliat]

At present, there may not be any specific rule banning crypto in India. But the government is trying to introduce heavy tax on the users of crypto. This may be a way of discouraging people they are holding crypto with them.

 

[Emmanuel24]

Well, Indian government has done great by allowing their users to transact crypto currency within the nation but doesn't allow it to be more used than that of their CBDC. However I wish other countries could follow their step as regards this.

 

[Riberet19]

Well, Indian government has done great by allowing their users to transact crypto currency within the nation but doesn't allow it to be more used than that of their CBDC. However I wish other countries could follow their step as regards this.

India already has its CBDC project active like China? Or is it in a pilot project? I don't really have any information about Indian CBDC, although I think India is more crypto friendly than many other countries including China in this combo.

 

[btaliat]

India already has its CBDC project active like China? Or is it in a pilot project? I don't really have any information about Indian CBDC, although I think India is more crypto friendly than many other countries including China in this combo.

India is one of the earliest investor of CBDC. But unfortunately, the project crashed. There has been a time when the government in Indian legislated against crypto. But I don't know whether the rule still stands.

 

[Riberet19]

India is one of the earliest investor of CBDC. But unfortunately, the project crashed. There has been a time when the government in Indian legislated against crypto. But I don't know whether the rule still stands.

What do you mean exactly? The CBDC did not triumph in the country, right? nobody uses it, this seems wonderful to me and an act of sovereignty of the indian people, hopefully it will be replicated in more places, in japan and venezuela the same thing happened.

 

[john224]

It is currently not permitted in India to buy or sell Bitcoins as the Supreme Court of India has ruled that virtual currencies (such as Bitcoins) have been banned by the Reserve Bank of India. In fact, the Indian government is currently drafting regulations concerning the cryptocurrency sector. In the meantime, Bitcoin still remains illegal to buy and sell until the government has finalized its regulations.

 

[gammarays]

I think Bitcoin buying and selling is not fully banned in India though they're proposing a law for that. However, there's a tax imposed on crypto holders and earners. The tax is above average and like ba way to restrict crypto transactions.

 

[HMMY1]

Is it permitted to purchase and sell Bitcoin in India?
In India, buying and selling bitcoins is legal. In India, there is currently no law that forbids it. The cryptocurrency has not yet received official recognition in India, which is on the edge of a digital revolution. The Reserve Bank of India (RBI), which oversees the Indian Rupee, had already issued a warning to Cryptocurrency users, Bitcoin holders, and Crypto currency investors.

The production, exchange, or use of Bitcoins as a payment method is not permitted by any central bank or financial authority. The firms involved claim to not have secured any regulatory permits, registrations, or authorizations for the conduct of such activities.

The cryptocurrency has not been legalized in the Indian government yet. Because India is also an underdevloped country It is possible that in the coming years, the Indian government will legalize cryptocurrency.

 

[Riberet19]

The cryptocurrency has not been legalized in the Indian government yet. Because India is also an underdevloped country It is possible that in the coming years, the Indian government will legalize cryptocurrency.

i have a doubt regarding this as i see quite a few indians involved in cryptocurrency trading, how do you go about getting it by doing peer2peer exchanges i guess like nigerian people?

 

[a_jerobon]

The last time I checked, India were just as confused as other countries on what to do with cryptocurrencies. They have not fully banned them but they just give some restrictions and impose high taxes like to keep others from using them. But I see indians still engage in exchanges.

 

[Mar20]

As of my knowledge cut-off in 2021, the legality of purchasing and selling Bitcoin in India was somewhat uncertain. In 2018, the Reserve Bank of India (RBI) issued a circular that prohibited regulated financial institutions from providing services to entities dealing in cryptocurrencies. However, this ban was later lifted by the Supreme Court of India in 2020, and cryptocurrencies are no longer banned in India.
However, the Indian government has continued to express concerns about cryptocurrencies and has indicated that it may take steps to regulate the industry. In December 2021, the Indian finance minister announced that the government was considering a bill to ban private cryptocurrencies in India and establish a digital rupee as the country's official digital currency.
Given the rapidly changing legal and regulatory landscape for cryptocurrencies in India, it's important to stay informed about any developments and consult with a financial advisor before making any investment decisions.
In summary, as of my knowledge cut-off in 2021, it is not prohibited to purchase and sell Bitcoin in India, but the regulatory environment for cryptocurrencies in India is uncertain and subject to change.

 

[Kennysplash]

I think if there is a law that forbids it it would be in the news. So there is currently no law that is against the trading of cryptocurrency in the country. That is why they have a lot of users as well, to sum it up they have a high number if citizens.

 

[Margery]

The legal status of cryptocurrencies, including bitcoin, is a bit unclear in India. In April 2018, the Reserve Bank of India (RBI) issued a circular prohibiting banks and other financial institutions from dealing or providing services to anyone in buying or selling cryptocurrencies. However, in March 2020, the Supreme Court of India lifted the ban, stating that the RBI had not provided any evidence that the restriction was necessary. Thus, since March 2020, it is allowed to buy and sell cryptocurrencies, including bitcoins, in India.

 

[Sammydan]

India has many cryptocurrency users, which showed that they are not facing any challenges in trading cryptocurrency. To be frank, cryptocurrency has many advantages but some people do not know. The reason why government are banning cryptocurrency is their inability to regulate it.