Source: BitDegree.
In April 2018 a circular from the Reserve Bank of India (RBI) prohibits regulated financial institutions from providing services to crypto companies.
This means that buying or selling bitcoin among other cryptocurrencies was an illegal act, or at least through national and traditional banking financial services.
So, that Indians could only trade cryptocurrencies through international trading sites or clandestinely.
This political move caused cryptocurrency trading in India to enter a long wintering period that lasted two years.
Source: Analytics India Magazine.
All this until the first days of March 2020 this situation would change when the Supreme Court of India ruled in favor of the crypto-community, annulling the circular issued by the Reserve Bank of India (RBI), a fact that could be called crypto-spring India. And although this issue is not totally resolved, new pronouncements are given still awaited by the Indian Supreme Court, which could well be in favor or against the cryptocurrency trade.
While this is happening cryptocurrency trading is a legal act in India. So if no problem for now and until there is a new resolution you can buy bitcoin legally in India.
How to buy bitcoin legally in India?
We present you the easiest and most convenient ways below:
Cryptocurrency Brokers:
Basically, they are digital exchange houses with the same characteristics as airport Brokers.
These Brokers can allow you to exchange the main currencies on a global scale, or they can be exclusive to cryptocurrencies, that is, crypto-brokers.
Through this modality, you can buy bitcoins legally in India by international bank transfer or with your credit card.
The most popular crypto-broker in the world is Coinbase.com and using it as a reference, it charges a commission of 3.5% by buy bitcoin.
The main benefit of this type of exchange place for Indians is that if this country were to ban cryptocurrency trading again, Indian citizens can continue to buy and sell bitcoin, but only through an international fiat currency, for example, the USD or the EUR. A broad broker in international currencies is; eToro.
Peer to Peer Exchanges (P2P):
Source: Bitcoin News.
There is no doubt that this is the best method to buy bitcoin in India, as long as the regulatory bodies of that country allow cryptocurrency trading to be legal.
This is the best means of buying bitcoin legally in India for multiple reasons:
- You can buy bitcoin directly with INR, something that cannot be done with cryptocurrency brokers or professional traditional exchanges.
- The P2P Exchange in most cases does not charge transaction fees. Commissions are only charged for: publishing a purchase-sale advertisement, for withdrawals to external wallets, and even the occasional some P2P Exchange charges small commissions for deposits (very, very down commission).
- More affordable for the poorest people. It is not a secret for anyone that in order to invest in International Brokers or have international accounts, one must have large amounts of financial resources. Meanwhile, with the Exchange P2P modality, the INR is much more accessible for any Indian in his local currency.
Remitano is one of the main references of the crypto-cosmo, it is characterized by being one of the safest and providing low withdrawal fees to external wallets.
Source: Remitano.
If you want to buy cryptocurrencies legally in India, you can do it through Remitano, registration is very fast at Remitano.com, and through the following link, you can start buying bitcoins legally in India: http://remitano.com/btc/in.
Also, through the following link you can learn how to buy bitcoin in India legally:
https://support.remitano.com/en/articles/3352072-how-to-sell-bitcoin-ethereum.
Digital payment processors:
These are online platforms whose purpose is to send and receive money over the Internet. That is, they are responsible for receiving and sending payments online.
These pages are also known as Electronic Wallets, Ecurrency, or Emoney.
Electronic wallets are an indispensable tool when shopping online, earning money online, or doing any other activity that requires online money transfer.
It is important to note that these payment processors were born and work mainly with the international fiat currency.
But progressively and motivated by the demand for bitcoin and other cryptocurrencies, they have begun to include the option to purchase bitcoin and other cryptocurrencies through the international fiat currency of the USD and the EUR.
The most popular are PayPal and AirTM, however, there is a huge offer of these services that you can verify and contrast.
The two companies named above allow you to buy bitcoin legally in India.
And one of the most favorable aspects of this modality to buy bitcoin legally in India is that, if even the trading of bitcoin were prohibited in India, you could still choose to continue buying bitcoin, since these payment processors are international and they can be handle through the main international fiat currencies.
Conclusion
All the above-named methods can be effective to buy bitcoin legally in India. The important thing is that you choose the method that best suits your needs and possibilities.
However, it should be noted that for people with fewer resources in India and anywhere in the world, the easiest and simplest method to buy bitcoin legally through the local fiat currency (INR) is the P2P Exchange modality.
Marcelo Durán.
Articulist.
