In recent months, India has been subjected to a situation of permanent expectation, related to the fact that what will happen to the cryptocurrency trade in the Asian nation?, Will it be possible to buy bitcoins in India in the coming weeks?
All this motivated that since 2018 a series of events has been generating that has turned the emotions of the Indian crypto-community into a roller coaster:
- In 2018 the Reserve Bank of India issued an order that the banking entities of the Indian fiat currency cannot have any type of commercial relationship with the companies related to the crypto market, this would be an indirect way of prohibiting the trade and use of cryptocurrencies in the Asian nation.
- Two years later in March 2020, the Supreme Court of India decided to eliminate the ban imposed by the Reserve Bank of India, all this under a temporary status, and as expected this fact increased the number of purchases of bitcoin in India, that is, increased the trade of cryptocurrencies in the second most populous country in the world, a fact that sounded promising for the global crypto-market.
- After almost a year of the decision of the Supreme Court of Indian Justice, there already seem to be signs of the steps to be followed by the relevant authorities of the government. An example of this is that the Reserve Bank of India has just present a bill of cryptocurrencies and regulation of the official digital currency 2021, which would potentially boost the development of a digital rupee and would ban “private cryptocurrencies”, although it should be noted that these are not private, but decentralized cryptocurrencies. Also, the exact details of the ban are not yet known.
Reaction of the Indian Exchanges
In response to this latest action by the Reserve Bank of India, through which the extent of the ban on buying and selling bitcoin in India is still unknown. Indian Exchanges serving their nation have been organized by creating a campaign that uses the hashtag #IndiaWantsCrypto on social media, in such a way that the entire Indian crypto-community can to persuade their elected MPs in their jurisdiction to advocate for regulation to be done in the fairest way, and stop a possible ban, be it gradual or total.
“As innovators, we remain committed to prudent regulation that protects investors and assists law enforcement in prohibiting any illicit use of the crypto infrastructure”.
It is evident that the national exchanges in decentralized cryptocurrencies, rather, are showing a wide range of negotiation since any type of national regulation will always in some way harm the free performance of a true financial freedom driven by the purchase of bitcoin in India and others decentralized cryptocurrencies. In addition, this fact could mean a threat against the private information of Indian users.
However, it is already an accumulation of benefits that the crypto-market in India has brought with it, an example of this is also highlighted in https://indiawantscrypto.net:
“In a short time, we have grown into a community of more than 10 million HODLers, more than 300 startups generating tens of thousands of jobs, and hundreds of millions of dollars in income and taxes”.
The statement continues:
“More than 8 million Indians are already saving, earning and investing in this thriving global crypto economy. Banning it would be like banning the internet in the 1990s, and it will take India back years”.
What to do if this response from the crypto-community fails to stop the ban?
Suppose that the partial or total ban has already occurred, remain calm that despite this there are several mechanisms to buy bitcoin in India, in fact, in some way it is what an important sector of Indian crypto merchants has been doing since 2018 until March 2020, when the ban was temporarily lifted by the Supreme Court of India. So if you want to continue trading bitcoin in India or other decentralized cryptocurrencies, you can consider the following suggestions:
Most cryptocurrency exchanges do not need to have legal status in a nation to be able to offer their financial products and services through their platforms. If the ban is not total, you will only need a stable Internet connection.
What happens if the Indian government manages to block all Exchange web pages and apps?
Source: Redes Ayuda.
In this case, the most convenient thing is to download an App that allows you to have access to international VPNs on your device, be it this PC, Laptop or Smartphone. In such a way that you can use the Exchange of your choice without problems. What’s more, we advise you to buy bitcoin in India through a VPN, so that you can start practicing now. What we do recommend is that to buy bitcoin in India, choose a safe, fast and reliable exchange such as Remitano.
Although it is still a possibility, it is unlikely to happen, we are talking about the second most populous country in the world, so the Indian government probably does not have the infrastructure, logistical and operational police capacity for it. In addition, an action of this nature would go against not only private property, but also against the values and democratic principles of what is called the “largest democracy in the world”, therefore, you can reach the conclusion that is unlikely to happen, except for a few specific cases. In any case, it never hurts to keep all your devices under strict security control.
What exchange modality is best for me to buy bitcoin in India?
Source: Criptomonedas Web.
There are cryptocurrency brokers, traditional professional cryptocurrency trading exchanges, and P2P exchanges, the latter stands out as the best to buy bitcoin in India.
- Cryptocurrency brokers: they are exchange places where your investment will be guided by an internal community, in fact these communities follow their own crypto-market prices. Most cryptocurrency brokers only accept to buy bitcoin in India, through a strong fiat currency such as USD or EUR, among others.
- Traditional Exchange: unlike cryptocurrency brokers, in this type of Exchange you can trade in a more specialized and professional way. On the other hand, the prices are attached as close as possible to the global crypto-market. It should be noted that like Brokers, few traditional exchanges allow you to buy bitcoin in India through the Rupee (INR), which is why your best option is to buy bitcoin in India through a P2P Exchange, which we will talk about following.
- Exchange P2P (Person to Person): this type of platform works as intermediaries through an escrow. The prices are based on the supply and demand of the domestic market, it is a speculative market, however, the offers are quite similar to the world crypto-market. Its greatest virtue is that it is more convenient for the retail merchant, and people can exchange bitcoin to INR, in addition to that, there are no transaction fees, just their fees are for publishing buy-sell ads and withdrawals towards other wallets outside the Exchange, you can keep your bitcoins in the wallets and earn with market fluctuations, without having to withdraw to a traditional Exchange. Among other benefits, you save payments for commissions in payment gateways, the interface is much, much easier than the other Exchange modalities mentioned above.
If you are going to trade on a P2P exchange, choose a safe, fast and reliable one to buy bitcoin in India. An example of this is Remitano through which you can buy bitcoin in India right now, even if cryptocurrency trading in India is banned, you can continue trading in Remitano, so open your account now and buy bitcoin in the India with INR through the following link.