Is Bitcoin Trading Legal in India? Check out Why it is?






The popularity of bitcoin is still increasing though there is a ban on bitcoin transactions in some countries. People are still investing in bitcoins. They are finding every possible way to buy or sell bitcoin. That might be because of it's rising value or people are loving peer to peer payment option. Whatever the reason is we cannot underestimate the truth. Bitcoins legal or illegal in India?
People used to search; What is Bitcoin? Is cryptocurrency trading legal in India? Is Bitcoin legal? How to buy bitcoin in India? Is Bitcoin trading illegal in India? What if Bitcoin becomes illegal? Is it legal to mine Bitcoins in India? How to make money Bitcoin trading? And so on...

There is a huge craze of bitcoin in the market. Previously the transactions were happening through the most popular websites in the Bitcoin ecosystem like Zebpay, it was before the ban. Now it's Wazirx(.)com through which people are making transactions for bitcoin and that is due to the Australian company AWS Mining. You may also be required to know; 8 Things You Must Know Before Purchasing Bitcoins

Still, there is a lot of concern about bitcoin in many countries whether it is legal or illegal in particular for their countries including India. Some researches by nonprofit Bitcoin organizations & association are showing how bitcoin is legal in India even though there are few concerns about the rules related to cryptocurrency. Let's check out how Bitcoin regulations in India working out and what RBI had an action against Bitcoins.
Is Bitcoin legal in India
Is Bitcoin legal in India


Also, if you haven’t read 'What is Bitcoin? How Does Bitcoin Work? Everything You Need to Know', I highly recommend checking it out before going any further.

RECENT POST: Online Shop Act Registration Online At Rs.29 For Proprietor/ Online Business/ Bloggers/ YouTube Channel Owners


Cryptocurrency is NOT LEGAL in India, but NOT BANNED

After a period of every few months, we get to listen that the Bitcoin is banned by a particular country. It was banned by Thailand in the year 2013. After a period of 4 years, that is in 2017 China had a ban on bitcoin. This is followed by a ban on bitcoin transactions in India by Reserve Bank Of India recently.

But if you have a close look at the RBI circular you will find that they have not used the word "BAN" in the case of Bitcoin currency trading.

They have just stopped the organizations under central bank to carry out further transactions with the businesses or companies that make use of bitcoin for their exchanges. This clearly suggests that the banks have to cease the exchange of cryptocurrency with Indian rupee, means no deposits, no withdrawals to exchange cryptocurrency with Indian rupee.

That also indicates that a person can't buy or sell a bitcoin through the bank transaction. He can do it in cash and most importantly it should be outside India. This is the reality but it seems the people have supposed to be taken this news as a "ban on bitcoin".

You may also like read; Create Your PayPal Account Fast - Safe, Easy & Verify For FREE 2018 | Rs.200 For Signup

Buying or earning in Bitcoins in India

Along with this, the RBI has also warned about the problems and risks of cryptocurrencies. Some serious actions would be taken on illegal use of cryptocurrencies. Despite the fact, the traders are still interested to buy and sell cryptocurrencies. The reason being a notice period of three months issued to exchanges.

Scientifically the RBI or Indian government can't ban bitcoin. As a result of which the Delhi High Court has stood against this circular blaming it as an "unconstitutional". The RBI has also been asked by the Delhi High Court to present the basics behind such restrictions on banks to the court.

Therefore Bitcoin trading is neither legal nor illegal.

The countries like China, the US has attempted to ban exchanges and mining of cryptocurrencies in 2017 which affected the value of bitcoin to drop for that short period of time only. The result of banning Indian stock exchanges will only lead to buying bitcoins from foreign sources as it is nearly impossible to trace buying, selling, trading of cryptocurrency. This definitely leads to a loss in taxes as the buyer will buy the cryptocurrency in cash.

RECOMMENDED: 10 Legit Ways to MAKE MONEY ONLINE Fast & Earn Extra Cash At Home


RELATED; 15 Things Every ONLINE Business Should Know | Before/After Running a Business Online




Why India not allowing Bitcoin trading & mining?

The reason behind going against the bitcoin or any virtual currency is, since the Bitcoins are not issued, endorsed, or regulated by any central bank there is no hold of any government or any such authority. Even there is no law defining the use of bitcoin, but that doesn't mean it is legal in India.

Considering the huge risk, there is still an uncertainty about the use of bitcoin in India. The only positive sign for future bitcoin use is people are preferring peer-to-peer payment option.

It is true though, the governments across the world don't want to ban bitcoin as they think that doing so may choke up the financial innovations. It is difficult to define "currency" in India as there is no law indicating which institution or organization should create the currency. That makes a twist situation for cryptocurrencies like bitcoin. But things are quite different in other countries. They go through the guidelines made to create currency and issue bank notes. So it is still in "neither-nor" situation. No one has a specified answer to this question at the moment. No one knows where it will end in future.

But right now, it is advisable to think 10 times to invest in bitcoins, since the situation is highly volatile and nobody has the control on buying or selling bitcoins, bitcoin trading nor on bitcoin minings. What do you think and what we need to do, please share your thoughts via the comment section shown below.


You liked this article? Please, share this...
Seriously. It helps a lot with the growth of this blog.
Most of the online readers don’t share this article as they feels that we as bloggers don’t require their “tiny” social share. But here’s the fact…
I've developed this blog piece by piece, your one small share at a time, and will continue encouraging me to do so. So I appreciate your support, my dear reader if you share this page on your social profile.
It won’t take more than 5 seconds of your time. The share buttons are there, please share and subscribe.
Authorised by:

A cybercrime expert, CBI - he is a personal technology columnist & the founder of ProBlogBooster. You can follow him on the social media or subscribe the email newsletter for your updated guides and tutorials. He talks about computer security and mostly publishes news articles about blogging tips, SEO, making money online, affiliate marketing, & reviews.

Disclaimer
We are one of the type of a professional review site that operate like any other website on the internet. We respect & trust our readers. And we are confident & would like to mention that the above post contains some affiliate/referral links. And if you make a purchase; we receive commission from the links/apps/products we refer. We are totally unbiased and do not accept paid reviews or fake reviews claiming to be something they are not. We test each product thoroughly and give high marks to only the very best. We are independently owned and the opinions expressed here are our own.
Prev Story
Next Post »
Read & Post Comments

COPYRIGHTS & USAGE

All of the ProBlogBooster ideas are free for any type of personal or commercial use. All I ask is to keep the footer links intact which provides due credit to its authors. From time to time, we may use visitors/readers, information for distinct & upcoming, unanticipated uses not earlier disclosed in our privacy notice. If collected data or information practices changed or improved at some time in the future, we would post all the policy changes to our Website to notify you of these changes, and we will use for these new purposes only data collected from the time of the policy change forward. If you are concerned about how your information is used, you should check back our website Policy pages periodically. For more about this just read out Privacy Policy

Articles on Writing Unique Content

Learn Making Mobile-friendly Responsive Website Template
[Web Development]

Top 15 Apps You Should Install Right After Buying A Phone
[Mobile Apps]

Making Blogger Responsive - How to make, design and build a responsive blogger template. This is an advanced tutorial & tep-by-step guide for making mobile-friendly responsive blogger HTML template compared to responsive web development. [Read More...]
These are the best android and iOS apps you need to consider and install right after buying a new smartphone to make your life easier. These apps will keep you smartphone as like new and boost mobile performance regularly. [Read More...]

101 SEO Tips & Tricks For Ranking Higher in SERP
[Top SEO Tips]

10 Ways To Secure Facebook Account From Hackers
[FB Security Tips]

Search Engine Optimization Tips — Techniques to boost SEO rankings. You should learn effective SEO techniques for best SEO optimized websites with a list of over 100 top SEO tips and tricks and best SEO practices. Check the top SEO tips and tricks [Read More...]
Secure Facebook Account 2018 — How to protect the Facebook account from getting hacked? How to secure facebook security settings? How to keep your Facebook account secure? These are quick tips that certainly make your FB account safer & increase the strength of your account security. [Read More...]
FB Twitter Google Linkedin