Is Bitcoin Legal In India — Everything You Need To Know in 2020
Sunny Jain August 22, 2020
Table of Contents [hide]
- 1 Is Bitcoin legal in India ? A Latest Update About Cryptocurrency in India?
- 1.1 Where does Bitcoin come from?
- 1.1.1 Bitcoin Mining
- 1.1.2 Purchasing them from an Exchange platform by paying real currencies.
- 1.1.3 Receiving it as a reward for selling goods and services.
- 1.1.4 Is Bitcoin legal in India?
Is Bitcoin legal in India ? A Latest Update About Cryptocurrency in India?
The Crypto community in India is wondering whether Bitcoin is legal in India or not. Well, after a high voltage drama, the India Cryptocurrency exchanges are bringing back their banking aid after the Supreme Court of India Holds the ban on Crypto Industry. After almost two years of battle, the Crypto community finally won it against RBI. The Crypto traders in the world are celebrating after the judgment passed by the Supreme Court of India. If you have doubt, is Bitcoin legal in India, here is the complete detail.
Where does Bitcoin come from?
If you have a doubt, is Bitcoin mining legal in India? You should know where does Bitcoin come from? One can possess Bitcoin in three ways. The three ways to earn are:
- Bitcoin mining
- Purchasing Bitcoins from an exchange
- Receiving it as a reward for selling goods and services
It is an activity where the persons who are referred to as miners use their computers to crack the difficult puzzle. Cracking these puzzles is a part of Blockchain technology and helps the miners to earn Bitcoin as a reward. In such jobs, all the miners receive new Bitcoins, which is a creation from Bitcoin mining.
Purchasing them from an Exchange platform by paying real currencies.
For the people who are wondering, is Bitcoin trading legal in India? You must know that Purchasing Bitcoins from Bitcoin traders or exchange platforms is another way of obtaining Bitcoin. Every individual cannot be a Bitcoin Miner. It is because Bitcoin Mining involves a lot of investment. Thus, it would be better to buy Bitcoins from exchange platforms. It would cheaper compare to mining. There are a lot of Bitcoin exchanges established in India. You can pay them real currency to buy Bitcoin.
Receiving it as a reward for selling goods and services.
Though it is not an obvious phenomenon of obtaining Bitcoin in India, but there are a lot of sites overseas that offer you Bitcoin as a reward for selling their goods and services.
Is Bitcoin legal in India?
Bitcoin, as a medium of payment, is not yet authorized in India. It is also not regulated by any central authority in India. So, there are no sets of rules and regulations made for solving Bitcoins related disputes in India. Bitcoin transaction in India comes with their own set of risks. However, no one can conclude that Bitcoins are illegal. There is no ban on Bitcoin trading in India. This makes it clear any individual in India can buy, sell, or trade Bitcoins in India. But they would make it at their own risk.
Further, the Supreme Court of India has held the ban on Cryptocurrencies. It has asked the government to come up with Cryptocurrency regulation policies. So, if you are wondering, is Bitcoin mining legal in India? Then for your information, it is completely legal.
Wrapping up, this was all about your question, whether Cryptocurrency is legal in India or not? People who are looking to buy Bitcoin in India can visit BitXmi-the the most reliable platform to trade Cryptocurrency.
Click here to read more about Crypto news