Is it legal to buy Bitcoin in India?

Allen Barickman asked, updated on January 23rd, 2021; Topic: how to buy bitcoin in india
👁 439 👍 9 ★★★★☆4.9

As it stands, bitcoin buying, selling, trading, or mining is not illegal by any law in India. Tellingly, the publication's source also adds that any decision that ruled the cryptocurrency to be illegal in India would mean that India's nascent but growing bitcoin industry will have to shut down.

Follow this link for full answer

In spite of that, how can I buy Bitcoin in India?

You can purchase Bitcoins with a credit card. Coinbase.com and Coindesk.com are the most popular exchanges. They also offer tutorials on digital currencies. In India, you can purchase Bitcoin from Zebpay exchange.

On another note, is Bitcoin approved by RBI? The Supreme Court invalidated a Reserve Bank of India (RBI) ban on crypto payments on March 5, allowing banks to do business with crypto exchanges. ... The Supreme Court invalidated a Reserve Bank of India (RBI) ban on crypto payments on March 5, allowing banks to do business with crypto exchanges.

In addition to that, is Bitcoin profitable in India?

Mining bitcoin is energy intensive. ... Nowadays, GPU mining is the only option left for the Indian miners, but it is not profitable and, even then, the legal status of mining in India is not clear.

How can I sell my bitcoin in India in 2020?

Today, you will learn about some of the best sites in India where you can sell Bitcoin and earn money....How To Sell Bitcoin In India: 5 Best Websites [2020]

Websites to Sell BitcoinInstant INR WithdrawalSign Up
BitBNS - Instant WithdrawalsYesSell on BitBNS
Localbitcoins - Sell Bitcoin in India using P2P MethodNoSell on Localbitcoins

4 Related Questions Answered

When was Bitcoin banned in India?

The Indian central bank had in 2018 banned crypto transactions after a string of frauds in the months following Prime Minister Narendra Mod's sudden decision to ban 80% of the nation's currency. Cryptocurrency exchanges responded with a lawsuit in the Supreme Court in September and won respite in March 2020.

Why is RBI banned Cryptocurrency?

RBI is worried that the order could pave way for trade in virtual currencies, putting the banking system at risk. The Supreme court ruled that the curbs on cryptocurrency trading was illegal. Greater transparency in law-making allows businesses to plan and be future-ready.

Is Bitcoin trading started in India?

Bitcoin P2P trading volume in India has been growing rapidly, hitting record highs over the past weeks. Meanwhile, a new P2P trading platform has launched in India as the crypto industry awaits the government's decision on a cryptocurrency law.

What is the tax on Bitcoin profit in India?

In case of a short-term gain, the amount is added to the income and taxed according to the tax slab that an individual falls under. For instance, anyone who earns over Rs10 lakh ($14,614) will be taxed at 30%. If it falls under the long-term category, it will be taxed at 20%.