Bitcoin Is legal In India? Yes or No?
Back in 2013, RBI given the warning to Indian citizen that don’t use Bitcoins. At that time Bitcoins are not referred to use by RBI .
As there is no proper law for virtual or digital currency in India law,It is a big question Bitcoin Is Legal or Not?
As developed country like America, Australia are using Bitcoin as a legal currency, so Indian government also thinking about the cryptocurrency.
So Final Question is Bitcoin Is legal In India? what is RBI stands on Bitcoin? what is future of Bitcoins in India?
Wait, in this post I will share all paper based answer of all this questions. You will be satisfied with Answer at the end of a post. So read till the end.
Bitcoin is virtual currency. They can not be Printed like a dollar, Euro, Rupee etc. Bitcoin is digital based currency which can be used as virtual currency only. There is no proof how Invented this currency.In many papers which are published on the internet are saying that Bitcoin was created by Satoshi Nakamoto. But Where is Satoshi, no one knows.
The system is based on peer-to-peer connection and takes place in between user and buyer directly without involvement of intermediate party. All this transaction is recorded in public ledger known as Blockchain. So Bitcoin is a decentralized system, without any authority.
Bitcoin can be divided into 8 decimal.It works on advanced cryptography coding that makes Bitcoin safe. People are using this cryptography to mine the Bitcoins.
How Are Bitcoins Created?
If Bitcoin is that much popular and stands for high value then why we are not Creating Bitcoin.
The fact is, it is Not possible to Create Bitcoin.
Only 21 Million Bitcoin that have been created by an algorithm at the starting phase Is released in Public Ledger. You can only mine this Bitcoin from Blockchain. there are lots of hardware available for Bitcoin mining. you can also choose best bitcoin pool for mining purpose.
Countries where Bitcoins Are Legal:
- South Korea
And there is many more countries where Bitcoins are legal.
Companies like WordPress, Microsoft, Amazon, Wikipedia and subway indirectly accept Bitcoins.
Where to Buy Bitcoins In India?
After the demonetization in India, use of Bitcoin increased rapidly. According to Zebpay’s bank use of Bitcoin after demonetization increased by 250%.
Zebpay’s is Indian companies offer to buy Bitcoin. You can buy bitcoins from zebpay’s by using their an android app or iPhone app.
You have to verify your KYC to use Zebpay’s bank.
CEO of Zebpay’s Sandeep Goenka had said
“Indians are enquiring about Bitcoins as an alternative and safe investment option. They are downloading Zebpay as they want to experiment with digital currencies. There has been a 50% increase in Zebpay downloads.”
Unocoin is also a better alternative of Zebpay’s. They claim more than one million satisfied consumers.
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Bitcoin RBI Warning
RBI is central currency bank of India. all currency regrading decision is taken by RBI.
In 2013, RBI warned to an Indian citizen to Avoid use Bitcoin. As Bitcoins Is decentralized system so Indian government can’t handle the transaction. Because of Bitcoin, it may happen that black money exchanges increase in future as RBI can’t control the Bitcoin.
The creation of virtual currency like Bitcoin, trending, a rate of Bitcoins or medium of payment are not authorised by any central bank or RBI. No law is specified for the use of virtual currency. So using Bitcoins is not Authorized by Indian government” RBI said.
In March, RBI Deputy Governor R Gandhi said.
“Payments by such currencies are on a peer-to- peer basis and there is no established framework for recourse to customer problems, disputes, etc. Legal status is definitely not there,” he added.
Bitcoin Is legal In India?
In 12th of April, Indian government declared that they convened a community for Bitcoin regulation. They said “they will be back within a 3 month with a final report”. It shows that Indian government also interested in the use of digital currency.
Media and many other sites propagating a misbelief that Bitcoin is not legal in India.which is not true.
There is no proper law regarding the use of Bitcoin and saying that it is not legal. But the Indian government is not supporting Bitcoin, which gives official legality to Bitcoins in India.
So Bitcoin Is legal In India and you can trade in Bitcoin.
Future of Bitcoin In India
After the demonatisation, the use of Bitcoin increased by 250%. Term Bitcoin become popular after Ransomware attack. price of bitcoin increased a lot from past.
Because of popularity and limited in number, a value of Bitcoin in Indian market increasing fastly. In future, it may happen that rate of Bitcoin increased by *2 or it may happen that it will be banned completely. But by observing current scenario, we can say Bitcoin Never banned by any government. It will be beneficial as per future prospect.
Latest Arun jaitely latest Bitcoin speech
Many developed countries like U.S, U.K, CHINA using Bitcoin as a digital country. Also many big companies also planning to accept Bitcoin in future.
As there is no proper law About digital currency including Bitcoin, so no one can say Bitcoin Is legal In India. we can say it is unofficially legal in India.
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