India's overall stance on cryptocurrencies has been negative. In 2017, the Central Reserve Bank of India (RBI) considered a now-defunct proposal to launch its own cryptocurrency, Lakshmi. It has also attempted to promote blockchain technology in financial and payment institutions. But the government shunned cryptocurrency as policymakers opted to ban cryptocurrency with jail and legal petitions. Bitcoin is not recognized as legal tender, and on July 23, 2019, the cryptocurrency ban and official digital currency regulation law was proposed. Unocoin, an India-based exchange, used to allow individuals to trade bitcoins, but it is now disabled. However, Bitcoin is still traded in India through digital currency exchanges such as ZebPay, CoinDelta and CoinSecure. Many Bitcoin traders often buy through diaspora networks in countries where it is legal.
Is Bitcoin legal in India?
Bitcoin is not legal in India. In 2018, India's central bank, the Reserve Bank of India (RBI), announced a ban on selling or buying cryptocurrencies to RBI-regulated entities. The RBI ban has also discouraged the broader cryptocurrency market in India as crypto assets have been accused of funding illegitimate activities. In July 2019, the Cryptocurrency Prohibition and Regulation of Official Digital Currency Act 2019 bill proposed a 10-year prison sentence for anyone “mining, creating, holding, selling, transferring, disposing of, issuing or dealing in cryptocurrencies.”
How to Buy and Sell Bitcoin in India
The downward trend in cryptocurrency trading in India is mainly due to increased government regulation. However, this does not prevent people from trading. Two ways many Indians trade are 1) exchanges and 2) P2P methods. Both steps follow KYC regulations and usually require documents like Pan card, Aadhaar card or passports.
Top Bitcoin Exchanges in India
When banking institutions banned cryptocurrency trading in India, popular exchanges like ZebPay were forced to shut down. However, the following major exchanges are still used in India today:
Unicoins
Founded in 2013, Unocoin is India's leading bitcoin exchange. It is backed by US investments and is a regulated company that offers fees as low as 1%, which drop to 0.7% as trading volume increases. It is a relatively simple exchange platform that allows users to buy cryptocurrencies using any Indian bank account. With the proposed ban, however, things could get difficult for Unocoin.
Wasir X
One of the most trusted exchange platforms in India, WazirX was founded in 2018. It focuses on P2P escrow exchange services to allow customers to continue withdrawing INR. WazirX follows KYC regulations, has a mobile app for Android and iOS users, and also claims to provide several hundred transactions per second.
other Methods
Outside of exchanges, P2P trading platforms allow Bitcoin purchases in India despite banking bans. Two major P2P markets in India are:
Founded in 2015, Paxful is a peer-to-peer marketplace that allows buyers and sellers to meet online and trade Bitcoin directly with each other. Paxful sellers accept 300+ payment methods including major Indian payment methods like PayTM, Bheem, Phonepe. As a result, many Indians are using Paxful due to the ease of access and payment. There are also no fees for the ht site itself as bitcoin is traded at a premium.
LocalBitcoins supports the most popular payment methods and allows individuals from different countries to buy bitcoin in their local currency. Currently, LocalBitcoins operates in several major Indian cities such as Mumbai, Hyderabad, Kolkata, Delhi, Ahmedabad, Chandigarh, Pune, Guwahati and many more.
Again, due to the 2019 Supreme Court proposal, many exchanges and markets are suspicious of the Indian government's stance on cryptocurrencies in general. As of September 2019, there are no bitcoin ATMs in India.
Indian Tax Rules for Bitcoin Profits
For the individual investor, bitcoin earnings must be declared as profit or capital gain in annual return. Therefore, the tax rates are subject to the holding period of the asset. For short-term gains, the amount is added to the individual's income tax bracket. For example, someone earning more than Rs 10 lakh ($14,614) is taxed at 30%. For long-term income, this person is taxed at 20%. Once an indexation benefit is applied and adjusted for inflation, the tax rate may continue to fall.
For a trader, Bitcoin profits are treated as income from a business. As such, certain expenses related to business, office maintenance, such as B. the purchase of a computer, internet costs, office rent, administration costs, etc. can be deducted. However, if sales exceed Rs. 2 crore ($279,400) requires a tax audit.
With these mining cryptocurrencies, profits are not treated as capital assets. As such, there is no capital gains tax. However, when sold, bitcoin is taxed and considered “earnings from other sources.”
Where to spend Bitcoin in India
Most Indians trade and mine Bitcoin to store it in digital web wallets, rather than spending it to buy something. Separately, several companies have been formed to use Bitcoin for spending. Unocoin was best known in this sector. In 2017, it joined BookMyShow, an online platform for cinema tickets. This venture allowed customers to fund their movie ticket accounts with bitcoin. Unocoin has also introduced a "commercial gateway" that allows commercial companies to accept bitcoins. Vendors such as Sapna Book House, bus ticket booking portal eTravelSmart and Dharwad International School are taking payments from customers through the Unocoin gateway.
A More Exclusive Bitcoin Experience: Suryawanshi restaurants in Bengaluru's Indiranagar and Whitefield districts accept Bitcoin as a payment method along with standard cash, cards and Paytm. Due to a strong diaspora tradition, many Indians also use Bitcoin with multinational sellers such as Dell and Steam, but receive their remittances via relatives/transport companies abroad.
History of Bitcoin in India
In a bid to fight corruption and terrorism, on November 8, 2016, Indian Prime Minister Narendra Modi shocked the nation by issuing Rs. 500 and Rs. 1,000-coin notes - sparking renewed interest in digital currency and other cashless mechanisms like internet -Banking, digital wallets, credit cards, etc.
The canceled banknotes added up86% of Indian money in circulation. India is a country where 87% of transactions are settled in cash. Chaos was inevitable.
This led to long queues at ATMs and banks for weeks. There wasn't enough money in the banks to distribute. People who have cash can deposit their money into bank accounts or exchange it for new Rs. 500 and Rs. 2000 before 12/30.
People who accumulated "dirty money" (unaccounted for money) couldn't fund their accounts because banks were on the lookout for suspicious deposits.
What options do these people have? Are you letting go of all your money? Well, some of them did just that. Old banknotes were found floating in the river.
While others looked to commodities to hedge against the risk of an economic downturn; some bought gold, some bought silver.
What has the government done to curb this? They started raiding gold jewelers. When gold wasn't working, people bought silver, which greatly increased the demand for silver.
With gold and silver being targeted by authorities, these souls saw bitcoin as a safe haven. They used their connections and paid up to 30-35% premium and startedbuy bitcoinwith money.
Bitcoin price started to increase and weekly bitcoin trading volumealmost doubled.
Not to forget, India is one of the largest remittance markets with a combined value of over $70 billion. The user usually pays up to 15% in bank fees and conversion fees. Here lies the true potential of Bitcoin.
To understand how Bitcoin can advance in India, it is beneficial to know the role that gold plays in Indian society. An American couple's most valuable asset is usually their home, income, and education. a few IndiansGoldbesitzaffects all of these areas.
It is fair to compare bitcoin to gold as both are liquid commodities. As a result, Bitcoin sits between fiat currency and gold — simply lacking the cultural weight that gold carries.
FAQs
How much does a Bitcoin cost in Indian rupees? ›
Conversion tables
The current value of 1 BTC is ₹1,979,210.24 INR. In other words, to buy 5 Bitcoin, it would cost you ₹9,896,051.21 INR. Inversely, ₹1.00 INR would allow you to trade for 0.00000051 BTC while ₹50.00 INR would convert to 0.00002526 BTC, not including platform or gas fees.
| Previous close | ₹ 19,05,441 |
|---|---|
| 52-week Range | ₹ 12,71,166 - ₹ 39,18,596 |
| 7d Low - 7d High | ₹ 18,25,871 - ₹ 19,44,444 |
| 30d Low - 30d High | ₹ 13,46,012 - ₹ 19,49,231 |
| 90d Low - 90d High | ₹ 12,71,166 - ₹ 19,49,231 |
Conversion tables
The current value of 1 CRO is ₹5.99 INR. In other words, to buy 5 Crypto.com Coin, it would cost you ₹29.97 INR.
The conversion value for 10 GRAND to 75.8 INR. BeInCrypto is currently using the following exchange rate 7.58. You can convert GRAND to other currencies like DOGE, BNB or ETH. We updated our exchange rates on 2023/02/24 12:34.
How can I convert Bitcoin to cash in India? ›...
Other Methods to Cash in Bitcoin:
- Method 1: Using a Cryptocurrency Exchange.
- Method 2: Using Bitcoin debit cards.
- Method 3: Using Bitcoin ATMs.
It is not illegal to buy and sell bitcoins in India. There is no law in India declaring it illegal. The RBI knows we exist and we have corresponded with them. We do trade worth more than Rs 200 core a month.
Who owns highest Bitcoins in India? ›| Amit Bhardwaj | |
|---|---|
| Born | Amit K. Bhardwaj17 January 1983 India |
| Died | 15 January 2022 (aged 38) |
| Alma mater | Mahatma Gandhi Mission's College of Engineering and Technology |
| Occupation(s) | Bitcoin miner, entrepreneur |
1 BTC = 1,833,413.709244 INR Mar 03, 2023 10:15 UTC
Check the currency rates against all the world currencies here. The currency converter below is easy to use and the currency rates are updated frequently. This is very much needed given the extreme volatility in global currencies lately.
- Best Cryptocurrency Exchanges.
- CoinDCX.
- CoinSwitch.
- WazirX.
- Bitbns.
- ZebPay.
- UnoCoin.
- BuyUCoin.
- Crypto exchange. Centralized crypto exchanges are one of the best ways to turn your Bitcoin (or other cryptocurrencies) into cash. ...
- Online broker. ...
- Bitcoin ATM. ...
- Crypto debit card. ...
- Peer-to-peer crypto trading. ...
- Crypto wallet. ...
- Money transfer apps. ...
- Spend it at a crypto-friendly business.
Where can I buy Bitcoin in India? ›
- Login to Zebpay on your desktop web browser.
- Click on Quick Trade or Exchange based on your preference.
- Enter the INR amount you want to invest.
- Preview your order and check all the order details.
- Place your order.
The first step involves downloading the WazirX app available on Playstore. You will then be required to fill your bank account details and complete your KYC following which you can set up your account and add funds via UPI/NEFT/RTGS/IMPS. A pan card and a valid address proof are the primary requirements for KYC.
Can I buy Bitcoin in dollars in India? ›There are popular exchanges like Coinbase and Coindesk where you can actually buy Bitcoins at the prevailing market price. On Coinbase you can buy Bitcoins using your international credit cards. Indians can also buy Bitcoins from a website called ZebPay in India which facilitates trading in Bitcoins.
How can I get free Bitcoin in India? ›- #1) Pionex – Use Bitcoin Growth Trading Bot to Earn Bitcoin.
- #2) ZenGo.
- #3) Bitstamp – Using Staking Rewards.
- #4) Freecash.com – Fastest Way to Get Free Cryptos.
- #5) Tipping Bots And Platforms.
- #6) Playing Online and Offline Games.
- #7) Mining Browsers And Free Mining Software.
Income from the transfer of virtual digital assets such as crypto and NFTs will be taxed at 30% at the end of each financial year. No deduction, except the cost of acquisition, will be allowed while reporting income from the transfer of digital assets.
Is converting Bitcoin to cash taxable? ›Cryptocurrency is taxable if you sell it for a profit, or earn it as income. You report your transactions in U.S. dollars, which generally means converting the value of your cryptocurrency to dollars when you buy, sell, mine, earn or use it.
Can we withdraw money from Bitcoin in India? ›Once the exchange has received your bitcoin, you can request a withdrawal in the currency of your choice. The withdrawal will be paid into your bank account. Brokers are restricted by money laundering laws, so you will need to withdraw to the same bank account that you deposited with.
Where is Bitcoin ATM located in India? ›In India, there are two crypto ATMs installed — one at Workly Nehru Place in Delhi and another at MyOffiz Co-Working Space in Gugugram. In terms of countries, the US leads with the most crypto ATMs, commanding about 87.9 percent of the total count, with nearly 34,300 machines.
Is it legal to sell Bitcoin in India? ›Based on the various key statements made by the Reserve Bank Of India Governor as well as various government spokespersons including the Finance Minister of the country, one can conclude that cryptocurrency is illegal, but there is no certain ban on it in India.
Which app can I use to buy Bitcoin in India? ›- WazirX.
- Unocoin.
- CoinDCX.
- Zebpay.
- CoinSwitch Kuber.
- Bitbns.
- Krypto.
Who is the owner of 1 million Bitcoin? ›
How Much Is Satoshi Nakamoto Worth? Nakamoto reportedly holds 1 million bitcoins. The total value depends upon market conditions and Bitcoin's price.
How many people buy Bitcoin in India? ›About 20 million people in the country have jumped on to the crypto bandwagon in 2021. Cryptocurrencies have even become part of the Indian investor's lexicon. Currently, Indians hold crypto assets worth $5.3 billion. “Bitcoin (BTC) prices dictate the rest of the market.
What was the price of Bitcoin in INR when it started? ›What Price Did Bitcoin Start At? Bitcoin was originally worth next to nothing. The transaction that first gave Bitcoin monetary value was in October 2009, when Finnish computer science student Martti Malmi, known online as Sirius, sold 5,050 coins for around INR 414.65, giving each Bitcoin a value of $0.0009 each.
What is the value of 1 Bitcoin 5 years ago? ›When comparing the performance of a $1 outlay in Bitcoin 5 years ago with a $1 investment in gold, investors notice a much larger return on investment (ROI) with BTC. Purchasing $1 worth of Bitcoin five years ago when Bitcoin was valued at $1185 would be worth $32.32, now a 3132% increase.
What price will Bitcoin reach in 2030? ›Bullish Bitcoin (BTC) price predictions range between $100,489.28 and $189,813.09 by 2030. Market analysts believe BTC could reach $78,158.33 by 2025.
Which crypto will boom in 2023 in India? ›Ripple (XRP) – The best DeFi investment for 2023
The average customer can save up to 60% in transaction fees compared with real-world providers. Ripple's great strength is its vast number of user cases, a key reason behind the expected growth in value for the token.
The digital rupee is the RBI's accepted version of cryptocurrencies, which the central bank has dismissed repeatedly and called a serious challenge to the stability of the financial system of the country.
Which crypto is best for 2023 in India? ›Top 5 Penny Cryptocurrencies with Growth Potential in 2023
VeChain: Solves real-world economic issues. Stellar ICO: Boosts decentralized network growth. Basic Attention Token (BAT): Making crypto accessible. Shiba Inu: Elevates everyday experiences with blockchain.
At the end of the day, you have 5 options: a cryptocurrency exchange, an OTC brokerage, peer-to-peer exchanges, Bitcoin ATMs, and crypto gift cards. These are the most commonly used, and ultimately, the best way to cash out Bitcoin will depend on your specific needs and circumstances.
How do I get my Bitcoin back from a scammer? ›Once you pay with cryptocurrency, you can only get your money back if the person you paid sends it back. But contact the company you used to send the money and tell them it was a fraudulent transaction. Ask them to reverse the transaction, if possible.
Can I sell my Bitcoin for cash? ›
Yes. You can convert bitcoin to cash directly, either through a bitcoin ATM or a peer-to-peer transaction and choosing to sell it in person.
Which is India's biggest crypto exchange? ›CoinDCX is a beginner-friendly Indian cryptocurrency exchange platform that provides a Blockchain Wallet. The platform has received a significant investment from Coinbase and is the largest Cryptocurrency Trading Platform in India.
Can I buy Bitcoin in 100 rupees? ›What Is the Minimum Amount of Investment in Bitcoins? Just like there is no minimum limit of investing in stocks, there is no defined minimum amount to buy Bitcoin in India.
Can I transfer crypto from India to USA? ›They offer competitive rates to transfer money, which vary among providers, exchange currency, as well as the amount being sent. Individuals can also send money to the U.S. using cryptocurrency, such as Bitcoin or other digital currencies.
Where is the safest place to buy Bitcoin in India? ›CoinDCX is another very popular crypto exchange in India that is considered to be extremely safe and trustworthy by users. Apart from providing the crypto trading services that exchanges usually do, CoinDCX also provides several other services such as margin trading, futures, lending, staking and more.
Is it legal to buy cryptocurrency in USA and sell in India? ›There was a blanket ban on crypto transactions courtesy of the RBI back in 2018 that was overturned by the Supreme Court in 2020. The RBI has gone on to clarify since then that crypto is not illegal in India.
How many bitcoins are there in India? ›The total number of crypto owners in India now stands at 10.07 crore, which puts it ahead of every other country in the world.
How much can we earn from Bitcoin in India? ›...
Increase in Bitcoin price in India in one year.
| Month | Investment value |
|---|---|
| May 2021 | Rs 3,25,262.75 |
| Jun 2021 | Rs 2,25,692.47 |
Historical Exchange Rate Graph for INR to BTC
The conversion value for 100 INR to 0.001 BTC.
Q1- Is it legal to buy Bitcoin in India? Yes, Bitcoin is 100% legal in India. No clear laws and regulations exist to monitor Bitcoin as of April 2022, but the Government has imposed a 30% flat rate of crypto tax on gains from the transfer of cryptocurrencies in India.
Can I buy Bitcoin for 100rs? ›
Therefore, you need not arrange for a sum touching nearly $60,000 to get started with investing in Bitcoins. You can invest even a sum as low as Rs 100.
Can we buy Bitcoin for Rs 100? ›Start Investing in BTC with as low as Rs. 100/- Crypto made its way into the financial market with the promise of streamlining the financial architecture.
What is minimum INR for Bitcoin? ›How much should I invest in Bitcoin to start? The minimum amount required to purchase Bitcoin on ZebPay is INR 99.
What if I invest 500 rupees in Bitcoin today? ›How much is 500 Indian Rupee in Bitcoin? 500 Indian Rupee is 0.000276 Bitcoin. So, you've converted 500 Indian Rupee to 0.000276 Bitcoin.
How can I avoid crypto tax in India? ›- Hold onto your crypto for the long term. You should always plan for a long-term capital gain in crypto compared to a short-term. ...
- Get indirect exposure to crypto. ...
- Sell during a low-income year. ...
- Keep the gains in stablecoins.
| Amit Bhardwaj | |
|---|---|
| Born | Amit K. Bhardwaj17 January 1983 India |
| Died | 15 January 2022 (aged 38) |
| Alma mater | Mahatma Gandhi Mission's College of Engineering and Technology |
| Occupation(s) | Bitcoin miner, entrepreneur |
1) Binance – Best Wallet with Multiple features
Binance is one of the widely popular crypto trading exchanges. It offers a secure platform for trading more than 250+ cryptocurrencies. This web wallet offers an API that helps you to integrate your current trading application.
- Best Cryptocurrency Exchanges.
- CoinDCX.
- CoinSwitch Kuber.
- WazirX.
- Bitbns.
- ZebPay.
- UnoCoin.
- BuyUCoin.
Binance accepts a wide range of currencies and makes it easy for you to buy crypto using USD , EUR, CNY, AUD, INR, RUB, and other fiat currencies. You can also use a wide range of accepted stablecoins such as Binance USD (BUSD), Coinbase USD Coin (USDC), and Tether (USDT) to buy crypto.
Can I buy Bitcoin in USD from India? ›On Coinbase you can buy Bitcoins using your international credit cards. Indians can also buy Bitcoins from a website called ZebPay in India which facilitates trading in Bitcoins. You can do a transfer from your bank account into ZebPay and similarly you can also withdraw from your ZebPay back into your bank account.
Can I invest 50 rupees in Bitcoin? ›
In India, an investor can buy Bitcoin in Indian Rupees with a minimum capital of Rs. 100.
What is the smallest amount of Bitcoin I can buy? ›The satoshi is the smallest denomination of the cryptocurrency bitcoin. It is named after Satoshi Nakamoto, the Bitcoin creator(s). The satoshi to bitcoin ratio is 100 million satoshis to one bitcoin.