Currently, India is on the lookout for what will happen to the legal status of cryptocurrency trading.
This basically because last March 2020 the Supreme Court of Justice of India temporarily annulled the ban that had been imposed since 2018 by the Reserve Bank of India, which stipulated that fiat banking could not have commercial ties with companies Crypto-market exchange.
All this means that while it is legal to buy bitcoin in India today, it is a temporary event and could change, as the Indian government is expected to make a defining decision in the coming months regarding the legal status of bitcoin and other cryptocurrencies in the Asian giant.
In fact, different sources of all kinds such as Bloomberg have already highlighted that the fact of the ban is imminent, because the Reserve Bank of India has already presented a preliminary draft of a total ban.
To find out what to do in the face of a possible scenario of banning the trade of bitcoin and other cryptocurrencies in India, let’s make an assumption that this has already happened.
What if the trading of bitcoin and other cryptocurrencies has been banned in India?
The first thing you should do is keep calm, take into consideration that this is not a new situation for India. Please note that trading bitcoin and other cryptocurrencies is perfectly possible and safe in the face of a possible outright ban scenario.
In fact, although it’s hard to believe, it is more important that you have a good internet connection than what the Indian government is going to do.
Source: Bitcoin Magazine.
Note that the character of decentralized cryptocurrencies like bitcoin and ether is libertarian, which is why it is no wonder that many governments around the world want to ban it.
How to buy bitcoin if it is banned in India?
Very simple, there are several ways, but the easiest, safest and most convenient of all is to do it under the Exchange P2P (Person to Person) mode, this due to multiple reasons that we will mention below:
- P2P Exchanges actually function as a middleman through the popular escrow. All this implies that the Exchange does not need under any circumstances to ally itself with the national fiat bank in India in order to function as an intermediary. In Fact that is exactly what the Indian government could ban.
- Another advantage of P2P exchanges is that you can continue to buy bitcoin in India in the easiest way for you, which is through the local currency Indian Rupee (INR), making conversions from bitcoin to INR, and from INR to bitcoin.
- Practically, in all forms of Exchange your personal information is safe, remember that the Exchange if they are not legally accepted in a nation, they are not under the obligation to provide their database to governments. And even if they have a legal status, they are obliged to maintain the confidentiality of each user. As an addition, remember that the blockchain, although it is public guarantees high levels of anonymity, since you are not known by your name or your identification card, but by a specific public key of the blockchain. All that has been said means that you have nothing to fear when buying or selling bitcoin in India, you can safely continue to do so despite a possible total ban on crypto trading in India.
In line with what has been said above, we recommend one of the best P2P exchanges in the crypto-cosmo to buy bitcoin in India in an optimal and safe way, we are talking about Remitano, start today, it is very easy through of following link: https://remitano.com/r/in/buy-sell-bitcoin-in-india.
- In most cases, P2P Exchange does not charge transaction fees. Commissions are only charged for: publishing a purchase-sale advertisement and for withdrawals to external wallets.
- The interface of the Exchange P2P, are usually much friendlier for people who buy bitcoin in India for the first time.
- If you buy in a P2P Exchange, your investment will always be faster and cheaper than in other Exchange modalities such as: Cryptocurrency Brokers, or Professional Cryptocurrency Exchange, this because in most of these you will have to change first from Rupee (INR) to hard fiat currency like USD or EUR, and in this process you will lose money in commissions. In contrast, today you can buy bitcoin in India directly with Rupee on a P2P exchange like Remitano through the following link: https://remitano.com/r/in/buy-sell-bitcoin-in-india.
So what is the only thing I need to buy bitcoin in India?
- A decent internet connection.
- Because there are governments that even take the task of blocking the web links of international exchange pages, we advise you to start practicing the use of the well-known VPNs, an example of this case is that in China for decades many pages, social networks and many cryptocurrency exchanges have been prohibited, however, this has not stopped a significant flow of cryptocurrency trade in the China through VPN applications, it is no secret to anyone that cryptocurrency trading in China is one of the most important, and if it can be done in China being a nation with a communist political nature, this procedure could be done much more easily with India being known as the largest democracy in the world.
- Keep your Smartphone, Laptop and PC as protected as possible, so that only you can access those devices.
It does not matter what decision the government of India makes regarding the trading of bitcoin and other cryptocurrencies. Take into consideration that precisely that is the essence of bitcoin and the decentralized crypto market, freeing all the citizens of the world from the control and financial power of the majority of the world’s governments.
Precisely the majority of cryptocurrencies and decentralized applications are developed in such a way that they are inaccessible for their control by governments, but fully accessible for any citizen of the world who owns the Internet.
So whatever decision the Indian government makes, you can continue to trade on the most secure and reliable P2P exchange in the crypto-cosmo, Remitano: https://remitano.com/r/in/buy-sell-bitcoin-in-india.
Also, if you are a first time buyer of bitcoin in India we share a guide that explains how to buy bitcoin in India for beginners? https://support.remitano.com/en/articles/3352072-how-to-sell-bitcoin-ethereum.
Writer of newspaper articles.