At the moment , bitcoins and other cryptocurrencies are not subject to legal regulation in India . We can’t label them illegal because no central authority in the country has authorized their usage . Cryptocurrency is not subject to any norms , restrictions , or rules .Cryptocurrencies work through blockchain technology for the sake of transparency , decentralization and immutability . Cryptocurrency, for the first time emerged in India in 2009 with a technology that is even older .
Since India faced demonetization , it has gained an affection for cryptocurrency in the recent years . Cryptocurrencies are still not regulated . Cryptocurrency investments in India increased from roughly $ 923 million in April 2020 to a stunning $ 6.6 billion in May 2021 . The Centre , though plans to release the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 . Government currently is delaying regulation of crypto in India .
India has almost 15 million people dealing in cryptocurrency as per recent studies .
It is almost obvious that private cryptocurrencies like bitcoin , Ethereum are not going to be recognized as legal tender in India . However , it is likely that crypto will not be completely banned in India but it will create frameworks to reduce risks in highly virtual assets . The meeting held by Prime Minister Narendra Modi will come out as a turning point for the cryptocurrency market in India .
The bitcoin market will prosper in 2022 , as we can see . The incorporation of new technologies into banking systems may boost cryptocurrency prices to new highs . Some governments are already preparing to use cryptocurrencies as an alternative currency . The future of crypto is still questionable because while some people see it as something with a lot of potential , critics see it as nothing but risk .
Unocoin , India ‘s oldest cryptocurrency exchange , continues to accept Bitcoin for Fastag account recharges .Bitcoin is by far the most popular crypto in India probably because it is also the most long lived one . Shiba Inu , Loopring , Tether , Bitcoin , Sandbox , and WazirX coins are the most traded tokens in terms of volume , according to Siddharth Menon , COO of WazirX cryptocurrency exchange . WRX and SHIB are the most liquid and traded tokens in India , with the highest liquidity and volumes traded on the WazirX market .The prices of these cryptocurrencies are always available on top most cryptocurrency exchanges .
According to experts , the government may consider cryptocurrencies as an asset , similar to real estate , stocks , or gold . This means that the government may collect capital gains tax on earnings from the sale of cryptocurrencies , like does on profits made from the sale of real estate .As of now, crypto is neither announced as legal by government nor is it regulated by RBI. But, there are a certain chances that government might give cryptocurrency the legal tender .Though there is no legislature yet that cover cryptocurrency in India, it still does not make it illegal .
India has had a complex history with digital currencies , which live in a state of dilemma . India effectively prohibited cryptocurrency transactions in 2018, but the Supreme Court lifted the ban in March 2020 .Yet there are chances that the latest proposed legislature will ban the use of cryptocurrency as a mode of payment and trading . However, experts believe that it is not possible to completely ban cryptocurrency . There are chances that India might ban cryptocurrency and launch its own digital currency .
You can either establish an online wallet or use a third party to store cryptocurrencies such as Bitcoins or Decide on an exchange service . Obtaining cryptocurrency through an exchange may be the simplest method .WazirX stands to be India’s most trusted cryptocurrency exchange platform . It is popular for making the conversion from Rupee to crypto seamlessly easy and effortlessly possible . For purchasing bitcoins you will have to place order for the buy on cryptocurrency exchange of your choice .