Ever since Finance Minister Nirmala Sitharaman spoke about digital currencies in her Budget 2022-2023 speech earlier this month, the curiosity about the matter has risen by leaps and bounds.
In the year 2018, the finance ministry had issued a statement saying that the government does not consider Cryptocurrencies to be legal tender and all measures will be taken to eliminate the usage of Cryptocurrencies. Soon after the Reserve Bank of India issued a circular stating that all banks and government entities should stop providing any kind of services to all the parties associated with Cryptocurrencies.
In 2020, with the rise and advancement of the usage of Cryptocurrency, this circular was retracted by the Supreme Court of India allowing banks to resume their transactions with parties associated with Cryptocurrencies. NASSCOM tweeted welcoming this decision and soon there was a boost in Cryptocurrency trading in India.
Bitcoin has a clear potential for growth considering these attributes. Of course, virtual currencies, like traditional currencies, can also be used for money laundering and other criminal activities. However, the chances are akin to the physical world. Bitcoin is the first name that comes to mind when we discuss cryptocurrency. However, there are a few more virtual currencies like Ethereum (ETH), Litecoin (LTC), Cardano (ADA), Polkadot (DOT), Stellar (XLM), Dogecoin (DOGE) etc.
Created in the year 2009 by an individual or group of individuals using the pseudonym Satoshi Nakamoto. Bitcoin is considered to be the first Cryptocurrency ever developed and currently, there are more than 18.5 million Bitcoin tokens under circulation.
To buy cryptocurrency in India, an investor first needs to create an online storage option for the crypto (like Bitcoin), through a third party, along with finding a crypto exchange. In the exchange, the investor will have to create an exchange account via an exchange service.
Just like foreign investors, Indian peers have also poured billions of dollars into digital coins, thanks to the presence of cryptocurrency exchanges that are aiming to reshape the crypto industry in the country.
Several of these trading platforms or apps, which allow their clients to trade in cryptocurrency with ease, have emerged in the past few years. A few of them have now gained over millions of clients trading on the platform, signalling the popularity of the digital asset in India.
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Frequently Asked Questions
Ques: Is cryptocurrency legal in India?
Ans: The Reserve Bank of India and GOI does not recognise Cryptocurrecy as a legal tender in India. Although, the government is working on a bill for Cryptocurrecy, but till then it not legal in the country.
Ques: Which cryptocurrency is best in India?
Ans: There is no best cryptocurrency, because it totally depends on the market capitalization that which one will give the best returns. But there are some top performing cryptocurrencies, like Bitcoin, Ethereum, Solana, Cardano, Tether, etc.
Ques: How many cryptocurrency are there in India?
Ans: There are in all 15 homegrown exchange platforms for trading and selling cryptocurrencies. India now has the highest number of crypto owners in the world.
Ques: Is crypto banned in India?
Ans: In March 2020, the Supreme court of India struck down the ban on crypto currencies that was imposed by Government of India in 2018.
Ans: The Reserve Bank of India and GOI does not recognise Cryptocurrecy as a legal tender in India. Although, the government is working on a bill for Cryptocurrecy, but till then it not legal in the country.
Ans: There is no best cryptocurrency, because it totally depends on the market capitalization that which one will give the best returns. But there are some top performing cryptocurrencies, like Bitcoin, Ethereum, Solana, Cardano, Tether, etc.
Ans: There are in all 15 homegrown exchange platforms for trading and selling cryptocurrencies. India now has the highest number of crypto owners in the world.
Ans: In March 2020, the Supreme court of India struck down the ban on crypto currencies that was imposed by Government of India in 2018.
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