Bitcoin and cryptocurrency have gained a lot of limelight in the last few months. Whether you are an investor or not you must have heard this term in recent times. Especially after Tesla and SpaceX CEO Elon Musk has supported bitcoins in his tweets and then Tesla’s investment in bitcoins, bitcoin is in a hotspot. All these things fueled bitcoins bullish rally and it touched its new highs of over $58000. After a day of touching new highs, it corrected to nearly 16% in a day. All these happenings made this crypto world a very interesting place and people love to read and know about it. There are different takes on cryptocurrency in different countries. In India, it is still in a confused state that it will get banned or it will not be banned or the central bank will launch its own digital currency, etc.
This article will cover all the details about bitcoin in India.
Bitcoin in India
Let’s start from the start, In 2018 RBI has given a circular to ban all the cryptocurrencies in India. Which was overturned by the Supreme court of India in March 2020. Now in 2021, the government introduced the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 in a budget session. And reportedly the bill says that India will ban cryptocurrencies. RBI also said that they are looking forward to bring their own digital currency.
Our Finance Minister Nirmala Sitharaman has said that a high-level Inter-Ministerial Committee is constituted under the Chairmanship of the Secretary that will study this matter and will give a recommendation that cryptocurrency should be banned in India or not.
After this news, the crypto exchanges in India’s CEOs have been saying that there is no need to ban digital currency instead the government can regulate it. Banning can’t be a solution to any problem. Cyberlaw experts also feel that banning will lead to the complete shut down of exchanges that work for cryptocurrency and around 1 Crore Indian investor’s wealth will be affected.
Countries like u.s and U.K also regulating cryptocurrency and banning it.
After bitcoin soared around 300% in 2020, India also has seen a huge jump in bitcoin investors. Banning cryptocurrency in India doesn’t mean that people of India can not trade cryptocurrency, they can still do it in foreign exchanges. Experts also believe that a complete ban is impossible and if it happens then the government will give some time to people to exit their positions.
If you are an Indian and want to buy bitcoins then there are many exchanges like BuyUcoin, unocoin, etc. You just have to open an account and add your bank account to it then select bitcoins from the list of cryptocurrencies and click on buy. They will show you the current price of bitcoin and will ask you that what amount you like to pay and then submit. You have bought bitcoins.
BTC to INR price
Today bitcoin is trading around $50000 which is 1.5% down. If we calculate today’s BTC to INR price then it would be around Rs 36,14,000