Is cryptocurrency legal in india – Current legal situation of cryptocurrencies in India
Can I legally buy cryptocurrency in India? Yes, you can buy and sell cryptocurrencies freely in India through crypto platforms like Mudrex. Download and start investing now! There is no law in India that prohibits buying and selling cryptocurrencies.
Until March 2020, the Reserve Bank of India had restricted the buying and selling of cryptocurrencies. But once the Supreme Court reversed the same and declared that cryptocurrency trading is not illegal, it became the preferred medium of investment for people in the country. Hundreds of thousands of people are already investing in it, with more joining every day.
What is the legal procedure to buy cryptocurrency in India?
Investors can legally buy cryptocurrencies by signing up with an exchange and providing all the legal documents for KYC. Here is how to do it in 3 steps.
Step 1: To download any of the crypto platforms.
Step 2: Submit the necessary documents such as the Aadhaar card and PAN to complete the mandatory KYC process. This will allow you to transfer funds from INR to your wallet.
Step 3: After adding the funds to your wallet, you can start buying cryptocurrencies. Here’s how to analyze cryptocurrencies before investing.
Is there a maximum or minimum limit to buy or sell cryptocurrency?
The minimum amount may vary from exchange to exchange. While it is possible to purchase any cryptocurrency for a small amount, most exchanges enforce a minimum amount. This amount is usually very small, starting from 100 rupees. However, there is no maximum limit.
For example, the minimum limit for buying a set of coins on Mudrex is Rs. 100. Also, there is no upper limit for buying cryptocurrencies.
Current legal situation of cryptocurrencies in India
Now, the big question is what the specifics of cryptocurrencies are in India. According to the ” Cryptocurrency and Official Digital Currency Regulation Act 2021 “. This new legislation on virtual currencies, it will prohibit any private cryptocurrencies in the Indian market, but the government will facilitate the trading of cryptocurrencies and their underlying innovative technologies and will provide a specific framework for creating official digital or virtual currencies issued only by the RBI. This new cryptocurrency bill identifies the grey part of the virtual currency legislation and proposes a complete halt to any private cryptocurrencies. However, it is unclear which cryptocurrencies will fall under private cryptocurrencies and be banned altogether.
Considering all these initiatives taken by the Indian government, it can be said that cryptocurrencies are currently legal in India. Currently, there is a wide range of cryptocurrencies available in the Indian market and the market demand is growing rapidly. Currently, one of the largest cryptocurrencies in the Indian market is Bitcoin, which has a market capitalization of $849.5 billion. Apart from that, there are others such as Bitcoin, Coincoin, Tether, Caldano, Dogcoin and many others. Thus, cryptocurrencies and bitcoins are now legal in India even though they are not regulated. Individuals are free to use these virtual currencies from specific companies and buy products and goods from these specific companies only.