Can you as an Indian resident buy and sell Bitcoins? That is a standard question that a lot of investors have been posing to their brokers and their financial advisors. The answer is that there is nothing barring you from buying and selling Bitcoins in India. Of course, there are the concomitant risks but that is true of most investments. Investing in Bitcoin in India can be done through select Bitcoin exchanges and these are legal entities which have also received seed funding from reputed names. You also need to understand how to invest in Bitcoin mining in India as the mining activity can be quite lucrative. Here is a rough Bitcoin investment plan India..

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Bitcoins in India (Are they legal)..


How to go about trading Bitcoins in India..

You can buy Bitcoins on digital exchanges. There are popular exchanges like Coinbase and Coindesk where you can actually buy Bitcoins at the prevailing market price. On Coinbase you can buy Bitcoins using your international credit cards.

Indians can also buy Bitcoins from a website called ZebPay in India which facilitates trading in Bitcoins. You can do a transfer from your bank account into ZebPay and similarly you can also withdraw from your ZebPay back into your bank account.

ZebPay also offers a downloadable app that is compatible with IOS and Android platforms. You can link your bank account to your specific smart phone and use the IOS or Android platform to link your bank account for quick transfers and transactions.

You are required to undergo a basic KYC before you start trading in Bitcoins. Your PAN card has to be uploaded and your bank account used to withdraw and transfer funds from ZebPay must also have the same PAN mapped to it.

Trading Bitcoins is one side of the story. If you are looking to store Bitcoins then it is essential to have a Wallet. This wallet can be stored in your computer or even in your smart phone. You can also back up your wallet at an external site.

Remember, Bitcoin is a digital currency and is based on a very sophisticated shared ledger technology. Mr. Modi has digitization as one of his primary focus areas and it is likely that India may look to encourage the use of Bitcoins, albeit with the requisite checks and balances.

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