Arthura Aucoin, Expert en crypto-monnaie, investisseur, entrepreneur
Répondu il y a 25w
The ease of transactions of Bitcoins has gained the attention of investors which has triggered consideration on the evolution of cryptocurrency as the digital currency future. But there are still some regulatory and legal issues associated with this currency in India. It is not accepted as a legal tender by the Indian government due to economic, financial and legal issues.
Bitcoin and cryptocurrency regulation has been a constant and painful problem due to its decentralized nature in India. The Indian government has restricted the use of Bitcoin to protect the consumers who are ignorant and lack sufficient education from crypto-related MLM scams.
Acceptance of Bitcoins
Recently the Reserve Bank of India announced that all banks, companies, and businesses to end all crypto related dealings. The announcement also referred that banks must suspend crypto operations indefinitely within three months.
As the banks are not lending any sort of outward support to cryptocurrencies and crypto service providers, it affected some Indian wallet providers such as Zebpay, Unocoin, etc. to some extent. Various petitions have signed by the crypto community of India in the hope of the RBI changing its stance. But the RBI’s announcement is just the first stone on the road before the complete ban, and there is still some alternative that can be used. Here are some legal ways to convert BTC into fiat in India.
Legal ways to convert BTC into fiat in India
It is not possible to convert BTC directly into fiat after the Reserve Bank’s ban on the crypto transaction. As the local exchanges are no more backed by the banks, they won’t be able to help you in settlement of your BTC in INR.
However, it can be done indirectly by using the following method.
Move your money to other wallets outside India
When you transfer your Bitcoins to other wallets like Blockchain Wallet or Cold Wallets or Paper Wallets, you can convert them to Euro or Dollars. Once it gets converted into other currency, it will be easier to transfer it to your Indian accounts. Well, some fees might be deducted in this case, but you can successfully convert your BTC into fiat.
These are some of the options you can start using to liquidate your crypto investments in India.
You can make use of Neteller which is an online wallet owned by the British group Paysafe that makes a perfect payment gateway for both fiat and crypto.
This international online wallet has business ties with top financial service providers like Visa and MasterCard. With money in and money out provisions, it can enable users to convert their digital assets. All it needs is just a simple and conventional sign-up routine where you need to provide information like your email id, home currency, and other personal details. Here you can add your Bitcoin assets into the wallet after paying a 1% transaction.
Just select the amount of money you need to add to your wallet in INR and instruct the wallet to remove the amount from your Bitcoin wallet. Next, a QR code will be generated, and money will be transferred into your wallet.
But for using Neteller, you must own an international debit card and must have a minimum balance of 5000 INR is required.
Sharad Suryavanshi, Stock market enthusiastic
Répondu il y a 27w · L'auteur dispose de réponses 80 et de vues de réponses 160.5k
Straight forwardly the answer is Big no
But indirectly this could be viable
Govt hadn't promoted you to buy BTC at any instance hence they are not even concerned about your BTC.
They want to retain Their Monopoly that any country have on their Currency.
Because of Crypto currencies this monopoly seems to deeply affected.
Tous les local exchanges won't be able to facilitate you to trade moreover they are not backed by the banks anymore therefore settlement of your BTC in INR is also not viable.
Now how to convert BTC to INR
• Shift your local wallet account to international wallets.
You can shift to Binance or any other international wallet
This shows send BTC from zebpay to Binance
• After this convert the BTC in USD on same exchange then USD to INR you can do here.
Cryptocurrencies are international tenders.RBI could implement regulations on India only. All the international markets are still open for trading.
These mushrooming measures are not suddenly being taken by govt..Arun jaitley had previously warned this & called it illegal tender.despite of this people kept trading.
Mayur Dhokchaule, studied Computer Engineering (2016)
Répondu il y a 26w · L'auteur dispose de réponses 89 et de vues de réponses 70.3k
Bitcoins cannot be "transferred" to any fiat currency or any bank account.
If you need to liquidify your bitcoins and you want to get fiat currency in exchange, you can sell your bitcoins in Bitcoin exchanges. Alternative is that you directly spend bitcoins on bought products and services.
No financial institution will touch bitcoins. In fact, most banks and PayPal are openly hostile towards anything having word "bitcoin" on it.
Good options to sell your bitcoins in India is Bitcoin locals where you can sell bitcoins online, or on the street with cash. Be aware that there are some risks, and those risks are especially when selling bitcoins on PayPal. Unless you are professional you should not be doing Bitcoin sells on PayPal.
Srishti Malik, Cryptocurrency and Blockchain Enthusiast
Répondu il y a 24w · L'auteur dispose de réponses 104 et de vues de réponses 46.6k
You will always be able to use peer to peer exchanges to convert your BTC into fiat. These exchanges work similar to OLX where two parties connect with each other without needing any intermediary in between.
Till the time there’s no issue, you can choose Échange KoinOK because it is running the most amazing offers for users:
1. Get rewarded with 100 XDCE on signing up and completing KYC
2. Get rewarded with 150 XDCE and 100 INR on referring your friends
3. Get rewarded with 100 XDCE on making your first INR deposit
4. Get rewarded with 100 XDCE on making your first successful XDCE/INR trade
5. Get rewarded through deposit and trading competitions whenever we list a new coin
6. Get rewarded through our social media contests
7. Get rewarded with 0% trading fees on BTC/INR for entire May 2018
Rameshwar Singh, Commerce et exploitation minière.
Répondu il y a 16w · L'auteur dispose de réponses 101 et de vues de réponses 44.8k
Why we always need a broker?? Wazirx nailed it ,here is the message on their official telegram account . @ WazirX (WRX) A lot of you have been anxiously asking, “What happens after 5th July?”. We’ve been working on a solution and are ready to reveal it to you!
We present to you the safest and most legal way to cash in/cash out of cryptos in India - P2P transfer! ⚡️
Ankit Prajapati, IBM MDM Developer at Capgemini (2017-present)
Répondu il y a 16w · L'auteur dispose de réponses 175 et de vues de réponses 534.8k
As the 5th July deadline is coming near, exchanges are finding new ways to keep legally operating their service and provide INR deposits/withdrawals.
In the latest news, Koinex (one of the biggest Indian crypto exchanges) have come up with the solution, where RBI regulation will not affect the INR trading/withdrawals.
They are launching Koinex Loop - A peer to peer crypto transaction network. You can find more details at : Introducing Koinex Loop — a Peer-to-Peer trustful token transaction network