99CRYPTOCOINS
Digital Currencies in India - Rules & Resources
Indians are among the most curious people on Earth. In spite of all the recent curiosity, many of us have wondered if it is safe to buy, store and sell bitcoins in India. There has been much speculation in the media and among enthusiasts whether Bitcoin is legal or illegal in India.
Are Bitcoins and Virtual Currencies legal in India?
The Reserve Bank of India has on multiple occasions warned people about the risks associated with Bitcoin and other digital currencies, however they have never explicitly deemed digital currencies as illegal. As of now, Bitcoin and other digital currencies are not illegal in India. The Government of India recently set up a discussion forum inviting feedback from the public on how Bitcoin should be governed in India. Following the collection of feedback, a committee has been established to determine how virtual currencies should be regulated in India. We expect the Government of India to release virtual currency regulations soon.
Where to buy Bitcoins in India?
In India, cryptocurrencies are still in their infancy, and we still do not have a credible exchange with high volumes and liquidity in India where virtual currencies can be freely traded. A few existing options (with identity verification) available to Indian citizens are :
Founded in 2013, Karnataka based UnoCoin is one of the top Bitcoin providers in India. Unocoin received its initial kickstart when renowned Bitcoin Investor Barry Silbert invested US$ 250,000 in Unocoin making it the first bitcoin investment in the country and in three years the company has drawn more than 30 top investors from 5 countries. In September 2016, Unocoin had raised an additional US$ 1.5 million in a Pre Series-A round.
Delhi based CoinSecure was founded in 2014 with a motto of “Connecting India to Bitcoin”. in mid 2016 CoinSecure raised US$ 1.2 million from Series-A investors.
ZebPay is an app enabled Bitcoin wallet provider. Headquartered in Singapore, with it's India office in Ahmedabad, ZebPay is India's leading bitcoin provider today with a turnover of over Rs. 700 crores. In January 2016, Zebpay announced it had raised US$ 1 million in series ‘A Funding,' primarily led by private equity investors. For some free Bitcoins in ZebPay's app, use the Promo Code REF06081308.
Where to buy Bitcoins internationally?
A few verified sites which offer bitcoins via credit cards:
London based CEX was founded in 2013 as an online digital currency exchanger. Currently you can buy a limited amount of bitcoins and ethereum with no identity verification using a credit/debit card.
Coinbase was founded in San Francisco, CA in 2013. Today, it is one of the largest bitcoin providers globally. They offer bitcoins, ethereum and litecoin via several payment methods including credit/debit cards depending on your country.
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