Can You Buy Bitcoin In India? YES !!! [DECEMBER 2021] [ 2 Min Read]
Updated: Aug 4
The short answer to this is yes. Everyone misread the latest announcement of the government regarding the regulation of Bitcoin and the other cryptocurrency. It was been circulating through the market that the Bitcoin is actually an illegal currency to trade according to government. However, the truth of the matter is something else.
All the famous twitter self declared media houses are wrong and feeding the incorrect information to the system. What actually is not accepted in India is BITCOIN AS A LEGAL TENDER. What this means is that it can't be used as a fiat currency to conduct any kind of transaction in India. Basically you can't use Bitcoin to buy Maggie or even a real estate of any kind.
But as you can invest in a company through stocks, it is speculated that Government will allow investing in cryptocurrencies. The fixed rules and regulations are yet to be decided as it will get passed through the cabinet as a bill first. The governing body, which will monitor the transactions of the government will likely be SEBI, which also monitors the market of equities as of now.
As it stands now, the cryptocurrencies are not illegal. So we are currently waiting for the regulations to get finalized and cleared.