In India, Bitcoin Currency has not received government recognition. RBI had earlier warned about bitcoin and other cryptocurrency that it is not an authorized payment method and no apporval has been given in this regard. But RBI has not explicitly banned bitcoin or digital currency. Many companies are doing business of bitcoin exchange.
More recently, the Government of India has asked people’s opinions on the Virtual Currency on the MYGOV website, whether the currency like Bitcoin should be banned, obscured or regulated. In addition to this, there was news related to the Cryptocurrency Regulations that the Government of India can take stern steps on Cryptocurrency.
How to Buy Bitcoin in india?
There are many exchange companies for buying and selling Bitcoin online in India, out of which Zebpay, Unocoin and Coinsecure are prominent. Zebpay has made provision for immediate transfer by linking bank account through Android and iPhone app. You first need to sign up and update your KYC information and documents such as PAN card. After verification of account, you can transfer money from your bank account to Zebpay’s account, which will show you in Zebpay’s Rupee Wallet. This allows you to buy and sell Bitcoin and transfer your money back to your bank account.