I`m glad you asked. It is not surprising that it is gaining ground. According to Chainalysis, investments in cryptocurrencies have increased from $923 million in April 2020 to nearly $6.6 billion in May 2021. India still lags behind other markets and ranks 18th among the top 25 countries, but the fact that this happened despite a lack of regulatory clarity is admirable. There is a consensus in the crypto community that even the government prefers cryptocurrency to be regulated rather than ban it. India now has more than 15 million traders, compared to 23 million in the United States. Does this mean that Bitcoin is now legal in India? We are sure you will have more questions. Do not worry. We will do our best to cover the majority of this for you. Another major challenge is to engage in a discussion about the legal future of Bitcoin and other digital currencies in India.
The international bitcoin exchange BitBay has reportedly started operations in India to develop its cryptocurrency business. Based in Poland, the company is also looking for local IT talent for product development. This decision makes it the first international Bitcoin trading platform to enter India. This development comes at a time when the Indian government is still undecided about its position on the legalization of crypto-currencies. Manage multiple portfolios wherever you are. Instant access to all your assets. But the scenario in India is somewhat complex. Although the use of cryptocurrencies is not strictly illegal, the government is still on the fence of legalizing Bitcoin and other virtual currencies. In March 2017, the RBI issued a warning statement against the use of cryptocurrency such as Bitcoin.
As part of the press release, the central bank warned users, holders, and merchants about security issues related to Bitcoin or other virtual currencies. An official who closed the development told Moneycontrol that while Bitcoin is unlikely to be declared illegal in India, the appointed committee has yet to decide which body will serve as a regulator for cryptocurrencies. In June 2017, the country`s Ministry of Finance announced the formation of a special committee that would propose measures to eliminate security flaws and vulnerabilities related to the use of cryptocurrencies. The initiative was seen as the government`s first step towards legalizing the Bitcoin cryptocurrency in India. The committee`s report included the following points: In July, Amit Bhardwaj, founder of two bitcoin companies — cloud mining operation Gainbitcoin and China-based mining pool GBMiners — was accused of running a bitcoin Ponzi scheme. During the second week of August, a source from FactorDaily revealed that the government-appointed advisory committee may have recommended not legalizing cryptocurrencies in the country. As mentioned earlier, Bitcoin is legal in India, meaning you can buy, sell, and hold it as an investment, but no governing body maintains or protects it. “There is a lot of confusion in India right now. The fact is that there is no regulation in the country yet. When people hear this, they are afraid. The fact is that many things on the Internet are not regulated.
This includes services such as Ola and Uber, and e-commerce is also unregulated. Although the BitBay exchange is based in Poland, it wants to strengthen its presence in the Indian cryptocurrency industry at a time when regulation is imminent. The question of whether the entry of established foreign players like BitBay will help bring the legalization market closer or make it more vulnerable to security breaches will be pursued in the coming weeks. Indian authorities explored a regulatory framework for the legal future of Bitcoin and other digital currencies in the country with an intergovernmental committee tasked with the task in early March. Earlier this week, the group submitted its official report to India`s finance minister. Although the details of the report have not yet been released, all signs indicate that the government recognizes bitcoin with regulations that include taxing bitcoin users. Cryptocurrencies are not mentioned in the Indian Income Tax Act and no rules have been established. Since the Reserve Bank of India (RBI) has not yet granted legal tender to Bitcoin or any other cryptocurrency in India, there are no specific rules governing how these cryptocurrencies should be taxed.
That doesn`t mean you can get away with not paying taxes on your winnings. Profits from Bitcoin sales can be taxed as business income if traded frequently, or as capital gains if held for investment purposes. The trading platform that BitBay has made available to those who wish to trade cryptocurrencies is a proprietary web platform. It is designed to be simple and easy to use. It has the basic functions of “buy” and “sell” and lacks any kind of analysis tools. The price chart is provided by TradingView. BitBay also offers you the opportunity to trade cryptocurrencies on your smartphones. However, the exchange does not have its own dedicated mobile app. Instead, the platform is integrated with a third-party mobile trading app called “TabTrader,” a trading terminal for all major exchanges. Currently, BitBay account holders can trade the following cryptocurrencies: No, you must be at least 18 years old before you can open an account with BitBay. Bitcoin`s liquidity is one of the reasons people buy it.
People want to convert their Bitcoin into cash if they want to stop their investments for various reasons – money to simply bear in the market. So yes, you can finally convert your bitcoins into cash by selling them. And you can easily do it in India with the help of a reputable cryptocurrency exchange. To ensure the security of cryptocurrency transactions, the government is reportedly considering implementing Know Your Customer (KYC) standards. Currently, the Reserve Bank of India considers cryptocurrencies as a violation of the country`s existing exchange standards. Indeed, the conversion of bitcoins into foreign currencies does not fall under the jurisdiction of the central bank institution, which makes these transactions very insecure and vulnerable to cyberattacks. With the entry of BitBay, users will have access to some of the most popular altcoins such as Litecoin, Ether, Monero and Dash, which have increased by more than 1,050%, 3,825%, 620% and 2,216%, respectively, since the beginning of the year, according to Coinmarketcap. Q. What was the response for BitBay in the UK and other countries? It would be great if you could share some sales figures and transaction volumes. BitBay, Poland`s leading bitcoin exchange, is preparing to become the first international cryptocurrency trading platform targeting the Indian market with the launch of a new digital currency exchange in the country.
The emerging but growing cryptocurrency market in India is heavily influenced by pure bitcoin trading platforms such as Unocoin and ZebPay, two of the country`s national bitcoin companies. With its entry, BitBay will support Bitcoin and six other altcoins, namely Ether, Litecoin, Lisk, Monero, Dash, and Gamecredits. For the benefit and convenience of its customers, BitBay has provided them with several methods of depositing and withdrawing funds. You can deposit or withdraw cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Lisk, Monero, Bitcoin Cash, Dash and even tokens. Alternatively, you can deposit or withdraw in fiat currencies such as Euro, US Dollar and Polish Zlotys. The methods that can be used to transfer these funds can be via cryptocurrency wallets, bank transfers, credit/debit cards, via Polish Post, Express DotPay or Zabka chain stores. Withdrawals can also be made via BitPay debit at any ATM that accepts MasterCard. The BitBay platform is the number one in Central and Eastern Europe with more than 200,000 users and with the 10th place worldwide. We are proud to be considered a reliable and trustworthy platform that has been operating since 2014. BitBay`s home market is Poland with a 24-hour BTC/PLN market volume of around $9 million. BitBay offers two types of accounts, an individual account and a business account.
The individual account is provided free of charge and cannot be verified if you trade exclusively cryptocurrencies. With the BitBay account, you can do the following: Overall, we find Bitbay to be a reliable cryptocurrency exchange. The main advantage of BitBay is the fact that they support 3 different types of fiat currencies. In addition, BitBay has also simplified the withdrawal process by issuing its own debit card. The Indian branch of BitBay is currently run by a team of 10 people. That number is expected to rise to 50 by the end of 2017, said Rohit Dahda, head of BitBay India. He added: “Anyone can trade on the platform, as long as they meet all the `know your customer` requirements by providing the Aadhaar and PAN card number.” The crypto exchange BitBay was invited by the Polish financial authority to collaborate in a blockchain working group, just as BitBay was forced to shut down Polish operations. BitBay had not responded to Cointelegraph`s request for comment at the time of publication.
BitBay suspended its operations in Poland this week after banks refused to cooperate with the exchange after the Polish government took an increasingly negative stance on cryptocurrencies. Shop your favourite retailers online and in person – anywhere in the world. In recent years, despite the lack of regulation in India`s digital currency industry, some exchanges have emerged. These include startups such as BuyUcoin, Zebpay, Coinsecure, and Unocoin. These startups have also attracted investor interest. We plan to make more than 17 cryptocurrencies available to users in the coming months. We would also like to mention that this year we will expand the offer of our platform with a PRO view and professional trading tools.