For now, market players eye on the awaited cryptocurrency bill for insight on transferring money to and from their crypto exchange accounts. Keep in mind that the Supreme Court elevated the sanction on rupee crypto transactions.
Indians have been one of the leading investors in the crypto space. The country boasts almost 20 million cryptocurrency users. Meanwhile, investors are awaiting the proposed crypto bill to be presented in Parliament during the winter session.
One of the reasons behind increased crypto investors is that buying and selling digital coins involves a smooth process. However, how straightforward is the procedure to invest in crypto in India? Let us explore the crypto transaction process in the country and whether it is smooth as it seems.
You need to create an account with a crypto exchange based in India to transact as a crypto investor. Some of the top options are CoinSwitch Kuber and WazirX. After that, you should complete the Know-Your-Customer requirements. With that, you can proceed to buy or sell your favorite digital coins.
A crypto wallet works similarly to bank accounts. You can utilize the digital app to retrieve or store your crypto coins. To operate the cryptocurrency wallet, you will have your unique private key and a public key, an address that you will utilize to digital currencies to the crypto wallet.
Buying crypto in India has been smooth since Supreme Court removed the RBI’s 2018 ban on cryptocurrency transactions related to the rupee. The court overturned the ruling in 2020 March. Nevertheless, not all banks in India allow their clients to associate their accounts with crypto exchange transactions. If your bank does not support that, you may need to switch to P2P lending.
You can use different methods to fund your cryptocurrency exchange account with Indian rupees. You can utilize a payment gateway, UPI (Unified Payments Interface), IMPS (Immediate Payment Service), and NEFT (National Electronic Fund Transfers). Finstreet founder Bandhul Bansal says that individuals can deposit rupees in their accounts using third-party wallets or Internet banking. Remember, you cannot utilize cash when buying cryptocurrencies.
You can use the money in your trading account to buy the crypto of your choice. Meanwhile, you can use an exchange to sell the crypto you hold before withdrawing the coins using a bank that supports crypto trading. The transactions can take two business days or complete immediately, depending on your amount.