India has been very strict for cryptocurrency from the beginning. It has forced some of the small traders to skip cryptocurrency. But now the great news has finally arrived. So let’s have a look at the whole news.
Cryptocurrency Legal in India
The Supreme Court of India has struck down the Reserve Bank of India’s (RBI) controversial ban on banks’ dealings with crypto-related firms.
The court’s bench of Justices Rohinton Nariman, S Ravindra Bhat, and V Ramasubramanian, delivered the judgment earlier today, March 4, litigation news site Live Law reported.
Now everyone can easily buy bitcoin or any other altcoins easily with INR. One can also withdraw their profits directly to banks.
History of Cryptocurrency in India
RBI was facing some issues with cryptocurrency RBI so a case was filed in the supreme court regarding cryptocurrency. RBI said the following
“Firstly, the RBI has not prohibited VCs (virtual currencies) in the country. The RBI has directed the entities regulated by it to not provide services to those persons or entities dealing in or settling VCs… The RBI has been able to ringfence the entities regulated by it from being involved in activities that pose reputational and financial risks along with other legal and operational risks,” the affidavit said.
The case was then shifted many times in between. Finally, the decision arrived. The decision was that ” You can be jailed for trading, holding or buying Bitcoin or cryptocurrency.” You can explore more here.
But finally, on 4th March 2020, good news arrived. RBI said that Cryptocurrency is legal in India.
Effects on Market
This is a historic decision so it will definitely affect the market. But what to expect? As now there is no ban on crypto more and more peoples will engage. Bitcoin Whales will also come into the game.
According to us, a pump is expected in 2-3 days. Bitcoin will reach around $9500 which will allow other coins to pump even harder.
After the pump, a slight correction is expected at around $9100 as bitcoin whales will come into play.
But if Bitcoin crosses $10k it may be the beginning of the bull run and we may not see bitcoin below $10k again.
Is this the right time to buy Bitcoin
We suggest you in each and every blog that you should buy bitcoin right now and wait for 1-2 years and you will definitely earn profits.
Today we have one more suggestion. If you don’t have that much amount to buy bitcoin just earn it.
Dicover simplest way of earning Bitcoin.
Try to collect as much as bitcoin as you can. I bet you will come here and comment that “Thanks! You changed my life.”
The future of Cryptocurrency in India
Due to this historic moment following things are likely to happen.
- The Indian government will bring some terms and conditions for cryptocurrency.
- Laxmi coin may be launched by RBI.
- Many new exchanges will start very soon.
- Scammers will now have an eye on the crypto industry.
Safety Measures while buying Cryptocurrency
- As new startups will come into the industry it has opened a way for scammers. Buy cryptocurrency from a reputed website in India. Wazirx is the most reputed Indian exchange in India.
- Don’t use wifi while buying cryptocurrency.
- Use 2FA on the website.
- Have a very strong password with a combination of letters, numbers and special characters.
So are you excited about bitcoin bull run? Or do you think that bitcoin will dump? Share your thoughts and just have bitcoin in your bank, not fiat.