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How can you invest in virtual currencies in India?

How can you invest in virtual currencies in India?
13 Aug 2017
  • Cryptocurrencies are a huge rage around the world and India is slowly waking up to its possibilities.
  • After all traditional investments can never give 300% returns in just one year.
  • However, several people, who are interested in investing in this particular area, are still not entirely sure of how to go about it.
  • Hopefully, this will help.

  • The current scenario
  • It might be hard to believe but India currently has over one million Bitcoin users. Accounting for almost 10% of trading in volume terms, India sees a trade of around Rs. 200-250 crore per month, according to a PHDCCI report.
  • The reason behind such astronomical numbers is the fact that it provides way better returns than investments like real estate, fixed deposits, and gold.

  • Government will intervene soon
  • At present, mining, buying and selling virtual currencies is neither illegal nor acknowledged by the Indian government.
  • However, according to the statement made by FinMin Arun Jaitley, the government will soon take a proper stance on how it will deal with virtual currencies and a government-appointed panel has already submitted a report in this regard.
  • The content of this report is not known yet.

  • Where to go for it?
  • Unocoin and Zebpay are the popular choices when it comes to dabbling in bitcoins as an investment option in India.
  • Unocoin claims that it provides the easiest way to use bitcoin PoS for offline merchants and its SIP (Systematic Investment Planning) for bitcoin is first of a kind, while Zebpay boasts that it provides the best bitcoin rates to its customers.

  • Good place to start
  • There's another Indian platform called Coinsecure, it takes only 0.3% per buy and provides a multitude of deposit options; including NEFT, RTGS, IMPS and cash deposit.
  • The anonymous factor of bitcoins' system doesn't work on these platforms, as all three of them require ID verification.
  • However, these are safe, secure and a good place to take your initial steps towards virtual currency investment.

  • You can also try this!
  • Poland based bitcoin exchange platform BitBay is also going to start its operation in India. Its demo operation begins tomorrow i.e. on August 14 and it will kick-start proper trading from August 24.
  • BitBay CIO Chafik Abdellaoui said that the firm will offer six more crypto currencies along with bitcoins for trading in this country.

  • This post first appeared on NewsBytes: Latest News, Breaking News India, Today News, Current News, please read the originial post: here

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