Bitcoin is undoubtedly the most popular cryptocurrency in the world right now, and India will greatly benefit from this revolutionary technology. So what is the BTC to INR pair important to traders and what is the Indian Rupee (INR)? If you want to find out more about those, you should read this article.
What Is the Indian Rupee (INR)?
The Indian Rupee (INR) is the currency of India. INR is the International Organization for Standardization Currency Code for Indian Rupee, and its currency symbol is ₹.
Is it legal to buy Bitcoin in India?
Yes, Bitcoin is 100% legal in India. As of April 2022, there are no clear laws and regulations to monitor Bitcoin, but the government has imposed a flat 30% crypto tax on gains from transferring cryptocurrencies in India. Despite the tax implications, the legal aspects of Bitcoin and cryptocurrencies have not been discussed. However, this does not mean that you cannot legally trade cryptocurrencies. Exchanges like WazirX operate under self-imposed regulations, with one exchange having the same standards as traditional exchanges.
What does the government think about buying and selling Bitcoin?
Governments are concerned about using bitcoin to pay for illicit activities such as money laundering, tax evasion, and terrorist financing. The government intends to prevent the illegal use of cryptocurrencies. However, as we discussed in a recent article, blockchain can be an excellent forensic tool for catching malicious actors.
RBI plans to issue digital rupees in the 2022-2023 financial year. In addition to this, the government has also proposed some tax provisions on the sale/purchase/transfer of cryptocurrencies in the 2022 federal budget.
Why is the BTC to INR pair important to traders?
BTC to INR is a very popular crypto to fiat currency pair in India and abroad. Since its inception in 2009, Bitcoin (the pair’s base currency) has proven to be the world’s most valuable cryptocurrency by market cap and value. The currency pair's counterpart - the rupee - is the official national currency of India. Neighboring Bhutan and Nepal peg their currencies to the rupee and treat it as legal tender.
The cryptocurrency market, including Bitcoin, is very volatile, which offers huge potential for speculation. Looking at the popularity of the BTC to INR exchange trade, there is a huge opportunity for traders to profit from trading this currency pair.
I hope this article will help you to learn why is the BTC to INR pair is important to traders and what is the Indian Rupee (INR). While the price of Bitcoin can be in the hundreds of thousands of rupees, you can choose to buy a fraction of Bitcoin for as little as 100 rupees. For example, WazirX allows you to buy Bitcoin for as little as Rs 100.
