Supreme Court Allows Cryptocurrency Trading in India: Against RBI Decision

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Supreme Court Allows Cryptocurrency Trading in India: Against RBI Decision

March 04, 2020 | By SYNARION IT

On  Wednesday 4th March 2020, the Supreme court of  India made cryptocurrency trading legal in India.  Two years before in April 2018, RBI issued a circular regarding the ban of cryptocurrency trading through Indian banks. This is considered a positive sign for cryptocurrency lovers who are waiting for cryptocurrency trading for the last two years.

Supreme Court Allows Cryptocurrency Trading in India against RBI Decision

 Now people can start trading for cryptocurrency as SC of India, has given permission for cryptocurrency trading in India.

What is  Cryptocurrency?

Cryptocurrency is termed as a digital currency in which encryption techniques are utilized. The most popular feature of the crypt currencies is that it is not controlled by any of the central authority. The transfer of cryptocurrencies takes place between the two accounts by using private and public keys.

One of the popular cryptocurrencies is “Bitcoin” which was launched in the year 2009 by the market cap. The current price of the 1 bitcoin is near “642,484.72 Indian Rupeeas of 4th March 2020., 

What are the advantages and disadvantages of cryptocurrency?

Advantages  of Cryptocurrency

Cryptocurrencies made it easy for everyone to transfer the funds between the two parties, without the interference of the third party like banks.  These kinds of transactions take place successfully with the help of public and private keys.

Disadvantages of Cryptocurrency

With the latest technologies, the risk of loss is also related to them. Like, in the case of carelessness there are chances of a scam, cheat or someone can steal your hard-earned money in seconds. 

How to Trade using Cryptocurrency in India? 

If you’re new to the cryptocurrency market and not aware of the terms of cryptocurrency trading. Here you’ll get the information that will make your task of cryptocurrency trading easier in India. 

First, you need to choose the cryptocurrency wallet for cryptocurrency trading and exchange to trade on.

What are the popular Cryptocurrencies?

  • Bitcoin (BTC)

Bitcoin is one of the popular cryptocurrencies which are decentralized by the peer to peer digital payment system based on the blockchain technology
Here are some of the popular applications that you can use for Cryptocurrency/Bitcoin Trading in India:

  • Bitcoin Cash (BCH)

Bitcoin was created in 2017,  as a result of the efforts done for bitcoin’s blockchain. 

  • Ethereum (ETH) 

Ethereum is designed in such a way that it is much faster than bitcoin with its bock time is nearly 15 seconds as compared to bitcoin’s 10 minutes. 

  • Ripple (XRP) 

 Ripple was designed as a  payment solution based on blockchain technology.  The main idea behind Ripple is to create a faster system for direct asset transfer in real-time which is much faster, transparent, and much secure than the existing payment systems. 

  • Litecoin (LTC)

When it comes to handling large transactions Litecoin works great.  Litecoin is the perfect option for those who need instant confirmations with lower transaction fees. 

Here  are some of the  popular applications that you can use  for Cryptocurrency/Bitcoin Trading in India

  1.  Zebpay 
  2. Coinsecure  
  3. Coin Delta 
  4. Coinome 

Wrapping It Up 

Now, as we all know that blockchain technology-based cryptocurrency trading is allowed in India as of the supreme court decision on 4th March 2020.  So, it’s a positive sign for cryptocurrency trading lovers. Now you can not only take benefit of trading but can also enter into the biggest world of cryptocurrency with your own cryptocurrency wallets app development like Zebpay or you plan for the blockchain software development

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