Citizens of India have been denied access to purchasing cryptocurrencies since July 2019. This was after the Indian government banned banks and other financial outlets from engaging in crypto-related activities. Ever since then, the majority of the citizens have found it difficult to gain access to the crypto currency market. Only those with what now looks like privileged information know where to buy cryptocurrencies in India, using the Indian Rupees (INR).

Further Legislative Actions in Sight

India is a huge market, especially when it comes to financial services. It is estimated that more than 5 million people use cryptocurrencies in India. With this teeming population, and other internationals with crypto-related business in India, the government’s action caused a significant impact.

Furthering its activities, there are expectations that there could a bill sent to the Indian parliament to ban cryptocurrencies completely in India in the coming months. Coming at a time when countries like China are planning on launching their own official cryptocurrency, one is left to wonder how some of these regulatory processes are informed.

While many crypto users in India have suffered for the past few months, the ones in the know have continued to carry out their crypto activities. This they have done through legitimate means.

It might have been impossible to buy cryptocurrencies through the banks. However, the leading liquidity providing platform, Vertex.Market has continued to serve customers in India legitimately and satisfactorily.

Buying Crypto on Vertex

Vertex has always been available in India as well as over 200 other countries across the globe. The platform offers a peer-to-peer based transaction system that enables users to purchase Bitcoin and other cryptocurrencies with fiat money and other cryptocurrencies. Customers on Vertex do not necessarily need to go through the banks, as there are over 25 different payment methods available for customers to choose from.

On the Vertex platform, transactions are easy, fast and straightforward, and you do not need to go through any KYC procedure for trades below $1000 per day.

Cryptocurrencies are not tied to particular countries. In the actual sense of it, no nation can completely ban cryptocurrencies. All these nations can do is attempt to restrict their institutional instruments, like banks, from engaging in cryptocurrency activities. We are yet to see a country that has declared cryptocurrencies to be illicit products like drugs. That would be an insane thing to do.

India Reserve Bank’s reason for banning cryptocurrencies was said to be in fear of what could happen in the future. According to the bank’s statement, it says;

“Cryptocurrencies pose no systemic risks for now but their increasing popularity could lead to price bubbles that can affect consumer and investor protection and market integrity.”

Crypto exchanges have struggled as a result of this ban, and some of them have even had to shut down. But for any user who is looking for where to buy cryptocurrencies in India, look no further as Vertex.Market is always available to meet your crypto needs.