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After the ban lifted on trading cryptocurrencies in india, the hype came back and people well first thing is bitcoin dominates the whole crypto market with around 65% dominance and that figure certainly tells that of all the currencies it is the godfather.
New information can only be added to the blockchain if more than half of the nodes agree that it is valid and correct. Is cryptocurrency legal in india? The government of india has not declared it as anything that one can't be involved in; Banks in india are again doing business with select cryptocurrency exchanges and their customers. Learn all you need to know with this binance academy guide! While you can still buy the court issued a statement that cryptocurrency can be accepted as a valid payment for legal transactions, and the payment system can be regulated. Nowadays cryptocurrency based on blockchain technology is creating a lot of headlines, so. A cryptocurrency is an encrypted, digital asset that can be used as a medium of exchange and a storage of value. India's finance ministry is keen to legitimize cryptocurrency transactions in india, while industry bodies are working towards generating awareness on bitcoin as a trading and investment asset. Cryptocurrencies let you buy goods and services, or trade them for profit. A cryptocurrency, crypto currency or crypto is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in a form of. Few indian exchanges including bitbns are working with p2p model where users can directly buy and sell cryptocurrency in india directly. While the rbi is opposed to the use of bitcoin as a medium of exchange.
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