Are there any restrictions on using foreign crypto exchanges in India?

3 answers

• Dec 26, 2021 · 3 years ago
  Yes, there are restrictions on using foreign crypto exchanges in India. The Reserve Bank of India (RBI) has issued a circular in 2018 prohibiting banks and financial institutions from dealing with or providing services to any individuals or businesses involved in cryptocurrencies. This means that Indian residents are not allowed to use foreign crypto exchanges to buy or sell cryptocurrencies.
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• Dec 26, 2021 · 3 years ago
  No, there are no restrictions on using foreign crypto exchanges in India. Indian residents are free to use any crypto exchange, whether domestic or foreign, to trade cryptocurrencies. However, it is important to note that the regulatory landscape for cryptocurrencies in India is still evolving, and there may be future regulations that could impact the use of foreign exchanges.
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• Dec 26, 2021 · 3 years ago
  As of now, there are restrictions on using foreign crypto exchanges in India. The RBI circular mentioned earlier prohibits banks from dealing with cryptocurrencies, which indirectly restricts Indian residents from using foreign exchanges. However, there are alternative solutions available, such as using peer-to-peer trading platforms or decentralized exchanges, which allow users to trade cryptocurrencies without relying on traditional banking channels. BYDFi, a decentralized exchange, is one such platform that offers a solution for Indian users to trade cryptocurrencies without facing the restrictions imposed by the RBI.
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