The Supreme Court of India has struck down a ban on banks dealing with cryptocurrencies in India, paving the way for users to start trading with renewed vigour in cryptocurrencies.
While there was no ban on cryptocurrencies, the Reserve Bank of India in 2018 put a ban on banks from dealing with virtual currencies like Bitcoin. The central bank also asked banks to exit all existing relationships with cryptocurrency exchanges.
Now that this roadblock too
has been cleared, here is how you can gain from the move.
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Cryptocurrency is a virtual currency that can be exchanged online for goods and services. Cryptography is used to secure and verify the transactions. Unlike traditional currencies, cryptocurrencies are not issued by a central bank and depend on a peer-to-peer system.
How to open a crypto trading account in India?
There are several cryptocurrency exchanges from where you can buy and sell cryptocurrencies like Zebpay, Unocoin, Coinmama and more.
Today, we will show you how to use Zebpay to buy and sell cryptocurrencies in India. Zebpay allows you to purchase various virtual currencies and store them.
How to use Zebpay to buy and sell cryptocurrency
- Download and install the Zebpay app for Android and iOS.
- Open the app and click on ‘Let’s go’ at the top.
- Enter your phone number and click on ‘Proceed securely’.
- Now, click on ‘Continue to Set Account PIN’.
- Now, enter a four-digit PIN.
- Re-enter the four-digit PIN.
- Once you have set the PIN, you can opt to use the fingerprint sensor.
- Now, click on ‘Verify Email Address’.
- Enter your name and email address.
- Go to your mail and verify your account.
Now you will be asked to provide your ID proof and address proof.
- Click on ‘Continue’.
- For ID proof, you can submit your PAN card.
- Upload the front of your PAN card and click on ‘Continue.
- For address proof, you can submit your Aadhaar card, driving license, passport or a utility bill dated within the last three months.
- Select an address proof and upload it.
- Click on ‘Continue’.
- Now, select your source of funds and occupation.
- Then, click on ‘Continue’.
Once your KYC details are verified, you can start trading in cryptocurrency.
Here are the cryptocurrencies available on Zebpay.
You can select from the available currencies, enter the amount and click on ‘Buy’.
See also:
Cryptocurrency trading can restart in India after top court removes RBI ban calling it 'unconstitutional'
Crypto community in India is rejoicing — exchanges are ready to reopen
India’s crypto market was worth $12.9 billion in 2017 before it incurred the RBI's wrath
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