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RE: Step By Step Guide to Getting Started In Cryptocurrencies.
your excellent detailed comment is already enough of a reason to have tagged India, i tagged India however because a lot of my followers are from there, also there is a lot of excitement around the crypto market place in India at the moment and i would like the indians to come and engage in the conversation that we are having re cryptos ... good feedback though ........ P.S. dont forget to resteem it to your friends
I did misspeak a bit, though. Technically, Indian users can still buy crypto without going through the KYC process, albeit in very small amounts. Example, one could use a credit card to buy crypto on Changelly and store that crypto in a wallet on Coinpayments. However, if they ever want to withdraw that crypto into an Indian bank account in form of Rupees, that's when they'll hit the KYC bottleneck.
then perhaps the solution would be to carry out the transaction outside of idea, so, you sell your crypto for fiat money and you Rupee the fiat money into your Indian bank account, there is no need toinvolve India at all until you want to cash in, your buy your crypto on changelly as you said and you store it on bittrex coinbase etc, the only time you should want to bring your crypto into India should be when you want to cash it in, and if you do want to cash it it you convert it to USD and send the USD to your Indian account, i think it is the same process for China and all other countries where they keep a tight grip on their currency
You're right except the KYC is unavoidable. No current service (that I know of) allows you to withdraw into an Indian account, in any circumstance, if the account has not been KYC validated. And in India, that includes linking one's PAN card which is the chief unique financial identifier of a person here.
It's important to me because I like to keep cashing in small profits every now and then. Of course- I maintain two separate wallets and transaction chains. An anonymous wallet stores most of my crypto, unlinked to India in any way.
And it could be important to Indian users for other reasons. Most first-time crypto buyers in India will buy crypto for profits, or at least the expectation of profits. To test this, they would want to make an intial withdrawal back into fiat to assure themselves that they can withdraw their money whenever they want to, and that it will not get locked into staying crypto forever. To do it, once again, they will have to undergo the KYC.
Not saying this is a problem, not unless you want to stay completely anonymous. But it is a hassle neverthless, one that I took time figuring out.
wow, big brother truly is watching you
Bharat mata ki jai! ;)