Indian crypto enthusiasts prefer to buy cryptocurrency abroad

The purchases from overseas exchanges come as Indian authorities and major exchanges such as Unocoin, Zebpay and Coinsecure seek to tighten regulation and oversight of cryptocurrencies. Indian citizens buy “overseas” bitcoin through friends and relatives, writes The Times of India.

As one of the local crypto enthusiasts notes, there are many people in the country who make money on the Internet through gaming or use cryptocurrency as a means of payment for gadgets. To do this, you need to have a relative or friend abroad to pay for purchases and send digital currencies.

Privacy is one of the main advantages of buying cryptocurrency abroad. “Indians do not want information about their payments to become known to the government and even their family members,” comments Dinesh, CEO of Bitcoin hardware wallet Bitlox.

Dinesh believes that in order to increase the number of cryptocurrency purchases on local exchanges, it is necessary to increase the level of their security. This is to be helped by AADHAAR, a 12-digit unique identification number issued to all citizens of the country.

Damodharan Sampathkumar of Renovite Technologies emphasized that only single-factor authentication is required abroad, which increases the risk of hacking or information leakage in case of payment using a credit or debit card. 

“The Reserve Bank of India (RBI) announced the introduction of two-factor authentication for all online transactions, which means that the use of Bitcoin makes transactions even safer,” says the expert.

Recall that the Indian government recently stepped up efforts to strengthen the country’s legislation regarding cryptocurrencies and promised that they will come into force soon.  Moreover, in early February, 100,000 Indian investors came under the radar of the Indian tax service.

According to https://news.bitcoin.com