How to Sell or Encash Your Cryptocurrency in India in 2019: A Comprehensive Guide
The world of cryptocurrency has seen immense growth over the years, with India being no exception. In 2019, when the Reserve Bank of India (RBI) imposed strict regulations on crypto exchanges, it indeed posed a challenge for many enthusiasts who owned cryptocurrencies. However, the situation has opened up alternative methods for those looking to sell or encash their crypto holdings.
Understanding the Regulatory Landscape in India
In 2018, the RBI banned individuals and banks from providing services to crypto exchanges, leading to a significant impact on the cryptocurrency ecosystem in India. Several exchanges were forced to shut down operations, and buyers and sellers became restricted in how they could trade.
The Current Legal and Operational Environment
Despite the RBI's stringent measures, it is still lawful to own and trade cryptocurrencies in India. However, the lack of formal regulatory oversight has left the sector vulnerable to legal grey areas. Individuals are therefore advised to proceed with a cautious approach when dealing with cryptocurrencies.
Peer-to-Peer (P2P) Trading Platforms: A Convenient Alternative
One of the most effective ways to sell or encash your cryptocurrencies in India is through peer-to-peer (P2P) trading platforms. These platforms allow individuals to directly trade with each other, circumventing traditional financial intermediaries and making it easier to find buyers and sellers.
Why P2P trading?
P2P trading avoids the complications and risks associated with traditional exchanges and their operations. Buyers and sellers can negotiate directly, resulting in competitive pricing. High liquidity in P2P markets ensures that you can buy or sell your crypto assets quickly and at a fair price. No need for bank transfers, reducing the need for BIF (Know Your Customer) checks.Top P2P Trading Platforms in India
Among the various P2P trading platforms available, Cashout stands out as a top choice. It offers a secure and straightforward process for converting your cryptocurrencies into fiat currency, such as Indian Rupees (INR).
How Cashout Works:
Sign Up: Create an account on the platform. A simple sign-up process lets you get started quickly. Verification: Complete the verification process to ensure the security of your account. This step typically involves submitting identity and address proof. Place a Sell Order: Once verified, place a sell order for the amount of cryptocurrency you wish to sell. Find a Buyer: The platform will find a buyer willing to purchase your crypto at a mutually agreed price. Transaction Confirmation: Once the transaction is confirmed, the funds will be transferred directly into your verified bank account within a few hours.Additional Features:
Multi-Currency Support: Cashout supports selling cryptocurrencies in various fiat currencies, including INR, USD, EUR, etc. Fast and Secure: Transactions are processed quickly and are secured with robust encryption measures. Low Fees: The platform has lower transaction fees compared to traditional exchanges.Conclusion
While the regulatory landscape in India remains somewhat uncertain, peer-to-peer (P2P) trading platforms offer a viable and convenient solution for selling or encashing your cryptocurrencies. By leveraging P2P options, you can effectively bypass the RBI restrictions and ensure a smoother experience in convertible cryptocurrencies.
Stay informed, stay vigilant, and enjoy the benefits of the decentralised world of cryptocurrency.