What if the apex court imposes Bitcoin ban in India? Unless there’s clarity on cryptocurrency law, the threat is always looming for crypto investors of India. Having said that, one may think of the ways of securing their crypto investments. If you’re invested in cryptocurrencies or planning to start your crypto investment portfolio, this post is for you.
This post will explain the two ways to secure your crypto investments if there’s a cryptocurrency or Bitcoin ban in India. Once you understand the steps, securing cryptocurrencies is just a cakewalk.
Bitcoin Ban in India. Action Steps –
- Liquidate to INR
- Cryptocurrency Transfer
1. Liquidate to INR:
Liquidating your cryptocurrency holdings is a straightforward way to secure your money. All you need to do is to sell your crypto holdings and transfer the money back to your bank account. Back in 2018, this has been done by Indian crypto investors when the Reserve Bank of India imposed a nationwide crypto ban. A battle between bank vs bitcoin in India that lasted for 2 years till March 2020.
This method helps. However, it will eliminate the chances of generating future gains that can be obtained if one stayed invested in the cryptocurrency coins.
2. Cryptocurrency Transfer:
If there’s a Bitcoin ban in India. The second best option to secure crypto investments for the long run is to opt for cryptocurrency transfer. It’s a simple process and can be done in two ways –
- Hardware Wallet Transfer
- Foreign Crypto Exchange Transfer
a) Hardware Wallet Transfer:
Transferring cryptos to a hardware wallet like Ledger Nano S is one of the best ways to keep hold of your crypto holdings. Not only it gives you faster access but it also helps you save your coins from being hacked.
For clarity on this step, I have creating a video and a post on how to transfer your cryptocurrency coins from Exchange to Ledger Nano S within minutes.
b) Foreign Crypto Exchange Transfer:
Another way to transfer your coins is to create an account on international foreign exchanges like Binance, Coinbase, Poloniex, etc. Transfer all your funds on the exchange and keep it safe.
Once you have transferred your crypto coins either to a hardware wallet or foreign exchange, you may have a question about withdrawing the money back to your bank account. The best option in this scenario is to create an international bank account or use the international bank account of a trusted and reliable friend to get your crypto investments liquidated.
Watch the video presentation explaining all the steps in a flowchart –
A Special Case –
What if the coins in your portfolio don’t have a send or a receive address? Cryptocurrency exchange like WazirX does not provide the send and receive address for most of the AltCoins. Therefore, the best way is to convert your AltCoins back to BTC or Bitcoin and initiate the transfer. Later on, you can convert them back to AltCoins as per your investment portfolio.
So these are the action steps a cryptocurrency investor has to take if there’s a Bitcoin ban in India. Check out my next post on How to buy Bitcoin in India. Stay ahead and updated by subscribing to the newsletter and remember to visit our section on cryptocurrency.
Paras is a blockchain writer & video creator at Katoch Tubes. In his free time, he loves watching space exploration documentaries & Hollywood movies.