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Crypto to Fiat Payments: How do they Work in India?

On Apr. 06, 2018, the Reserve Bank of India (RBI) had issued a circular banning cryptocurrency trading in India. But in March 2020, Supreme Court ruled out this ban. After that judgment, India has seen a sharp rise in crypto users. 

As of now, cryptocurrency is not a legal tender in India. The regulatory framework is not very clear because of its status.

The question here is that: if one is not able to use cryptocurrency in India, then is it possible to convert it into cash that can then be used?

Conversion of Cryptocurrency to Fiat Currency in India

The answer to the above question is yes: one can convert the cryptocurrency to INR. Various online exchanges are there that can do this conversion. These exchanges convert the value of the cryptocurrency to tether token (USDT) equivalent. USDT is a stable coin that’s pegged to United States Dollar (USD). It means that the value of 1 USDT is the same as 1 USD.

CoinDCX

CoinDCX claims to be India’s largest cryptocurrency exchange. One can do instant deposits and withdrawals. It is a single-point access to multiple products. They let you sell the crypto coins and convert them into fiat currency i.e. INR. 

Binance

Binance is also a cryptocurrency exchange that has been working in India. People can buy or sell cryptocurrencies in INR. If you sell crypto here, you can receive the corresponding INR via various methods viz. Bank transfer, IMPS, UPI, Paytm, etc.

WazirX

WazirX helps you convert your crypto to fiat instantly where it acts as an escrow for transaction safekeeping. One can open the WazirzX wallet and start trading.

Paxful

With Paxful, buy and sell cryptocurrencies in an easy way. Get paid via Bank transfer, online wallets and even cash payment if some buyer has specified that with their request.

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