Indians Look to Buy Bitcoin Overseas Because of the Regulations

The Indian government has recently increased it’s efforts to strenghten the country’s regulations on cryptocurrencies. At the beginning of February, Indian tax authorities asked approximately 100,000 cryto traders to pay taxes. According to the Times of India, with Indian exchanges like Unocoin, Zebpay, Coinsecure, keen on increasing regulation and scrutiny into transactions, bitcoin aficionados say buying from US exchanges is a more popular alternative for purchases.

A bitcoin trader named L R Dinesh told the publication, “For the online tech community, there are some who receive bitcoins as payment for gadget and video game reviews. But for regular purchases, one has to get a relative or friend with an overseas account to send over bitcoins.”

Also Damodharan Sampathkumar from Renovite Technologies said: “In India, RBI has mandated two-factor authentication for all online transactions. But outside of India, only single-factor authentication is required. So when it comes to using one’s credit or debit card to buy products on overseas sites one also runs the risk of compromising sensitive financial data and hacks. So using bitcoins would add one layer of security.” about the increase of bitcoin usage in India.

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