Indians Look to Buy Bitcoin Overseas as Regulations Tighten

A new trend is emerging for Indians to acquire cryptocurrencies from abroad.   The Indian government has recently intensified its efforts to strengthen the country’s regulations on cryptocurrencies.

 The Times of India elaborated: 

 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. 

 enthusiasts are now tapping into their own NRI [non-resident Indian] network of friends and family members, 

 L R Dinesh is a bitcoiner who buys expensive items using bitcoin on overseas online sites. He 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.” 

 Dana L Coe, the CEO of bitcoin hardware wallet Bitlox :

 If you are purchasing a particular medicine and someone collects the data and sells it to a pharmaceutical company — these companies can use sets of such demographic information to increase prices. People would want to shield their payments from the government, corporates or even their own families. With big data and consumer tracking websites, the need for privacy is heightened. 

Damodharan Sampathkumar of Renovite Technologies was quoted: 

 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. 

 As regulations tighten in India What do you think of Indians buying bitcoin overseas? Let us know in the comments section below. 

 READ COMPLETE NEWS:  https://news.bitcoin.com/indians-buy-bitcoin-overseas-regulations-tighten/

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