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Learn More about buying XRP in India

How to buy Ripple in India

Is XRP a good investment in India?

One thing you should check to find out if XRP is a good investment is checking its value over the years. In August of 2013, the first year after its release, each XRP was sold at 0.01 USD. Later in December 2017, it reached its highest price of 2.28 USD per unit. It shows the price of XRP rose more than 70,000 percent in only five years. Therefore, it was a great investment for people who bought even the minimum amount of this cryptocurrency. However, XRP had many ups and downs until it reached 0.42 USD in October 2022. Some investors believe that XRP may reach 100 USD per unit in the next 10 years, which is not impossible! The more the banks and financial institutions accept XRP in their transactions, the higher its price will get. 

*Remember, the world of cryptocurrencies is so volatile, the price of a coin changes each day. Nothing is 100% guaranteed in this world. However, most of the analysts recommend thinking  about a long-term investment while buying XRP. But you should still know that you are stepping into a risky world. As the price history shows, XRP had many ups and downs that shows the volatility of the cryptocurrency world. One day you may win and one incident in the world may affect the price of crypto and make you lose your investment. It is better to define an exit point for yourself. If the price of XRP went lower than that amount, sell your tokens.

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What is Ripple ?

XRP – also known as Ripple- is a cryptocurrency built on a global payments network called Ripple. In fact, Ripple is the company that was created as a replacement for SWIFT (a leading money transfer network). It is designed to provide a secure and decentralized communication and payment network for financial institutions around the world. As a company, Ripple is a trusted agent that can facilitate transactions between two parties. It is located in San Francisco, USA, and makes decentralized financial products for banks and financial institutions.

Learn more on Ripple official website.

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Is Ripple legal to buy in India?

Yes, it is allowed to trade, buy and sell cryptocurrency in India. In March 2020 the Supreme
Court of India issued a case on the regulation and acknowledgment of the use of digital
currency inside the country. As stated in the above-mentioned document “Technological
innovations, including those underlying virtual currencies, have the potential to improve the
efficiency and inclusiveness of the financial system.” Since then, the Indian government has
been considering the creation of a new legal framework for cryptocurrencies.

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Is Ripple taxed in India

Yes, cryptocurrencies are taxed in India. Before 2022, the Indian government did not have a
clear stance on the classification and taxation of cryptocurrencies such as Bitcoin. However,
recently the Indian authorities recognized cryptocurrencies as Virtual Digital Assets (VDAs) and
established a tax framework for them. This is the first time that cryptocurrencies have been
acknowledged and taxed in India, as the Income Tax Department (ITD) introduced a new
section, Section 2(47A), into the Income Tax Act to define the term Virtual Digital Assets (VDAs)
and the regulations around its taxation. The definition is comprehensive and encompasses
various types of crypto assets, including cryptocurrencies, non-fungible tokens (NFTs), tokens,
and others.
According to the above-mentioned Tax Act, if you engage in cryptocurrency trading, selling, or
spending, you will be subject to a 30% tax on any profits you make. Additionally, if you sell
crypto assets that are worth more than INR 50,000 in a single financial year, you will also be
subject to a 1% Tax Deducted at Source (TDS). Furthermore, if you are seen as earning income
from other sources in cryptocurrencies, you may also be required to pay income tax at your
individual tax rate. In conclusion, you may be required to pay a 30% tax on the following
cryptocurrency transactions: Selling cryptocurrencies for Indian Rupees or another fiat currency,
Trading cryptocurrencies for other cryptocurrencies (including stable coins), Using
cryptocurrencies to purchase goods and services.
It is important to note that the tax treatment of cryptocurrencies in India may change in the
future as the government continues to consider new regulations. We would recommend
consulting a local tax expert or financial advisor for the most up-to-date information on the tax
treatment of cryptocurrencies in India.

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After you've bought Ripple in India

You may wonder what happens after buying XRP and how you can use it. XRP is used like any other digital currency. It means, you can use it as an investment or to buy something. You can also exchange XRP with other currencies, the process should be done on the Ripple network. Moreover, Western Union, Travala, and Red Cross are among the most popular businesses that accept XRP. You can also use Ripple (XRP) for products you want to purchase from Microsoft, Amazon and many other major businesses. Therefore, sometimes there is no difference between your money and XRP.
As mentioned, one thing you can do after buying cryptocurrency is holding it as an investment until its price rises and selling it to profit. But you should know, that’s not the only benefit you can get from buying XRP. You can use this coin to trade with other currencies, such as USD or EUR, or spend it like money to buy an online product. You should also know that like other cryptocurrencies, XRP or Ripple can be stored in a wallet. XRP ledger is one of the safest wallets for you to store this coin.

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Who can buy Ripple in India?

In India, anyone who is 18 years of age or older and has a valid government-issued ID, such as
a PAN card or Aadhaar card, can buy cryptocurrency. The ideal method of acquiring digital
assets in India would be through using a cryptocurrency exchange. Additionally, it's important to
only use trusted and regulated exchanges for buying and selling cryptocurrencies. Our
exchange offers you the opportunity to buy, sell, and trade cryptocurrency with high security
while operating legally within India. Plus, a variety of convenient payment methods are offered,
including Apple Pay, Google Pay, credit and debit cards, bank transfers, and PayPal, without
any transaction fees.

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Buy Ripple at your ease

Payment methods to buy Ripple in India

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Debit Card

Bank Transfer

Credit Card

Debit Card

Bank Transfer

PayPal

Google Pay

Apple Pay

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FAQ

Frequently asked questions

Some experts predict that the price of this coin will get higher when more banks and financial institutes accept and start working with XRP and Ripple networks. If you are thinking about investing in a cryptocurrency, XRP can be a good choice. However, before buying XRP you should do more analysis and read more reviews to make sure it is worth buying. 

In India, cryptocurrency is subject to taxes, and it’s important to report it correctly to avoid
penalties and fines. You are advised to keep detailed records of all your cryptocurrency
transactions, including the date of the transaction, the type of cryptocurrency, the amount, and
the value in INR at the time of the transaction. Also, keep proof of payment of taxes, such as the
receipt of tax payment, as you may need to provide it as evidence in case of an audit. It’s
important to consult a tax expert or a financial advisor if you’re unsure about how to report
cryptocurrency taxes in India, as the rules and regulations can be complex. Filing taxes correctly
can help you avoid penalties, fines, and legal issues in the future.

In India, according to the Income Tax Act, there are some situations where you will not have to
pay taxes on your cryptocurrency. These include:
● Transferring crypto between your own wallets: When you transfer crypto from one of
your wallets to another, you won’t have to pay taxes on it.
● Receiving gifts of crypto: If you receive a gift of cryptocurrency worth up to RS 50,000 or
more from close family members, you won’t have to pay taxes on it.
It’s important to note that these exemptions are subject to change and it’s always best to consult
a tax expert to determine your specific tax liabilities.

No. You should buy at least 20 ripples to activate the XRP wallet.

The adoption of cryptocurrency in India is growing, but the exact number of individuals owning
crypto assets is not publicly available. Moreover, it is challenging to determine the exact number
of crypto owners as many people hold crypto assets anonymously. However, according to triple
A data in 2022 collected by crypto professionals, it’s estimated that about 11.5% of the Indian
population, which would be around 157 million people, may hold some sort of crypto assets.

Chris Larsen and Jed McCaleb are the founders of Ripple network and its token “XRP”.

Trusted crypto platform in India!