Legality of Dogecoin in India

Dogecoin is known to have started as a meme Cryptocurrency. However, it is the vigor and drive of social media and memes that, Doge price in India today is INR 8.72

Dogecoin has now become a much talked about and articulated topic of broad and current interest worldwide. Several capitalists, bankers, investors are beefing up the fact that cryptocurrencies will change the way of future payments. Isn't it surprising that Dogecoin has given 1000 percent returns this month and is gaining support from billionaires, celebrities, and athletes like Elon Musk, founder of Tesla, and Dallas Mavericks owner Mark Cuban? They all have one thing in common to say, which is that Cryptocurrency is here to stay. Snoop Dogg also talked about it. Nevertheless, the past one and a half years have been a comeback of altcoins.

What is Dogecoin?

IBM software engineer Billy Markus from Portland, Oregon, and Adobe software engineer Jackson Palmer created Dogecoin in 2013 as a meme-based cryptocurrency. Their goal was to develop a broader and larger digital market than Bitcoin through this peer-to-peer digital currency. Initially, Dogecoin was considered more of a meme than a serious currency, drawing inspiration from the popular "Doge" meme featuring a Shiba Inu dog, which also became its logo and namesake.

Unlike most cryptocurrencies, Dogecoin has no upper cap on the number of tokens that can be minted, preventing its price from being indefinitely driven up due to scarcity. Despite its humorous origins, Dogecoin quickly grew into a strong community, widely used for tipping on platforms like Reddit and Twitter to reward quality content. At its peak, millions of Dogecoins were donated for relief funds and other charitable causes.

Is Dogecoin legal in India?

The biggest question now is, is trading Dogecoin legal in India? Until 2018, it was illegal to trade (buying and selling) cryptocurrencies in India when the Hon'ble Supreme Court decided to legalize it. Since then, the cryptocurrency market and industry have mushroomed, and millions of Indians have invested in this prospering industry. So long story short, yes, buying Dogecoin is legal in India.

It is being said that the Government may consider a blanket ban on Cryptocurrency. However, it is said that Indians should be aware of the crypto market as no laws govern the same. Nonetheless, the fact that there hasn't been a bill introduced regarding the same gives us hope that the Government is examining and researching it.

Indian Crypto Bill & the Concerns Regarding Cryptocurrency

Lack of proper infrastructure, anonymity, and inconsistent tie-ups with banking partners have agitated prospective investors in India. The authorities have questioned and voiced their concerns over the same regarding the Indian Cryptocurrency Bill. Although the government has expressed a positive response towards blockchain technology, the future of cryptocurrency still remains in question.

Read more: A LAWYER APPROACHED BOMBAY HC THROUGH PIL SEEKING CRYPTOCURRENCY MARKET REGULATIONS

How to buy Dogecoin in India?

The number of people investing in Dogecoin has been increasing in India. However, buying Dogecoin in India can be a tedious process. To save us from all the nitty-gritty in buying crypto, there are crypto exchanges that are in the form of apps/websites. Crypto exchanges are apps/websites like WazirX, Binance, or Robinhood that allow amateur investors to trade and invest in crypto in a reasonably easy manner.

There are many exchanges in India through which people can buy cryptocurrencies like WazirX and Kuber.

Follow the steps given below to invest in Dogecoin:

• Install a reputed Indian crypto exchange such as Coinswitch/WazirX/CoinDCX
• Set an account by registering yourself and verifying through KYC.
• Add your bank details/UPI details to the app and add money to the wallet once the bank/UPI details have been registered.
• You can now buy Dogecoin in India or any other cryptocurrencies which are available for purchase.

Is Dogecoin the future?

Of course, 100x of your investment is tempting, but if a coin can shoot up the sky after an influencer's tweet, it won't take long to hit the dip. The coin's fundamental was fun, based on a meme, and history has discerned the volatility of such coins.

Conclusion

As Cryptocurrency is becoming a more favored and sought-after investment option globally, more and more people have been investing in it. Nonetheless, a complicated process but deep research is being done to establish a nationwide trading platform for bitcoin and altcoins. It is always advised that before entering into investing, thorough market research should be done. No doubt, the existing cryptocurrency exchanges like WazirX have made it easier to study the market. People can buy crypto easily and securely; caution while investing is necessary. As Elon Musk recently advised that people should not put their life savings on Cryptocurrency.

The future of Dogecoin in India may or may not be as bright, so invest only what you can afford to lose; the fad may die out soon!

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About The Author:

Adv. Yash Chadha is leading International lawyer with offices spread across India, UAE, United Kingdom and USA. His offices are a full service law firm, undertaking the full spectrum of legal work – for private clients, we are renowned for medical laws, domestic and international crimes, civil litigation, trusts, contracts and wills and probate, and for business clients we have teams dealing with the full range of sports laws, corporate and commercial law, dispute resolution, arbitration, real estate and commercial property laws. He is dedicated to providing the finest customer contact solutions to each of his clients.