Non-resident Indian citizens (NRIs) are one of the biggest contributors to the Indian economy for foreign exchanges, and even though the cryptocurrency scene in India has been booming, these people were missing out on the Bitcoin party.
However, NRIs can now enjoy buying and trading Bitcoin in India using their NRO account.
One of India’s biggest Bitcoin exchanges, CoinSecure, made an announcement today about opening their services up for NRIs.
According to the announcement, the process of opening an account is the same for NRIs as with any other Indian, with the requirement of a few additional pieces of documentation.
The additional documents are:
Proof of Identity (Both Mandatory)
- Copy of relevant pages of passport
- Copy of valid visa/work permit
Proof of Address (Any One)
- Copy relevant pages of passport
- Electricity bill
- Telephone bill
- Original copy of latest bank statement of account overseas
- Copy of employee ID card
- Copy of labor card
- Copy of social security card
Other Documents (Any One)
- Cancelled/paid check of overseas bank account
- Copy of proof of income/pay stub/tax return
If you are an NRI, head over to the CoinSecure site, create an account, submit these documents, and start enjoying Bitcoin!
This is big news for all the Indians residing and working in other countries who want to buy Bitcoin.
This is particularly big new if you are in a country which is not Bitcoin-friendly, as now you can use your Indian NRO bank account to purchase Bitcoin.
And when you have your shiny, new Bitcoin, you can start to trade them and earn some really good money. Just don’t let greed overtake you, and don’t think that Bitcoin is some get rich quick scheme.
Tip: If your risk appetite is low, my advice for you is to start by investing a little amount that you don’t mind losing. If you understand the world of cryptocurrencies and how financial markets work, you can consider increasing your investment. This is definitely not one-size-fits-all investment advice and you should do your own research (#DYOR).
The most important thing is this: Transfer your Bitcoin to your own wallet after making the purchase! Here is a guide that will help you to pick a Bitcoin wallet for long-term storage:
Also, do read this guide: What Not To Do After Investing In Bitcoin & Other Cryptos
CoinSecure can be used on your desktop browser, and if you are an Android phone user, their app is also pretty solid.
I personally prefer using their Android app for purchasing and selling Bitcoin.
Here is a video tutorial that will help you understand how to use the CoinSecure mobile app:
If you are an NRI with an NRO account, do share your experience of using CoinSecure with us in the comments below. We would also love to know why you are buying Bitcoin. If you want to have a discussion around this topic, you can also start a thread on the basilpuglisi Bitcoin forum!
Here are a few hand-picked articles that you should read next:
- 9 Interesting Bitcoin Facts Every Bitcoin Owner Should Know
- Popular Websites To Buy Bitcoins Instantly Using Debit/Credit Card
- Best Websites To Sell Bitcoin In India [Exclusive List]
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