Step-by-Step Tutorial: Buying Libra – Facebook’s Cryptocurrency in India
In today’s digital age, cryptocurrencies have gained immense popularity as a new form of digital currency. Facebook, the social media giant, recently announced its entry into the world of cryptocurrencies with the launch of Libra. If you are in India and interested in buying Libra, this step-by-step tutorial will guide you through the process.
What is Libra?
Libra is a new global cryptocurrency developed by Facebook. Unlike traditional cryptocurrencies like Bitcoin, Libra is designed to be a stablecoin, meaning its value is pegged to a basket of fiat currencies to reduce volatility.
Is Libra Legal in India?
As of now, there is no clear regulatory framework for cryptocurrencies in India. The Reserve Bank of India (RBI) has expressed concerns about the use of cryptocurrencies, including Libra. However, there are no specific laws banning the use of Libra in India.
Step 1: Choose a Cryptocurrency Exchange
The first step in buying Libra is to choose a cryptocurrency exchange that supports the trading of Libra in India. Some popular exchanges that may support Libra trading include CoinSwitch, WazirX, and ZebPay.
Step 2: Create an Account
Once you have chosen a cryptocurrency exchange, you will need to create an account on the exchange. This typically involves providing your email address, phone number, and identity verification documents as per KYC (Know Your Customer) norms.
Step 3: Deposit Funds
After creating an account, you will need to deposit funds into your exchange account to buy Libra. You can typically deposit funds using bank transfers, UPI, or other payment methods supported by the exchange.
Step 4: Buy Libra
Once you have deposited funds into your account, you can place an order to buy Libra. Make sure to check the current price of Libra on the exchange and enter the amount you wish to buy.
Step 5: Store Libra Securely
After buying Libra, it is essential to store your coins securely. Consider transferring your Libra to a hardware wallet for added security or use a secure wallet provided by the exchange.
Frequently Asked Questions (FAQs)
Q1: Can I buy Libra with Indian Rupees?
Yes, you can buy Libra with Indian Rupees on select cryptocurrency exchanges that support Libra trading in India.
Q2: Is it legal to buy and hold Libra in India?
While there is no specific ban on holding Libra in India, it is essential to stay informed about the regulatory environment regarding cryptocurrencies.
Q3: Can I sell my Libra for Indian Rupees?
Yes, you can sell your Libra for Indian Rupees on supported cryptocurrency exchanges in India.
Q4: Are there any transaction fees for buying and selling Libra?
Transaction fees may vary depending on the cryptocurrency exchange you use. It is advisable to check the fee structure before buying or selling Libra.
Q5: How can I track the value of Libra?
You can track the current value of Libra on cryptocurrency price tracking websites or through the exchange where you bought Libra.
Conclusion
Buying Libra in India involves following a few simple steps like choosing a cryptocurrency exchange, creating an account, depositing funds, buying Libra, and storing it securely. While there are regulatory uncertainties regarding cryptocurrencies in India, it is essential to stay updated with the latest developments to ensure compliance with the law. By following this step-by-step tutorial, you can start your journey into the world of Libra and cryptocurrencies with ease.