Bitcoin-exchange of India: there is no prohibition of crypto currency

Heads of the three leading bitcoin exchanges of India Unocoin, ZebPay and Coinsecure unanimously declared that rumors spread earlier this week and messages about the ban of crypto-currency in this country have no basis. This writes CoinTelegraph.

Speaking this week in parliament during the presentation of the state budget, Finance Minister Arun Jeytli of India said that the government does not recognize bitcoin and other crypto-currencies as legal tender and will take all necessary measures to prevent financing of illegal activities through crypto-exchange payment systems.

However, as representatives of the exchanges say, the ban on crypto-currency is generally not the case, and the media clearly hurried in their opinions - misinterpreting the minister's statement, they created another market "scarecrow" that is very far from reality. The minister himself later made a speech on national television and also denied rumors about the ban.

According to the heads of exchanges, bitcoin is practically not recognized throughout the world as an official means of payment, therefore it is not clear how this elephant could be inflated from this fly. They also called the fight against crimes in the sphere of finance an absolutely adequate step, and it does not matter whether it concerns fiat money, bitcoin, gold or any other asset.

"This is the position that almost all governments in the world adhere to, and we consider Jaytley's statement to be completely neutral. Equating the words of the minister to the ban would be at least stupid, for the most irresponsible, "said Unicio founder Sunny Ray.

ZebPay co-founder Sandip Goenka also agrees with the opinion that the media misinterpreted the minister's words, and insists that the bitcoin exchange of India has always supported the authorities' struggle against crime and illegal financial transactions. He also recalled that last year local exchanges assisted law enforcement agencies in investigating large-scale bank theft, and assured that ZebPay, like other financial institutions, would help authorities track suspicious transactions.

CEO Coinsecure Mohit Calra meanwhile assured users that the platform continues to work in normal mode, recommending not to succumb to the calls to sow panic and doubt the press reports.

"As Mr. Jaitli said, the authorities will fight illegal activities using bitcoin and other crypto-currencies. It does not affect our business. I want to advise users not to panic and not to sell assets at low prices, "he said.