India's Three Largest Exchanges Clears The Doubt On Crypto Ban

by Ricky Makan Co-Founder at Unkrypted

Last week many reports stated that the Government of India has banned the complete cryptocurrency marketplace & the cryptocurrency dealings. During the interaction with media India’s three major cryptocurrency exchanges stated that the cryptocurrency ban is nothing more than FUD.

In an exclusive conference, executives at Unocoin, Zebpay and Coinsecure the most broadly used cryptocurrency trading platforms in the nation with millions of account holders, unanimously declared that the document released by the Indian Ministry of Finance was misunderstood. The Ministry of Finance restated that it proposed to ban the utilization of cryptocurrencies in monetary crimes and illegal actions. It is significant to admit that the utilization of cash or any currency in monetary offenses is also illegal

The conventional news media interpreted the announcement as a prohibition on cryptocurrencies and released reports claiming that the government of India has banned the marketplace.

Unocoin Remarks

During the interaction with the Media Founder of Unocoin Sunny Ray stated:

“We are glad that the Finance Minister has acknowledged the significance and popularity of cryptocurrency that he has chosen to discuss it on budget day. As far as the exact content of what he stated, we are basically neutral about it. However, we are disappointed to witness his words being misread and misreported.”

Jaitley stated that Bitcoin is not an official tender. However, Bitcoin is not an authorized tender anywhere in the world. Legal tender means that it is illegal not to accept a certain asset. It is certainly not against the law to not accept Bitcoin in Japan, US, South Korea, and anywhere else internationally.

Ray added:

“During question hour in Rajya Sabha on 2nd January 2018, the Finance Minister had made the exact similar point, where he clarified that, ‘Bitcoin or other cryptocurrencies are not legal tender.’ This has been the stand taken by almost all governments around the world, and we consider this announcement quite neutrally. It is our perspective that only fiat currencies are legal tender.”

ZebPay Remarks

India’s major cryptocurrency exchange ZebPay Co-founder Sandeep Goenka shared his opinion with millions of clients on its mobile app alone and shared a similar sentiment as Unocoin’s Founder Sunny Ray

Goenka stated that the India Blockchain Committee remains positive in regards to the announcement released by India’s Finance Minister and the media repulsively misread his words.

Goenka further clarified that local exchanges welcome the Indian government’s objective to eradicate the utilization of cryptocurrencies in illegal activities. In 2017, cryptocurrency exchanges in India supported local enforcement in scrutinizing a bank theft that was the reason behind the loss of millions of dollars. As Indian exchanges have done in the past, they constantly support the government in its crackdown on illegal actions surrounding cryptocurrencies.

Goenka stated:

“Every Indian citizen and business should play their role to abolish financing of illegitimate activities, regardless of whether such financing is done using legal tender, cryptocurrency, gold or any other medium. We welcome the move by the government and wish to wholeheartedly support the government. We encourage the government to function with our members, as we are committed to identify, report, and eradicate suspicious transactions in pretty much the same way as other institutions do.”

Coinsecure Remarks

CEO of Coinsecure, Mohit Kalra also re-established the confidence of the investors within the local cryptocurrency marketplace that the government is not banning cryptocurrencies and the exchanges will function as usual. Kalra recommended that the clients should not get affected by the FUD and the reports issued over the past week.

He said:

“ACCORDING TO INDIAN FINANCE MINISTER, THEY WILL STOP ILLEGAL ACTIVITIES THROUGH BITCOIN AND OTHER CRYPTOCURRENCIES. FOR US, IT IS BUSINESS AS USUAL. WOULD ADVISE THE CLIENTS NOT TO PANIC AND SELL BITCOIN AT LOWER RATES,”