Earlier this week, many reports mistakenly suggested that the Indian government has banned crypto trading and the entire crypto exchange market. Cointelegraph spoke to India's three largest cryptocurrency exchanges, which unanimously stated that cryptocurrency ban rumors are no more than so-called "FUD".
In an exclusive interview, unanimously stated that Coinsecure, Unocoin and Zebpay executives, the most widely used crypto exchange trading platforms in the country with millions of users unanimously stated that the document released by the Ministry of Finance was mistakenly interpreted.
The Indian Ministry of Finance confirmed that it intends to ban the use of crypto curves in economic crimes and illegal activities, but do not prohibit cryptographic curves in general. It is important to acknowledge that the use of cash or any currency in financial crimes is prohibited. The general media, especially outlets in India, interpret the declaration as a ban on crypto courses and release for early reports claiming that the government has banned the market. This week, on national television, India's finance minister rejected strongly cryptocurrency ban rumors.
Interview With India's Three Largest Crypto-Exchanges: Ban Rumors Are False
Sunny Ray, the founder and president of Unocoin, told Cointelegraph:
“We are happy that the Finance Minister has recognized the importance and popularity of cryptocurrency, and has chosen to talk about it on budget day. As far as the exact content of what he said, we are largely neutral about it. However, we are pained to see his words being misinterpreted and misreported, by a section of the media.”
Ray emphasized that the statement of India’s Finance Minister Arun Jaitley was misinterpreted by the media which reported it as a ban on cryptocurrencies when Jaitley simply noted that the use of cryptocurrencies in illegal activities will be prohibited and restricted. Also, Jaitley stated that Bitcoin is not a legal tender. But Bitcoin is not a legal tender in anywhere in the world. Legal tender implies that it is illegal not to accept a certain asset. It is certainly not illegal to not accept Bitcoin in Japan, the US, South Korea, and everywhere else globally.
Ray added:
“During question hour in Rajya Sabha on Jan. 2, 2018, the Finance Minister had made the exact same point, where he stated that, ‘Bitcoins or such cryptocurrencies are not legal tender.’ This has been the position taken by almost all governments around the world, and we regard this statement quite neutrally. It is our understanding that only currency notes and coins are legal tender. To extrapolate that to mean that such assets are ‘illegal’ is silly at best, and grossly irresponsible at worst.”
Coinsecure CEO Mohit Kalra also reassured investors within the local cryptocurrency market that the government is not banning cryptocurrencies and it exchanges will operate as usual. Kaira advised customers not to be affected by the FUD and false reports issued over the past week.
“According to Mr. Jaitley, they will be stopping illicit activities happening using Bitcoin and other cryptocurrencies. For us, it’s business as usual. Would advise customers not to panic sell at lower rates,” Kaira told Cointelegraph.
Coinsecure COO Jincy Samuel emphasized that the cryptocurrency ban reports are nothing more than FUD, adding:
“This is in no way different from the various other statements given in the recent past. Nothing new has been determined. Just seems like a lot of unnecessary media FUD.”
Read more: zerohedge.com
All these announcements from governments are intended to drive the prices down. Once the correction ends, there will be dozens of announcements encouraging people to get back in the cryptos and the carousel will go on.
Governments are also interested in Cryptocurrencies. It is impossible to ban cryptos everywhere in the world. We are in an early phase of cryptocurrency boom. Riding a rollercoaster.
After paypal, skrill and such companies will announce that they are friendly with cryptos, and after litepay and similar projects will kickoff, we will see new price records again.
India and China will not want to loose enormous source of income. As long as cryptocompanies will pay taxes, the governments will be happy.
Yes these are just rumors are false. He say that "cryptocurrencies is not legal tender in india" ..... it was never legal tender in india ....even euro dollar etc are not legal tender...only indian ruppee is considered as legal tender in india ...but jaitley's statement spread FUD everywhere..
Agree
Thank you for letting us know @tradewonk this is great news. :)
FUD, fake news or is it comprehension? This caused crypto market to all go red, atleast he corrected that its not true. :)
Never trust in what these governments say. Ever has something behind...
Like Mark banning ads. Facebook is preparing something...
Hy @tradewonk . Really a Nice Artical :)
Its helpful news about crypto
Good Info... With all the negative news around we need a strong positive news that can drive the money back in this market which would mainly be in terms of governments outlining how they will be treating this asset class. There is a session of Feb 06 by SEC and CFTC specifically to discuss it.
This is good news even though India's influence is minimal on the cryptocurrency compared to that of Korea or China. Have a great night @tradewonk
@tradewonk It is funny to me how the media ran with this fomenting all the FUD! Just helps consolidate the market!
That's was really a good interview there.
Crpto all the way
I hope that is true. But to be honest I find it hard to believe something from an anonymous source. No transparency!
The Indian economy is poised to see tremendous growth due to blockchain and cryptocurrencies. The Indian government knows that. The general world population needs to understand that the United Nations has a goal to eliminate poverty worldwide, and that they particularly want to lift up the Asia/India region and the African nations.
This post has received gratitude of 8.06 % from @appreciator thanks to: @tradewonk.
Thanks for letting us know @tradewonk!
I was finding these Indian ban rumors a bit odd, it reminded me of the China bitcoin ban in the early days. Now we definitely know there is no ban.
Funny how FUD can take the market down, but clarification of said FUD doesn’t drive it back up. I have a feeling we will be in this dip at least a couple more weeks, which is ok for me because I don’t have any fiat to spend right now, and I want to buy some Steem! 😂 (I just started on steemit last week)
Gotta admit though that's some shady wording with the legality of crypto curves.
FUD always set the whole crypto market on fire. And among of all FUD why people are still panicking. They aren't learn lesson from the past or most are only thinking Lambo but no patience. They want it overnight...