Interview With India's Three Largest Crypto-Exchanges: Ban Rumors Are False
Content adapted from this Zerohedge.com article : Source
by Tyler Durden
Submitted by Cointelegraph, authored by Joseph Young
Earlier this week, many reports falsely suggested that the Indian government has banned cryptocurrency trading and the entire cryptocurrency market. Cointelegraph spoke to India's three largest cryptocurrency exchanges, which unanimously stated that the cryptocurrency ban rumors are nothing more than so-called "FUD".
In an exclusive interview, executives at Coinsecure, Unocoin and Zebpay, the most widely utilized cryptocurrency trading platforms in the country with millions of users, unanimously stated that the document released by the Ministry of Finance was misinterpreted.
The India Ministry of Finance reaffirmed that it intends to ban the usage of cryptocurrencies in financial crimes and illicit activities, but not ban cryptocurrencies in general. It is important to acknowledge that the use of cash or any currency in financial crimes is banned.The mainstream media, especially outlets in India, interpreted the statement as a ban on cryptocurrencies and released premature reports claiming the government has banned the market. This week, on national television, India's Finance Minister strongly refuted cryptocurrency ban rumors.
Finance Minister clarifying government's views on Bitcoin.
Watch & Share#bitcoin #budget2018 #zebpay
(Source: ) pic.twitter.com/En1v7s5SQs
— zebpay (@zebpay) February 2, 2018
Unocoin comments
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."
ZebPay comments
Sandeep Goenka, the co-founder of ZebPay, another major cryptocurrency exchange in India with millions of users on its mobile app alone, shared a similar sentiment as Unocoin's Sunny Ray. Goenka stated that the India Blockchain Committee remains optimistic in regards to the statement released by India's Finance Minister and that the media grossly misinterpreted his words.
Goenka further explained that local exchanges welcome the Indian government's intention to eliminate the use of cryptocurrencies in criminal activities. Last year, Indian cryptocurrency exchanges assisted local enforcement in investigating into a bank theft that led to the loss of millions of dollars. As local exchanges have done in the past, they intend to continuously support the government in its crackdown on illicit activities surrounding cryptocurrencies. Goenka told Cointelegraph:
"Every citizen and business in this country should play their role in eliminating financing of illegitimate activities, regardless of whether such financing is done using legal tender, cryptocurrency, gold or any other medium. We welcome this move by the government and want to wholeheartedly support the government in this move. We encourage the government to work with our members, as we are committed to detect, report, and eliminate suspicious transactions in pretty much the same way as other institutions do."
Coinsecure comments
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."
So after i exposed this guy
@durgaani of running 4 accounts i.e @durgaani
@kiranmaidurga
@steemithero and newly created fake @harithavani , He edited his comment , created new comment , changed the upvotes . This shows all 4 accounts was controlled by one person .
I got flagged too but that does not matter .
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What is the wrong here ..you acting too smart..with out knowing any thing you play with emotions of people .
I can't believe I fell for the false news. I was busy criticising India for making such a controversial decision. Thanks to the updates from @zer0hedge, I would still be criticing India for the decision It never made.
Intending to ban the usage of cryptocurrencies in financial crimes and illicit activities is something we would all encourage. These illegal activities are killing the name of cryptocurrency exchange and banning them should be every country's priority.
It's great news to here Indian cryptocurrency exchanges assisted local enforcement in investigating into a bank theft that led to the loss of millions of dollars, this shows there is a good bond between the government and cryptocurrency market in India. Something which will greatly influence good working conditions for India Blockchain Committee.
Misinterpreting the communication was unprofessional of India's media outlets which had caused some panic in the public. They need to be regulated by a commission appointed by the government.
Governments will in the end ban cryptos as it will destroy banking system . Cryptos are a new revolution , Let them Ban crypto . All people who are here to make profits of crypto are crying over ban news .
Cryptos are fight against banking system not a profit making machine .
Whilst the news might be false the part I smiled at was "The India Ministry of Finance reaffirmed that it intends to ban the usage of cryptocurrencies in financial crimes and illicit activities," surely that is the aim of every government ?
Also the statement 'Bitcoins or such cryptocurrencies are not legal tender.' This has been the position taken by almost all governments around the world," maybe the governments are trying to declare cryptos as not legal tender is because as it stands at the moment they do not have control over them so they don't want to recognise them
Of course it is false, we had 2 months of FUD of which everything in the end was just lies. First they create FUD , few days after FUD we see 'no plans to ban crypto' to 'no plan for bitcoin crackdown' to 'we will not ban the use of credit cards to purchase crypto', Crypto is a return to the oldest form of trading - barter. People saying that there shouldn't be so many coins. I say the opposite is true. I see the blockchain as a future certainty, I think one day all trade will be carried out using crypto, and each company will have it's very own crypto currency. If you want to buy a Rolls Royce you'll swap whatever coins you've got to buy the Rolls Royce coin and purchase one of their cars. It will, of course alter the way businesses run, rather than being ran for shareholders it'll be ran for their coin's holders and profits will feed back into the currency itself. Companies like Apple who hold onto all their wealth and share almost none of it must change their ways else they'll go the way of the dodo.
With out knowing anything dont spam my comments..we have a grouo of members doing work..we each comment on posts..you will be effected with flagging if you do like this..we have a watsapp group and every one have a right to comment and up vote content
Please delete that replys.i will remove flaging
Do you want me to delete the reply before @zer0hedge notice it ?
If noticed or no problem.we are group of people bro.work each other so up vote each other.
Plz remove this type of comments..this will lose my reputation bro
Delete comments from other accounts then i may delete all reply . Comment from one account is acceptable and valid .
Hmm ok bro i will post in watsapp ..dont happend this again..
The more that governments around the world talk of banning, the more the industry is going to come up with ways around it.
Do they not understand? Cryptocurrencies are build upon decentralized platforms. The people involved in them are experts are created stuff that is...decentralized. Hence, what do you think their answer will be? You got it, decentralize everything.
The banksters are really turning up the heat. I am sure they are loving this massive pullback on Crypto pricing. This makes them feel like this is going away.
Just wait, prices rebound and all of a sudden a lot more people will get interested in it. And then we will see the banksters on the run.
That rumours were only another desperate try to kill the crypto growing exponencial, and amoung other news they succed to start a hard correction on the price of BTC that brouhgt all of the other Altcoins down at a bigger rate.
With that said, this "shot might backfire" because after this news being proved fake and only negative speculation it might bring a new "boom" to the crypto markets.
Despite what signals are said that bitcoin will fly high
That bitcoin is starting to generate steady support above the $ 8,000 range, after the digital currency lost nearly 60% of its value from the highest level of $ 20,000, which was registered on December 17 last year on the trading platform "Bitfinex".
On the chart, the current price action shows a 32.2% retracement of the strong uptrend that continued for several years, while the RSI indicator for weekly, three-day, and daily charts is below the $ 20,000 threshold. If the resistance is able to withstand the current range, the main trend line, starting from the $ 3,000 tested in September 2017, will be validated and added to the convergence of signals, which indicates that the reverse trend may be imminent .
Obviously it is false, we had 2 months of FUD of which everything at last was simply lies. To begin with they make FUD , few days after vrypto is an arrival to the most seasoned type of exchanging - bargain. Individuals saying that there shouldn't be such a large number of coins. I say the inverse is valid. I see the blockchain as a future sureness, I figure one day all exchange will be done utilizing crypto, and each organization will have it's own one of a kind digital money. In the event that you need to purchase a Rolls Royce you'll swap whatever coins you must purchase the Rolls Royce coin and buy one of their autos. It will, obviously adjust the way organizations run, instead of being kept running for investors it'll be kept running for their coin's holders and benefits will input into the cash itself.
I think many are also opportunistically trading this ranging bearish market and selling the short tops to buy back lower. I've done so myself, but can't be bothered any more. I'm happy with my positions so now I'm waiting it out.
Lots of people are stacking, regardless of the fud. The recovery might be hard to break through, as there will be multiple pullbacks with profit-taking, impeding a proper rally. But it will come. Having been in this market for many years, this shit doesn't scare me in the least.
@zer0hedge..bro I'm optimistic. Butthurts aside, lets talk about the ones in the market. I think many are also opportunistically trading this ranging bearish market and selling the short tops to buy back lower. I've done so myself, but can't be bothered any more. I'm happy with my positions so now I'm waiting it out.
Lots of people are stacking, regardless of the fud. The recovery might be hard to break through, as there will be multiple pullbacks with profit-taking, impeding a proper rally. But it will come. Having been in this market for many years, this shit doesn't scare me in the least.Haha if you truly believe governments are to ban crypto then you should buy, because in 20 years when you have 10% the purchasing power you did today, cryptos will be worth all the money in the world to those looking to preserve and even move what little they may have left...thank you for sharing info with us..