Earlier this week, many reports falsely suggested that the government Indian had banned the cryptocurrency trade and the entire cryptocurrency market. Cointelegraph spoke to India's three largest currency cryptocurrency exchanges, which unanimously said that rumors of cryptocurrency bans are nothing more than FUD.

In an exclusive interview, the executives of Coinsecure, Unocoin and Zebpay the country with millions of users, unanimously said that the document issued by the Ministry of Finance was wrong interpreter. The Ministry of Finance of India has reaffirmed that it intends to ban the use of cryptocurrencies in financial crimes and illegal activities, but not of any kind. forbid cryptocurrencies in general. It is important to recognize that the use of money or any currency in financial crimes is prohibited.

Traditional media, particularly outlets in India, interpreted the statement as a cryptocurrency ban and issued premature reports. forbids the market. This week on national television, India's finance minister has steadfastly refused the rumors of cryptocurrency

Unocoin comments

Sunny Ray, founder and President of Unocoin, told Cointelegraph:

"We are pleased that the Minister of Finance has recognized the importance and popularity of cryptocurrency, and has chosen to talk about it on budget day.As for the exact content of what he said, we are largely neutral about it.However, we are sorry to see his words misinterpreted and distorted by part of the media. "

Ray pointed out that the statement by India's finance minister, Arun Jaitley, had been misinterpreted by the media. as a cryptocurrency ban when Jaitley simply noted that the use of cryptocurrencies in illegal activities will be prohibited and restricted. In addition, Jaitley said that Bitcoin does not have legal tender. But Bitcoin does not have legal tender elsewhere in the world. The legal offer implies that it is illegal to not accept a certain asset. It is certainly not illegal to not accept Bitcoin in Japan, the United States, South Korea and elsewhere in the world.

Ray added:

"During Question Time in Rajya Sabha on January 2 In 2018, the Minister of Finance made the exact same remark, saying that" bitcoins or these crypto-currencies are not legal tender ", which has been the position taken by almost all the governments of the world and we consider this declaration as neutral.We understand that only banknotes and coins are legal tender. Extrapolating that to say that such goods are "illegal" is silly at best and grossly irresponsible at worst. "

Comments by ZebPay

Sandeep Goenka, the co-founder of ZebPay, another Large Cryptocurrency Exchange in India with millions of users on its mobile app alone, shared a similar feeling to Sunny Ray of Unocoin. Goenka said that the Committee of the Blockchain of India remains optimistic about the d statement issued by the Minister of Finance of India and that the media misinterpreted his words.

Goenka explained that local exchanges welcome the Indian government's intention to eliminate cryptocurrencies in criminal activities. Last year, Indian cryptocurrency exchanges helped local enforcement in the investigation of a bank robbery that led to the loss of millions of dollars. As local exchanges have done in the past, they intend to continue to support the government in its crackdown on illegal activities surrounding cryptocurrencies. Goenka says Cointelegraph:

"Every citizen and business in this country should play its part in eliminating funding for illegitimate activities, regardless of whether this funding is done through legal, cryptocurrency We welcome this government initiative and we want to support the government wholeheartedly in this endeavor.We encourage the government to work with our members because we are committed to detecting, reporting and eliminating suspicious transactions within a short period of time. in much the same way as the other institutions. "

Comments by Coinsecure

Coinsecure's CEO, Mohit Kalra, also reassured investors in the local cryptocurrency market that the government does not ban crypto-currencies and that exchanges will proceed as usual. Kaira advised clients not to be affected by FUD and false reports published in the last week.

"According to Mr. Jaitley, they will stop the illegal activities using Bitcoin and other cryptocurrencies.For us, it is as usual.I would advise customers not to panicking sell at lower rates, "Kaira told Cointelegraph

Coinsecure COO Jincy Samuel pointed out that cryptocurrency bans are nothing more than FUD, adding: