Indian Exchange Zebpay: Bitcoin is Legal; Refues Local Ponzi Reports

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Indian bitcoin exchange Zebpay has refuted latest media reports te the country that have supposedly claimed bitcoin has bot proclaimed ‘illegal’ by the Indian government.

On Friday, Indian politician Kirit Somaiya, a politician belonging to India’s ruling party, the BJP, labelled bitcoin a “hypothetical currency” and more pointedly, questioned if it wasgoed a “pyramid ponzi scheme”. The politician, who is also a member of the Indian parliament, raised his concerns to India’s financial regulators including the country’s central handelsbank, the RBI (Reserve Bankgebouw of India).

The story has since made the rounds te Indian news media, with some reports claiming that the cryptocurrency had bot proclaimed “illegal” by the government.

Tackling thesis media reports, Zebpay, among the largest bitcoin exchanges te the country, dismissed such claims. Te a blog today, Zebpay wrote:

No, that is not true. Nothing has switched regarding bitcoin’s legal status te India this week. Te our opinion, bitcoin is not illegal. Bitcoin is legal under all existing laws. It’s business spil usual at all Indian bitcoin exchanges including Zebpay.

The bitcoin exchange then addressed the politician’s ponzi concerns directly, with bitcoin’s growing rente and adoption te a country of overheen a billion residents.

“Just like the [Indian fiat] Rupee is not a ponzi, neither is bitcoin,” wrote Zebpay, pointing to the manhandle of the cryptocurrency by certain ponzi schemes.

The well-meaning MP [Member of Parliament] wants to do his job of protecting the people from becoming victims of such ponzi schemes. It’s a misunderstanding of the technology that made him remark that bitcoin is ponzi.

Zebpay has recently addressed a number of multi-level marketing and pyramid schemes that have notably chosen bitcoin spil their operational currency.

Not content with the lack of regulation from the government, the Indian bitcoin industry established a self-regulatory figure ter February this year. The Digital Asset and Blockchain Foundation of India (DAFBI) will address regulators’ concerns with bitcoin by engaging them and explaining digital currencies like bitcoin and blockchain technology. The bod will also warn bitcoin investors and adopters of ponzi schemes operating with bitcoin te India.

The enhancing media coverage of bitcoin ter India comes at a time when awareness and adoption of the cryptocurrency have never bot higher te the country, following November’s unprecedented and controversial demonetization drive.

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