India's 3 Largest Exchanges: Crypto Ban Rumors are FUD

Representatives of Unocoin, ZebPay and Coinsecure believe that cryptocurrency ban rumors in India are not true
05 February 2018   279

Heads of the three leading cryptocurrency exchanges of India Unocoin, ZebPay and Coinsecure unanimously declared that rumors spread earlier this week and messages about the ban of cryptocurrency in this country have no basis. This is reported by CoinTelegraph.

Speaking last week in parliament during the presentation of the state budget, Finance Minister Arun Jeytli of India said that the government does not recognize bitcoin and other crypto-currencies as legal tender and will take all necessary measures to prevent financing of illegal activities through crypto-exchange payment systems.

However, as representatives of the exchanges say, the ban on cryptocurrency is generally not the case, and the media clearly hurried in their opinions - misinterpreting the minister's statement, they created another market "scarecrow" that is very far from reality. The minister himself later made a speech on national television and also denied rumors about the ban.

According to the heads of exchanges, bitcoin is practically not recognized throughout the world as an official means of payment. They also called the fight against crimes in the sphere of finance an absolutely adequate step, and it does not matter whether it concerns fiat money, bitcoin, gold or any other asset.

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.

Sunny Ray

Founder, Unocoin

ZebPay co-founder Sandip Goenka also agrees with the opinion that the media misinterpreted the minister's words, and insists that the bitcoin exchange of India has always supported the authorities' struggle against crime and illegal financial transactions. He also recalled that last year local exchanges assisted law enforcement agencies in investigating large-scale bank theft, and assured that ZebPay, like other financial institutions, would help authorities track suspicious transactions.

This is in no way different from the various other statements given in the recent past. Nothing new has been determined. Just appears like a lot of unnecessary media FUD.

Jincy Samuel
COO, Coinsecure

CEO of Coinsecure Mohit Calra meanwhile assured users that the platform continues to work in normal mode, recommending not to succumb to the calls to sow panic and doubt the press reports. 

Miners Arrested in 2 Chinese Cities For Power Theft

Six people were detained in Tianjin and two in Wuhan
25 April 2018   58

Bitcoin miners were arrested in two Chinese cities on charges of stealing electricity. This is reported by CoinDesk.

In the first case, 6 people were detained in Tianjin. The suspects used 600 devices for mining bitcoins that were connected to a local substation. The police claim that the connection was made bypassing the counters.

The investigation was initiated after one of the electric power companies discovered a discrepancy between the actual and claimed consumption of electricity.

The police seized all equipment for mining, as well as 8 powerful fans.

Events are taking place while China continues to play a dominant role in the mining of bitcoin, despite the pressure on the cryptocurrencies. As Xinhua notes, this case of electricity theft turned out to be the largest in recent years.

According to another report, which appeared today on the website of the Supreme Prosecutor of China, two more suspects were detained in Wuhan. They also stole electricity.

The detainees used empty stores since March 2017 to house miners and did not pay for electricity, as did the defendants from Tianjin.