Allowed? Forbidden? Or is it allowed? Newspapers report that bitcoins are illegal in India, a stock market denies it. A committee should clarify who is right.
According to the Economic Times of India, the Indian Reserve Bank of India (RBI) has stated that virtual currencies such as Bitcoin are not authorized by the Central Bank and can contribute to a violation of anti-money laundering rules. The RBI has already warned users, investors and traders of virtual currencies, including Bitcoin, from the potential risks, both legal and financial:
“The absence of counterparties in the use of virtual currencies, including bitcoins, in illegal and illegal activities in anonymous / pseudonymous systems may lead to users unintentionally violating laws against money laundering and terrorist financing,” said financial minister Arjun Rahm Meghwal. Meghwal also said the creation of virtual currencies such as Bitcoin as a payment was not approved by the central bank.
The Indian stock exchange ZebPay argues, however, that there is a ban on Bitcoins: “No, that is not true. Bitcoin’s legal status has not changed in the past week. In our opinion, Bitcoin is not illegal. Bitcoin is legally under existing laws. ”
However, according to ZebPay, there is no smoke without a fire. “Many new technologies are causing anxiety, especially among regulators who have the responsibility to protect us. So it is also with bitcoins. We appreciate the fact that regulators and politicians are concerned. “A very respectable member of Parliament recently said Bitcoin was a Ponzi system.
Such systems are, unfortunately, ZebPay, frequently, and use various means of payment. Some Indian rupees, others, unfortunately, also Bitcoin. “Just as the rupee is not a Ponzi system, it is not Bitcoin.” In fact, ZebPay had warned the users over the past months again and again before such Ponzi systems. According to ZepPay, the report that Bitcoin is illegal is based on a misunderstanding. Because of the Ponzi systems it could be prohibited as well as the Internet and smartphones.
Meanwhile, a ministerial committee is probably asking itself how Bitcoin is to be legally classified. You will probably get a first answer by 20 April 2017. So Bitcoin is not forbidden in India – but not allowed. It is somewhere in a hovering condition.
That Bitcoin in India attracts the attention of the legislators, was only a matter of time. Since mid-2016, the demand for bitcoin on the subcontinent has risen rapidly. When the government surreptitiously cut 80 percent of the cash in November, this gave the interest in Bitcoin an additional boost.
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