Are the cryptocurrency rumors in India anything to worry about? 3 of the top Indian exchanges have issued a statement

Recently, in the financial budget which was presented by the Finance Minister of India Mr. Arun Jaitley, it was clearly stated that the government does not consider cryptocurrencies to be legal tender. Moreover, he made it pretty clear that the government would try to reduce the influence of cryptocurrency in the traditional economy. Since then, cryptocurrencies actually took a knock and have reduced in value before bouncing back.

As worries of cryptocurrency restrictions persist, 3 of the top exchanges have issued a statement regarding the same.


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According to unocoin, they are happy that the Finance Minister has acknowledged the importance of cryptocurrency. They, however, mentioned that they do not believe cryptocurrencies would be banned by the government. They believe that the statements of the Finance Minister have been misreported by the media.

According to them, the Finance Minister is only concerned about minimizing the illegal activities which are being supported by cryptocurrencies. He is of the opinion that only the illegal activities need to be eliminated rather than the entire cryptocurrency system.


According to co-founder of Zebpay, Sandeep Goenka, the government is just concerned with the illegal activities which are being conducted with the help of cryptocurrencies. He further added that he welcomes the initiative by the government to eliminate cryptocurrencies being used for criminal activities. Also, he added that it is the responsibility of the citizens as well as the cryptocurrency traders to abide by the rule book when using the cryptocurrencies.


According to CEO of coinsecure, Mohit Kalra, the government would not be banning cryptocurrencies as a whole. They added that they expect business to be usual after the current bout of volatility which is affecting currencies.

Thus, according to most of the exchanges in India, the government would not be taking any serious action against cryptocurrencies. Moreover, they believe that government is just concerned about the illegal activities in the cryptocurrency space. As long as the government is just looking into the illegal activities in the cryptocurrency space, there would be no adverse impact on the cryptocurrency market or on the traders who are trading in the cryptocurrency space. As per the exchanges, there is nothing unusual or anything to worry about. Thus, they are trying to quell the fears of the users which have arised out of the statement from the Finance Minister and the financial budget.

Legal Disclaimer: Smartereum does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice. Investing in cryptocurrencies and other Initial Coin Offerings ("ICOs") is highly risky and speculative, and this article is not a recommendation by Smartereum or the writer to invest in cryptocurrencies or other ICOs. Since each individual's situation is unique, a qualified professional should always be consulted before making any financial decisions. Smartereum makes no representations or warranties as to the accuracy or timeliness of the information contained herein. As of the date this article was written, the author owns small amounts of cryptocurrency.
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David Malik

Tech blogger

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