Since mid-2016, the demand for bitcoin on the subcontinent has risen rapidly. That Bitcoin in India attracts the attention of the legislators, was only a matter of time.
So Bitcoin is not forbidden in India – but not allowed. You will probably get a first answer by 20 April 2017. Meanwhile, a ministerial committee is probably asking itself how Bitcoin is to be legally classified. Because of the Ponzi systems it could be prohibited as well as the Internet and smartphones. According to ZepPay, the report that Bitcoin is illegal is based on a misunderstanding. “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. Some Indian rupees, others, unfortunately, also Bitcoin. Such systems are, unfortunately, ZebPay, frequently, and use various means of payment. “A very respectable member of Parliament recently said Bitcoin was a Ponzi system. We appreciate the fact that regulators and politicians are concerned. “Many new technologies are causing anxiety, especially among regulators who have the responsibility to protect us. However, according to ZebPay, there is no smoke without a fire. Its fallen 25 in the past five days alone, to its Whats happening to Bitcoin lowest value in 18 months.
Bitcoin’s legal status has not changed in the past week. Whats happening As I write this, Bitcoin is trading at 21, 974 (£18,000). The Indian stock exchange ZebPay argues, however, that there is a ban on Bitcoins: “No, that is not true. Meghwal also said the creation of virtual currencies such as Bitcoin as a payment was not approved by the central bank. “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. The RBI has already warned users, investors and traders of virtual currencies, including Bitcoin, from the potential risks, both legal and financial: A committee should clarify who is right.Īccording 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. Allowed? Forbidden? Or is it allowed? Newspapers report that bitcoins are illegal in India, a stock market denies it.
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