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Bitcoin is legal under all existing laws in India – Zebpay

Leading Indian bitcoin startup Zebpay has issued an official statement falsifying recent reports that suggested that bitcoin has been declared illegal by the Indian government.

“Nothing has changed regarding bitcoin’s legal status in India this week. In our opinion, bitcoin is not illegal. Bitcoin is legal under all existing laws. It’s business as usual at all Indian bitcoin exchanges, including Zebpay”, the company said.

Zebpay said that certain sections of the media reported that bitcoin has been declared illegal after a member of parliament (MP) raised the issue that bitcoin is a ponzi scheme. The company went on to explain that bitcoin is not a ponzi scheme, saying:

“Unfortunately, there are a few ponzi schemes which use bitcoin as the payment method. Just like Rupee is not a ponzi, neither is bitcoin. In fact for a few months now, we have been regularly warning our users to beware of such ponzi schemes on our website, Facebook and Twitter accounts.

“The well meaning MP wants to do is his job of protecting the people of becoming victims of such ponzi schemes. It’s a misunderstanding of the technology that made him remark that bitcoin is ponzi.”


The company further said that that the digital currency should not be declared illegal for the same reasons that the Internet, the smartphone or a taxi hailing app should not be declared illegal when used for illegal activity. It said that digital currencies have the potential to improve remittances, banking the unbanked, fueling ecommerce, building a futuristic and secure payment network, and much more.

“Zebpay is part of DABFI (Digital Asset and Blockchain Foundation of India). DABFI is in the process of engaging with regulators to explain this technology and address their genuine concerns”, Zebpay concluded.

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