Interview With India's Three Largest Exchanges: Cryptocurrency Ban Rumors are FUD

In an exclusive interview, executives at Coinsecure, Unocoin and Zebpay, the most widely utilized cryptocurrency trading platforms in the country with millions of users, unanimously stated that the document released by the Ministry of Finance was misinterpreted. The India Ministry of Finance reaffirmed that it intends to ban the usage of cryptocurrencies in financial crimes and illicit activities, but not ban cryptocurrencies in general. It is important to acknowledge that the use of cash or any currency in financial crimes is banned.

The mainstream media, especially outlets in India, interpreted the statement as a ban on cryptocurrencies and released premature reports claiming the government has banned the market. This week, on national television, India’s Finance Minister strongly refused cryptocurrency ban rumors.