Zebpay CEO: Bitcoin Blanket Ban Rumors In India Are Still Only Speculative, Not Likely To Happen


Zebpay: Cryptocurrency Ban In India Still Only Speculations, Not Likely

Ajeet Khurana, the CEO of Zebpay, a cryptocurrency trading platform, has said that he does not believe that there will be a ban of Bitcoin and other cryptocurrencies in India, in spite of many media speculations on a general cryptocurrency ban.

In a media statement, Khurana said

“I must tell you that I have heard of this in general business media outlets however over the last year I have talked to all of the top stakeholders in the Ministry of Finance, the central bank, the securities regulator and despite them having a certain amount misgiving around crypto I have never heard them talk of banning it.”

Blanket Crypto Ban

Late last month, when numerous reports emerged about the blanket crypto ban, a couple of federal agencies in India were already in support of this ban. But with India's general elections coming up, stakeholders agreed to hold off on any decision on the ban till after the elections.

Bitcoin Exchange Ban

However, some government officials are calling for the ban of Bitcoin, under India's money laundering regulations.

In 2018, the Reserve Bank of India (RBI) placed a ban on the operation of accounts of Bitcoin exchange platforms by commercial banks in India. However, there are ongoing legal proceedings against this ban in the Supreme Court.

Zebpay Moves Out Of India

This issues prompted Zebpay, which was then, India's largest BTC exchange platform, to move its operations from India to Malta, where they are more open to cryptocurrency based operations.

On the decision to leave India the CEO said

“I was lost for words, it was horrible actually. I found it an extremely difficult decision to make.”

Headquarters In Australia

Zebpay, has now announced its new Headquarters in Melbourne, Australia after they obtained a trading license from the AUSTRAC (Australian Transaction Reports and Analysis center).

They will be joining the vast number of crypto exchanges based in Australia, who's financial regulations are more friendly to cryptocurrency and blockchain companies.

Although having a physical presence in just two countries, Zebpay has expanded into over 130 countries.

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