Indian bitcoin exchange Zebpay has refuted recent media reports in the country that have supposedly claimed bitcoin has been declared ‘illegal’ by the Indian government.
On Friday, Indian politician Kirit Somaiya, a politician belonging to India’s ruling party, the BJP, labelled bitcoin a “hypothetical currency” and more pointedly, questioned if it was a “pyramid ponzi scheme”. The politician, who is also a member of the Indian parliament, raised his concerns to India’s financial regulators including the country’s central bank, the RBI (Reserve Bank of India).
The story has since made the rounds in Indian news media, with some reports claiming that the cryptocurrency had been declared “illegal” by the government.
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