Dealing with Bitcoins or Zebpay not safe in India: 10-years jail advised!

Since the bitcoin revolution, there has been a lot of confusion in the market. Someone thinks it is legal, someone is confused, others just don’t understand. Bitcoin is the most popular cryptocurrency in the world. As of today, 1 bitcoin in India is similar to 5.5Lakh INR. A year ago, it even rose up to 15Lakhs. The most popular question around Bitcoin is, is it safe to trade with bitcoin? Or use other cryptocurrencies? Zebpay has been quite popular in India to deal with bitcoins. Is Zebpay safe then? Well yes until now! Now, dealing with Bitcoins or Zebpay not safe in India anymore! Let’s see more.

What is Bitcoin?

In brief, Bitcoin is a type of cryptocurrency. They are mined and trade via blockchain technology. In layman’s terms, there is no physical existence of any cryptocurrency! They’re virtual and still is counted as currency. Blockchain tech divides the existence of cryptocurrency in an encrypted format across many networks. So it can be said, cryptocurrencies are un-hackable, not-stealable and safe. So, why is dealing with Bitcoins or Zebpay not safe in India?

What is Zebpay?

Zebpay is a client to deal with cryptocurrencies such as Bitcoin in India. The app became quite popular and many of the India users invested in Bitcoins. Value or equivalence of Bitcoin depends on the market. It rises, it falls. This is one of the reasons why dealing with Bitcoins or Zebpay not safe in India, or anywhere. But that’s not the legal reason. Many people bought Bitcoins( you can buy them in fractions too) through Zebpay. When the price increased, they sold and earned the profit. It’s almost similar to share-market. But why are there legal issues? Why is dealing with Bitcoins or Zebpay not safe in India?

Dealing with Bitcoins or Zebpay not safe in India- Reason:

Dealing with Bitcoins or Zebpay or any cryptocurrency makes it harder for Income Tax departments to track them. This way, a lot of black money can be hidden in cryptocurrencies. Bitcoin isn’t illegal worldwide. There are industries running on cryptocurrencies. Restaurants where you can pay using Bitcoins. But, it completely depends on the infrastructure of laws of the country. And the Central Board of Indirect Taxes and Customs(CBIC) of India has proposed a draft of a bill against cryptocurrencies. That’s why dealing with Bitcoins or Zebpay not safe in India.

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Dealing with Bitcoins or Zebpay not safe in India- The Law:

The draft bill for banning cryptocurrency has been in the works for some time with Economic Affairs Secretary Subhash Chandra Garg leading the operation. The draft which says dealing with Bitcoins or Zebpay not safe in India is said to be called “BANNING OF CRYPTOCURRENCY AND REGULATION OF OFFICIAL DIGITAL CURRENCY BILL 2019“.

The law draft says:

  1. Those who mine, generate, hold, sell, transfer, dispose of, issue or deal in cryptocurrencies, shall be jailed for 10-years.
  2. The holding of cryptocurrencies is a non-bailable offense.
  3. Hereby, cryptocurrencies are completely illegal in India.

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And thus we suggest, dealing with Bitcoins or Zebpay not safe in India anymore! Although, this is a draft for now. The draft clearly doesn’t include any name of cryptocurrency such as Bitcoin or organization such as Zebpay, the deduction of the names ain’t hard enough though.

Dealing with Bitcoins or Zebpay not safe in India- What about India’s own cryptocurrency?

Rumor says that India might launch its own legal cryptocurrency which is referred to as “Digital India Currency”. An official to NDTV said, “A decision on the launch of Digital Rupee would be taken after consulting the Reserve Bank of India (RBI)”.

Dealing with Bitcoins or Zebpay not safe in India- Risks involved and suggestions:

We at Techburner suggest you not to use readily available tricks in Google search about Bitcoins. There are a few sites like:

  1. Zebpay App
  2. Bitcoin India
  3. Tips and Tricks
  4. Bitcoin alternatives

We suggest you avoid these type of alluring websites as dealing with Bitcoins or Zebpay not safe in India anymore if this law passes. USE THEM AT YOUR OWN RISK!

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