Bitcoin Suffering from Media Stagnation Due to Distraction of Indian Finance Minister Statement

Bitcoin was influenced by statements by Indian Finance Minister Arun Jaitley about the new regulation on crypto money in the latest budget speech in parliament.

In his speech, the Finance Minister stated that Bitcoin will do everything in order not to be used as a payment method in illegal activities. However, there has been an information pollution in the mainstream media, the press and social media due to misinterpretations against the law.

Bitcoin, which was $ 10,300 on Wednesday, January 31, fell below $ 9,512 on Thursday, according to Bitstamp.

India has not made any attempts to formalize crypto-currency regimes in the last two years. Since the country's currency reforms, interest in Bitcoin has grown rapidly, and the local stock market has experienced great growth.

At the same time, the central bank of India has issued repeated warnings about crypto money investment, some of which have been described as illegal.

In his budget statement today, Jaitley said:

"The Government does not recognize the crypt money as national currency and will take all measures to prevent the use of crypto-money assets in financing illegitimate activities or as part of the payment system".

While Jaitley's speech did not make any mention of the legality of cryptographic money, controversial comments by third-party and mainstream media journalists suggested that the ban would soon be set.