Illegal and 'not legal tender' doesn't mean the same thing - The situation of bitcoin in India
On 1 February, during the budget announcement, when asked about the situation of bitcoin and crypto currencies, the finance minister of India stated that "Bitcoin will not be accepted as legal tender in India but the government will utilize the blockchain technology." He also said, "the government will try its best to stop the use of crypto currencies for illegal activities."
Here's a video by @varunsangwan (with subtitles) which shows the statement by the finance minister.
If we take it at the face value, this is not bad news for bitcoin in India.
Bitcoin has always "not been legal tender" and the finance minister's statement about it just clarifies the ambiguity about the status of Bitcoin and crypto currencies in general.
So why did it led to a mass panic sell and brought the price of bitcoin to nearly $4000?
Shortly after the announcement, news channels began reporting the statement but changed the details slightly.
The media distorted "not legal tender" to illegal and reported "the government will try its best to stop the use of cryptocurrencies" but did not include "for illegal activities".
As you can see in the news article below
This led to a panic among investors which led to mass selling and brought the price down to $4000 for a brief period. Unlucky for me, I was asleep at that time or I could have made some sweet profit.
This is not a bad news for crypto currencies
The fact that crypto currencies were mentioned in the parliament shows the growing popularity of crypto currencies in India.
My advise right now is that you should keep holding your crypto and buy the dip if possible. The markets have already recovered slightly and after a few months we might see the same heights as we saw last December.
Keep calm, be smart, stay happy.
they are really spreading FUD . i guess your government already owns some of the Bitcoin . We cannot deny that Cryptocurrency is already on it's way for a greater mass adoption . We are now in the state wherein people are already concerned with how the cryptocurrency shows. headlines were already cryptocurrency . and even banks are already trying to understand how this cryptocurrency goes. they have to understand this because at some point, blockchain technology might help them resolve some of their backlogged transactions. that's for my case :)
Great post indeed .
True. There must be something fishy going on right now.
Just like here in the Philippines , some politicians and banks were spreading FUD , it turns out that some of this congressman were found buying graphics card and hiring computer technicians. They didnt disclosed to where it would go . they just said they wont be involved in crypto mining .
Maybe they just wanted to play witcher 3 in 4k xD
Governments do not have a clue, they think they can ban Bitcoin and crypto currencies but they are so stupid they do not realise that Bitcoin does not recognise borders or governments.
I like your username.
Me too, my mother gave it to me a while back and I've been using it ever since.
Lol😂😂
Thanks for news
Your post is very interesting, the writing is clear and the picture is clean @rahul.stan