India is not banning all cryptos, Litecoin has more in store for us and some crypto humor
The last few weeks have taken a decent toll on all cryptocurrencies and 2018 has seen a nasty start on all charts. One of the contributing stories started spreading last week, when many news sources started reporting a full ban of cryptotrading in India.
As we all know, the word of mouth has a tendency to mutate stories and make the more dramatic. Now executives of 3 major cryptoexchanges in India clarify, that the statement from the Ministry of Finance was grosely misinterpreted.
Via CoinTelegraph
The statement itself was rather funny as it apparently banned the use of all cryptocurrencies in criminal activities and financial crimes. Not sure why this has to be spelled out on a statement that will confuse most of the local news agencies, though. Yep guys, crime is illegal.
Full story here, thanks to Cointelegraph.com
Litecoin has more in store for us! In addition to the imminent launch of Litepay, which gave a nice boost to LTC price on the markets, Litepal & Charlie Lee announced that later this year, another payment processor for Litecoin will launch. The new service, LitePal, touts to be a Litecoin-first payment processor. What exactly does it mean, is unsure, but due to the name LitePal, it's safe to assume Litecoin is prioritized but apparently all major cryptos will be included.
What's cool, is they promise bone chillingly low fees. I say, bring it on. Visit LitePal's website here: https://litepal.io/
Read the announcment here on Finance Magnates
And last, let's start the week on a happy note. An oldie but goldie, dug out from the archives of Cyanide & Happiness by Altcoin Devvie.
Credz: explosm.net
Keep your heads cool and trade safe out there!
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Media in general needs to be more responsible about what they report about cryptocurrencies. The publications we have mentioned above are highly trustworthy news outlets; people take them seriously. Most new investors will sell their holdings, causing the value of the currency to crash. This is especially true for Bitcoin due to its rising popularity, and India accounts for a 10th of all Bitcoin transactions.
Safe to say, the truth of the matter is a lot more gray. Yes, Jaitley talked tough on crypto currencies. But no, there was no outright ban — not yet, anyway. The Indian government’s plans for crypto regulation remain unformulated (or at least unstated). It did set up a committee to look into crypto back in April. The point about the Indian government not recognizing crypto as legal tender was already made by Jaitley, back in December. And a crackdown on crypto financing illegitimate activities is what any government will say it wants to do. What’s more interesting is the second clause in his sentence — where he tacks on “or as part of the payment system”, which is certainly suggestive of a ban. But nothing is explicitly stated.
Thanks for sharing such a informative post.
Keep sharing.
I'm happy to see this article and this comment as well. I feel I'm not so alone in my own observations about the latest several rounds of so-called news.
I've been digging into the recent news stories and I don't think it's "the media" per se that is sowing so much disinformation. Yes, we like to harp on mainstream reporters for not getting bitcoin and cryptocurrency in general, but most of the disinformation or poorly worded articles out there are coming from amateur bloggers posing as experts on various bitcoin oriented "news sites" that a lot of newbies are trusting because the sites look so professional. I decided it's time to start exposing some of the issues I'm seeing in news and starting with the latest stating banks are banning Bitcoin: https://steemit.com/cryptocurrency/@gibberishcode/banks-ban-bitcoin-you-cannot-be-serious
For those of us in the know and understand what's really going on, we need to step up and set the record straight when the FUD starts flying. I don't rightly know how on large scale, but I figured just talking about it is a good first step!
I completely agree with this article and the comments. I've also made some comments on the impact of Litepay on potential Litecoin prices in the future. See the impact of how LTC can bridge the gap between fiat and crypto in my blog post.
https://steemit.com/cryptocurrency/@cryptovate/litecoin-s-litepay-to-bridge-fiat-and-crypto
We have to get past the focus on prices and more on adoption of this technology and its use cases in the real world.
During tough times, people need to see the humorous side of everything that is happening. As an active Crypto Trader from INDIA, I can assure you that India is not banning Cryptocurrencies. Govt. meant to hit the illegitimate transactions happening through Bitcoins, that it.
And Litecoin launching another payment processor called LitePay will definitely boost the price even in this Bloodbath. An opportunity for daily traders.
Cheers and let's see how FEB, 2018 will go for Crypto Universe. 🥂🥂
Believe it or not, I think Litecoin is going to be the first coin to be in the mainframe for day to day transaction.
Litecoin has a nicer network working on a lower fee structure, so the deal is, people will prefer sending litecoins for their usage.
I have a weird calculation where I associate btc and ltc with the following equation.
1BTC=8LTC,
so by those standards, the current price of LTC should be actually 1000USD, and right now it is trading for 150USD.
This sounds far-fetched, but LTC shall be in a more commanding state due to its nature of progressing faster with newer technologies and updates.
I feel, if a person has 1000USD with btc then must have at least 400USD with ltc,
LTC is being lead by a living leader and visionary Charlie Lee, and a couple years from now we will see governments trying to seek advice from Charlie about how to set up their own crypto currency and it shall pay us well to be an early adopter.
Yes! i hope this ratio will be achieved as Lee and his dev team break completely away from being a testing ground for BTC features. the more they build on their own, the more it stands out on its own. Thank you for your writeup!
litecoin seem to be evolving faster and its setting itself up to be the go to coin when it comes to business, it good india is not banning cryptos, it would be a waste of time
When did they make crimes illegal? Typical oversensitive hippie politics.
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India is not banning cryptocurrencies. Actually they want to regulate its flow which is not possible in my opinion. It will not be legal(neither it was before).So there is no need to worry about.
Rofl.
The amount of FUD spread by the media in the last couple of weeks is too damn high.
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