Markets Tumble On Incorrect News from India – Bitcoin is not BANNED
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The Finance Minister of India reported earlier some information about crypto currencies and they attacked as quick as they possibly could in order to do whatever they do or deem necessary in order to get their view count up so what ended up happening was I says Bitcoin markets are reacted to fresh regulatory comments on crypto from India's finance minister made during his most recent budget speech in the Parliament. In his speech that Cryptocurrency is not legal tender in the country and promising a crackdown on illegitimate services involving crypto a flood of misinterpreted comments warning of an outright ban appeared across the mainstream press and social media. I think Bitcoins price was almost near high it was around ten thousand three hundred give or take and it since dropped around eight hundred dollars if you look at the charts right now which is just kind of ridiculous but I mean it is whenever we get any type of bad news this is bound to happen so what he said was is the government does not recognize Cryptocurrency as legal tender or coin and will take all measures to eliminate the use of these crypto assets in financing illegitimate activities or as part of the payment system a lot of people when you read it it looks like they're saying you know this is an outright ban we are done with this. He says financing illegitimate activities that means things that they deem illegal within the country this is exactly what Russia has said they have literally mimicked the exact same thing and also as part of the payment system Russia has said the exact same thing and this is why they're armed currently creating the crypto ruble and why they only allow certain investors to deal in ICOS and in crypto currencies because it's how kind of they protect their country or their laws whatever the case might be of course when you say something like this and people misinterpret it and they take it and kind of run with it this is what we end up with.
We end up with tweets from tons of people who get you know thousands of likes on their page and things kind of fall from there because word spreads very quickly this isn’t the 1950s anymore when someone post something it kind of spreads like wildfire especially if it's negative news because people thrive on negative news and it's kind of what keeps the market down but yeah you can see here Cryptocurrencies are illegal since they can't be traced Bitcoin to be banned and a lot of people they kind of you know fear here literally takes over but luckily some of another Twitter people can you say Twitter people tweeters anyway m people who use Twitter have started coming forward and trying clear misconceptions about what's going on at the exact same time this is not a ban they are trying to do keep in mind always when a government wants to ban something they ban it there is no there aren't any talks there isn't any like you know people don't sit around table if they find this thing to be a threat they are going to ban it India has been talking about this for about two years now about the how they were you know their stance on Cryptocurrencies what-have-you and how they just don't care for if they wanted to ban it it would have been banned already. I think that they are started first of all India is one of the countries that is slowly working to become a cashless society and I think this is just another step they are making sure that they curb a curtail any type of IC or any illegal business before things kind of get up and running because they will be releasing their own crypto
I'm sure they're going to have their own Cryptocurrency in the future and which will be very interesting indeed.