The latest dip in the crypto markets was created, apparently, by misinterpreting the words of the Indian Finance Minister Arun Jaitley. Large portions of the media signaled that "India will ban cryptocurrencies".
In an interview with 3 major Indian exchanges, taken by Joseph Young on Cointelegraph a few hours ago, the issue is finally clarified.
In laymen terms, the Indian Finance Ministers said: "we won't allow the use of crypto for criminal activities". Which is pretty much the same with "we won't allow the use of fiat currencies for criminal activities".
If you want more details, just head over the interview in the link above.
I think we are witnessing the most intense growth pains the crypto market experienced since it came to life.
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
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Yes Aru Jaitley said that bitcoin is not a legal tender here in India means no business can accept it as a mode of payment but we can trade and invest in it.
This dip will create many millionaires 🌞
Word!
yes millionaires being created now, buy bitcoin hold 5-10 years even $100 might go to $1 million in 10 years,
Soo manipulated, India probably doesn't even make up 1% of the trading volume, yet it made everything crash due to FUD.
I looked into what Jaitley said in a latter interview. He seems to be moving towards accepting cryptocurrencies, most likely we will see clarity on taxation on crypto income.
With alot of FUD going on in the past 1month, one would loose their mind if they dont research, understand and learn to hold on to dear life.
About time someone respected posted this up here on steemit.Thanks a lot for going throught the effort to post it up here ill share a video when m home showing the video which highlights this indeed.I am afraid this correction is making people panic sell hope we see the bottom soon.
it starts at 0.50 seconds .For anyone who cannot understand hindi the main essence here is that the government said that crypto currencies are not legal tender in India, just like US dollar is not legal tender in india.You can not pay for goods and services in india using USD.The whole point the government is making by this announcement is that they will be trying to regulate the cryptos in an attempt to ensure that they are not used for illegal activities and i think we all can agree that is a good step.I am an indian and i can tell you the day it is illegal i'll be the first to let you know as of now however news media outlets have mis-interpreted what was actually said.
PS:sorry it took so long to upload here, i think we can all agree these downtrends are killing just about everybody.
Thanks for trolling out the fake news. Some morons are out there to cause fear and panic in the cryptospace. These whale then buy back into the cryptos at a very low value and sell it high to new buyers.
It seems like there’s 10 pieces of FUD being ready to be released at any time. Some have effect and some don’t. I have deleted Blockfolio off my phone (again 😂) so I can’t check it constantly. I am a hold forever type of girl anyways. No point in checking every minute!
yes the banksters and discord groups are using lies and fake news to manipulate the market to get big profits, crooks like bitconnect and others are exposed and banksters coin ripple being dumped, all be calm er in a few months and mass adoption of cryptocurrency be started again
After reaching it highest price ever, bitcoin has only suffer setbacks after setbacks, one after other, only time will tell the end, but having patience, being calm and not acting rashly is the best one can do in this situation.
Thanks for informing of yet another fud.
I guess something is broken here, because Steemit tells me that your article will be posted in two hours, I guess...
Isn't it strange?
Can't reproduce this, may be because they're playing with the time zone settings in Condenser.
it is on busy too... And nope, I just cloned condenser today, but not done anything (I guess) to it by now.
Update: Oh, I read that I am playing with the settings, and started to feel guilty. Hope it gets back :D
It is on Steemd too :))
really I have no idea why you see this, I can't reproduce it :)
I finally found it and realised how stupid I can be sometimes. I had awrong hour set on the computer. Still I don't know why or how the hour changed by itself. I had just installed a lot of programs lately and maybe something went wrong. Sorry for disturbing :)
What doesn't kill you makes you stronger. I think this will prove to be true for cryptos!
Well written dear @dragosroua!
It's like getting immunity, I think )
wow how quickly the FUD can spread this is a perfect example of this
I'm pretty sure this was corrected a few hours after the original announcement so don't think we can blame this FUD completely on the crash.
I like the term FUD
it's very, very descriptive of today's news media.
Perhaps we should call the FudPuckers ?
(or some such)
Oh wow! This finally comes as a good news to us, here in Nepal as well.
As our currency is pegged with the Indian currency, the acceptance of crypto in India would surely create a buzz in Nepal as well. Great news!
Great post. I deserve my vote Thanks for sharing
good news bro. ggod information. thankf for shairinng
This tool is greatly useful!! Voted for witness!!
It doesn't look as if a bottom has been found yet. The market is so fragile right now people will take any negative piece of news as a reason to sell. I wonder what FUD is on tap next, and more importantly what level the institutional order desks have been given to start buying.
Man this FUD is killing it !It was rising a little yet another drawback !
I think the crypto market problem is very complete. We are in Indonesia almost the same, the government has not given formal permission of crypto market problem.
a very good post my friend thanks for the information @dragosroua, I will upvote and resteem.
@dragosroua
Too much rumors is spread about crypotocurrency in India..
Just exchange with crypto is bann... Trading can b done..
All they want is avoiding use of crypto for criminal use.
Thnx u placed ri8 post early... Good job
I am ready to buy in for sure! another dip and then back up