Hi,
we have some good news for today coming from India, where at the start of the year, we had a lot of concerns about a crypto ban that might hit the 2nd populous country in the world.
In an interview for CNBC, the Indian finance minister, Nirmala Sitharaman, said that there will be regulations but not a ban, which is a high difference.
The interview can be heard on the link below:
This is wonderful news, as cutting 1.5 billion people from crypto would be a big mistake, condemning them to further poverty. Not that there is not a massive poverty in India, but with crypto the poor still have a chance to turn their life around.
Also, crypto needs India as India needs crypto. Crypto is global and needs to remain a global deal.
I know, I know, there is still danger of over regulating it, but it is not forbidden. Remember a few years ago, when Indian banks could not cope with the withdrawals of money and people could withdraw only a small sum? Yes, they could access only a little from their own money. With crypto, they wouldn't have that problem, as they could pay and use it freely, not depending on a third party to have access to their own money.
Also, the Indian government seemed to see the value crypto brings to their country, as money comes in the country and it is spent on a local level, which only can boost the economy.
They are aware, that they need to keep the pace with technology and crypto is here and will remain, no one can change this, by any ban possible.
How do you see this news? Will it affect the market positively? I hope so!
Posted Using LeoFinance Beta
My question is whether or not they will flip-flop again. I wonder how bad the regulations will be given the banks don't want to relinquish control.
Posted Using LeoFinance Beta
I think the risk for them to lose a term at the elections is to high and they will avoid losing many votes by banning crypto.
Posted Using LeoFinance Beta
I was watching the interview with our Hon Finance minister Sitharaman live on TV and was so happy when she said what she said about crypto . This is what we need and as far as affecting the market positively , definitely , I had already mentioned a number of times that in India crypto was being traded at a discount because of the fear over ban.
Posted Using LeoFinance Beta
I hope that you could buy some on discount. In some countries like Nigeria, I've heard it is traded as a premium because of the possible bans. :)
Posted Using LeoFinance Beta
Oh yeah that is exactly what I am doing .
But why? Shouldn't it be the opposite?
Posted Using LeoFinance Beta
I don't know, maybe because it is scarce then. People act differently based on location and culture.
Posted Using LeoFinance Beta
I was hoping for a ban. It would lead to another dip which I could buy. 🤣
Well, in Nigeria they try to forbid it and BTC is more expensive as in other areas of the world.
Posted Using LeoFinance Beta
:( That would dip so many lives who are making a living on crypto lol
Posted Using LeoFinance Beta
True, that is why it is so important to have many income streams at once, also beside crypto, at least to avoid such things.
Posted Using LeoFinance Beta
I agree . Crypto right now is part time for some of the people and for some others( like me ) it is a hobby .
In a country which turns it's decision every now and then like India it is good to have a backup job as you mentioned.
Posted Using LeoFinance Beta
No government can ban Crypto
Posted Using LeoFinance Beta
They can ban it, but people will use it! That is for sure!
Posted Using LeoFinance Beta
I love good news! !invest_vote !ENGAGE 5
@anli denkt du hast ein Vote durch @investinthefutur verdient!
@anli thinks you have earned a vote of @investinthefutur !
ENGAGEtokens.