The year 2017 has been a booming year for cryptocurrencies as well as bitcoin, we have seen bitcoin shoot up from 900 USD in Jan 2017 till 9000 USD in Jan 2018 after a crash from its all-time high of nearly 20,000 USD. There has been a major jump in total Cryptocurrency market cap from 17 Billion USD to over 400 Billion USD (currently after reaching over 800 Billion USD).
Past year has also been a very dicey situation for crypto investors for a lot of reasons as well as various country governments actions on cryptocurrencies.
Russia
When Russia cleared it stands for not accepting crypto as legal tender at first at the same time a new cryptocurrency came to light by the name "Russia Miner Coin or RMC" currently trading at over 8600 USD tentative from its all-time high over 24,000 USD. RMC is backed by a company with a major investment of Russia's Prime Minister Mr. Putin. The point of RMC is to promote Bitcoin mining in Russia and to compete with Chinese BTC miners.
China
China has been a bully in my personal opinion on the crypto-currency market. Banning cryptocurrencies at first then putting the ban on ICOs, Trading Exchanges, Crypto Mining and what not. But every time we have seen China reversing their actions. however, crypto mining ban is still unclear but on the other hand, we can predict that China is one of the major countries in crypto mining space, cannot afford to lose it's position, especially by putting bans as there are many countries want to take charge of it at any point of time.
South Korea
This has been a very recent news about South Korea banning exchanges and crypto trading completely. However, after a certain period of time. They have also reversed their action on banning crypto trading and made some guideline about it.
India
Being a growing country in the world. India is still unsure about cryptocurrency space and just yesterday in budget 2018 according to many news websites & articles, India has placed a ban on cryptocurrency trading which again is quite an impact on crypto market cap with last 24 hours. However, if you try to listen to the statement of Indian Finance Miniter Mr. Arun Jetly was not cleared about the statement of placing a ban instead he suggested that "in India Bitcoin or any other cryptocurrency is not a legal tender (which is actually the statement of many countries, that;s because they don't want cryptos to be used as mode of transaction like USD, JPY, INR etc.) and government is looking forward to making plans to eleminate cryptocurrencies involvements in finacing illigitimate activites or as part of payment system.
Above statement is quite controversial as there was no mention of banning cryptocurrencies trading entirely but to ensure it's usage not being spread in the country. Media houses play a very big role in users sentiments whereas many media channels, as well as news articles, have related this statement to placing a ban on crypto space entirely in India.
I am not sure a growing country like India can afford a complete ban on cryptocurrencies as this would invite people to trade in bitcoin or other cryptocurrencies with cash and without regulation or taxes.
However, I would love to know your opinion on this matter, what you guys think of this statement, do you guys believe that crypto is going to crash hard or India is going to ban crypto market completely in the country?
Please let me know your thoughts in the comment section below.
For Newbies: http://www.BunnyChum.com/StartWithCrypto
Great post here.
Personally I believe all these set backs are part of the growth process of Bitcoin. Most of these decisions will eventually be reversed, it's clear that some big players want to drive the price down thru FUD so they can buy in cheap from the weak hands.
Many thought it was the end of Bitcoin after the fork in July 2017, but within 6 months it got back to an ATH. This dump is necessary as we prepare for another ATH. it's time for investors to take their positions. Cheers
Upvoted and following you for more of this.
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The changes made by this mechanism contribute to improving the quality, accuracy and transparency of financial accounts, with the development and implementation of a medium-term fiscal framework to improve the risk management process and identify policies to be implemented over the medium term through measurable targets, as well as the introduction of a unified treasury account for resource management And the transition from accounting on a monetary basis to accrual accounting, indicating that the Ministry of Finance held successive workshops for all government agencies during the current year, to introduce the new mechanism for the preparation of the budget.
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Arun Jaitley (the Minister of Finance) stated: "Through multiple notifications, the two parties (the government and the RBI) have notified the public over and over again that bitcoins will not be considered legal or legal tender in India"
The Government of India has formed a committee to regulate cryptocurrency currencies.
So,
"Legal tender versus being illegal"
Being "illegal" and not being considered "legal" are two completely different things. Cows are not "legal tender" in India, but are used for trade and barter. The fact that a government does not consider it "legal tender" does not mean that it is "illegal" to use or possess. But they try. India and China tried to ban gold at 0.01% a few years ago, and even the United States banned gold at 0.01% in the 1930s, all it did was force people to accumulate. The best they can do is try to "scare" people and accumulate the underlying assets they have made in 0.01% gold and probably also in Bitcoin.
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@thomasawa I do agree, their major plan is to postpone the changes which are coming soon enough with blockchain.
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@thomasawa, you can't just copy and paste stuff from trading view without at the very least referencing the original author. You even have the percent change (0.01%) and you didn't bother to remove it from your comment. Shameful.
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@elmagnoon
First I wanted to tell you that I do not run, I flight.
In tradingview and I do not like to say this, but for you to have it in mind I am an influencer.
We have written that article together after long talks because he is one of my best friends and maybe the best TV trader.
Why do I tell you what flight? Read your comment.
You use the same concepts of legal and illegality, you mention China and India, about the argumentation of gold and percents. You even talk about the 1929 crisis.
Now, before writing something, if you want to contribute, add and grow, first think that your words are more important than saying nothing.
I saw your blog and the only thing you do is resteem the whales.
Content, ethics, contribute.
And I finish with this sentence: When A criticizes B, he is really talking about A.
@elmagnoon respect or reestem
@bunnychum
I inform you so that you are aware
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@thomasawa Then I owe you an apology. Goldbug is one of my favorite TV analysts and if he's your friend and you wrote the article together, then again, accept my apology.
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@thomasawa It's nice to know that you have contributed to that article, I have read it and really admire the work behind it.
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Period. Agreed :P
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mhm
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Agree with most of the post. I believe that this FUD is merely a necessary step towards mutual co-operation to achieve a blockchain-enabled future, spearheaded by cryptocurrencies that aim to stay regulatory compliant.
I've also covered some analysis in this area. Would be great if you could take a look:
https://steemit.com/cryptocurrency/@cryptovate/is-the-digital-gold-rush-over-usd400b-wiped-from-global-crypto-market-cap-in-january-bloodbath
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yes you are right@drepo15 even many of us know that this month of January is also called as the black month for crypto market we have seen the same condition in the history of bitcoin that bitcoin will dump during the month of January which will let the whales to buy this dip from newbie.
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couldn't agree more @drepo15
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THEY CAN BAN IT IN INDIA THEY CAN BAN IT IN CHINA, BUT THEY CAN NOT BAN PEOPLE ACCEPTING COINS :)
#ADOPTCRYPTOGOD
https://steemit.com/cryptogods/@mfg/l316uu4d
#CRYPTOCARTOONS
#CRYPTOWORLD
https://steemit.com/bitcoin/@mfg/blockchain-technology-in-near-future-deep-analize-of-humanity-fate-and-will-must-read-bitcoin-cryptotities-cryptokitties
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My personal view is that every country's government should move from the decision of banning it. Instead of banning they should concern on how to regulate it. And i think cryptocurrency will make globalization more easy. Cryptocurrencies can make trade easy and secure. Though regulating is a challenging thing for every government.
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@sedulous very true, regulation on cryptos is the major challenge for governments.
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Any new paradigm is going to have it's detractors and opponents. Just like the Dotcom era of the '90s, the weak hands will be shaken out leaving only the cream of the crop.
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@sirstacksalot Kind of true but it doesn't apply to all the cryptos out there, If we do a good research, there are many great projects getting build for the future, in my opinion of course.
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These governments don't know what they are doing. First they put ban then they give very diplomatic statements. Whales are just trying to play with the emotions of the the small investors.
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@suf1an It is actually very hard to decide for governments, this is a revolution we are going through.
Blockchain technology is way too powerful, anything with the power of changing the world infrastructure can do both good and bad...
This is a major concern, I believe right now.
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Change has always been scary. From the moment man discovered fire to the steam engine and now Cryptocurrencies. Every few decades, it seems, technology makes an enormous leap forward very quickly and society is often very slow in accepting it.
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@silentscreamer you are absolutely right
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@bunnychum, you are right. But the thing is they don't want to embrace this channge. They are not willing to accept and lead it. I have just one question, we got internet only like 25 years ago and look the way it has changed this world. Our work environment, our communication, our way of business and so much. If all that could be changed then why not change the 400 years old system of money?
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@suf1an completely agree with you mate, when it comes to democracy, Blockchain is actually based upon true democracy, where instead of central control, it gives the power back to people. And there are people who do not support this or are afraid of the change.
In any way, Everyone who understands the fundamental of this technology will agree with the statement that it cannot be stopped. All that is going on right now is just to delay the revolution knocking on our doors.
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Yes, you are right. Another thing is, the underlying blockchain technology is fab and cryptocurrency is just one use case of that. Once we have more applications of the blockchain, everyone will start accepting it.
~sorry for the late reply.
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Totally agree, but they know very well what they do.
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India's secretly buying up bitcoin like crazy right now lol
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lolzz.. could be true, same as JP Morgan :p @cyberblock
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@bunnychum Great post as usual. Just wanted to add that a lot of people confuse the term "not a legal tender" with the term "illegal". These are two completely different things. The desired outcome of all these bans for governments is simply imposing regulations so that they still retain control of the financial and banking industries and don't sacrifice local economies and national currencies. The US senate is holding a hearing on Feb 6, so let's wait and see how this changes things. Also, history speaks for itself. Both India and China tried to ban gold a few years ago. The US did in fact ban gold back in the 30's, but that only pushed people to buy more. Now think about which governments hold the most gold reserves and you'll figure out the game here.
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@elmagnoon true indeed, it is very hard to explain people about the terms governments use. especially with media poking.
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Thanks @bunnychum for raising this question. Everyone is suspecting the market is red because of the FUD created due to this news. As an Indian and an active Crypto trader I must say that India is not BANNING the currency. Our stupid media created this hype and twisted the words of our beloved Finance Minister Mr. Arun Jaitley. Yesterday during the announcement of the Budget 2018 he made the below statement -
His intentions are not to BAN the cryptocurrencies in India. He would rather implement the uses of the Blockchain Technology in the current ecosystem of the country. They are going to hit the people who are doing illegal stuff and transacting through cryptos. Even Prime Minister Narendra Modi has elected a separate committee to analyse the implications of Blockchain and how we can benefit from it. ✌
I have also written a piece on this yesterday, Please have a look about what I think and I have explained in detail about India's stance on Crypto Universe. I hope and believe that the market will recover soon!
India Is Bulldozing On Illicit Cryptocurrency Transactions : Finance Minister In Indian Budget 2018
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@hungryhustle that's exactly the point of my post. Media is saying Bitcoin is banned but according to Mr.Jaitley's speech, he didn't say anything like that.
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double standards!
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India is planning on their own cryptocurrency Laxmi! Government want to avoid spending on making paper and coin currency
In this speech he indicates how much it cost to print and deliver to people. But digital currency can save all those money and that can be used to help poors.
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Nice post
There is a clear logic behind this decision, we have to understand that rise of one legal tender can easily degrade the one which is already in use, when more and more people will start using cryptos as legal tender the value of already in use legal tender will decrease. For example INR i.e India's legal tender which is already facing many difficulties will see the downfall when currency like Bitcoin will rise.
Another point to note is that it's not banned, its just not a legal tender yet .
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@piyushpathak that's actually a valid point, thank you for sharing this insight.
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your welcome :)
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Great Info on Crypto space !
In my opinion, ban on cryptocurrency is just a hoax. A gimmick to create a demand and space for localised, country-specific cryptocurrencies. Cryptocurrency is here to stay and is already a part of wealth circulation. It would be foolish for a government to close the door on wealth coming in. And in my opinion , no government is foolish enough to do that. What do you say ? :)
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Yes, for sure. Besides all that everything is so much advanced but our financial system is still outdated in terms of technology.
Isn't this strange that we can make voice calls or video calls cross-border within seconds but when it comes to money transfers which are not more than some digits sitting in your bank account (technically) takes days on top of that huge transaction fees? @nehab
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I totally agree with you on this. Your question opens another wormhole of Indian governance - Reservation Quota that hands over the technical and job sector to under-qualified candidates.
I am not against creating opportunities via reservation in the primary education sector. But I am not for reservation in the job or college education sector. Because both college and jobs require quality control ! ... Anyway, this is another debate. I agree with what you say. We suffer the result of lack of knowledge and vote-bank politics in the government sector :) . Finance is government controlled ! :)
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Thanks @nehab for supporting my view and my post. I completely agree with you over reservations but these are the weights which a developing and versatile country like India will have to carry along.
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And I agree with you :)
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Dear one. While the Finance Minister of India said that they do not support the crypto currency as a legal tender. This means that cryptocurrency can not take the place of National Currency which is the sovereign right of a Government. However he also mentioned that even gold is not a currency but it is being bartered with other goods. This indicates that he realises that the Crypto currencies have their intrinsic value and thus purchasing some goods or service in exchange of crypto would also be equated with a barter system. Barter system is prevelent in society even from the time the primitive form of currency came into existence. Basically crypto currencies are being looked as a threat by nations to their sovereign power to issue and control national currencies.
However the Finance Minister also mentioned and accepted the importance of Blockchain technologies. I have heard somewhere that a Big Bank has already started using Ripple for its international payments. It is a transitional time and naturally would a rough ride for cryptos. Basically it is a disruptive technology which is a direct threat to the legal currencies of the nation. being in the virtual world it also can not be controlled by national boundaries.
Givernment of India has already appointed a high level committee comprising of SEBI , RBI and Government Representative to study and suggest the path to be followed for regulating/ banning/legalizing this thing.
However this is a movement which has taken a gigantic proportion and can not be ignored by anyone. Being in virtual world, as I said, It can not be controlled by anyone. Therefore the logical decision of the Governments all around would be to accept its existence and start regulating this thing so that illegal transactions are curbed. Australian Government has already issued guidelines for taxing earnings from Cryptos. https://www.ato.gov.au/General/Gen/Tax-treatment-of-crypto-currencies-in-Australia---specifically-bitcoin/
This is the future. One must hold on to it. Only one has to wait.
Please refer my earlier post here https://steemit.com/india/@mss1908/tax-dilemma-of-cryptocurrency-trading-in-india
Cheerup fellas :)
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I understand we recently had bad news that released a whirlwind of FUD, and a flash flood of misleading headlines of a ban in India that turned out to be just regulations.
I get it.
What I don't understand is why the market continues to dip after clarification
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@nzfxtrader I believe this is not the only reason for market fall. There are other reasons as well, one of them as we know bitcoin & other cryptos has gained massive attention in the previous year. the crypto market is increasing significantly, there are people who want bitcoin price down to stock more.
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Governments fear the unknown, especially an unknown that they have no idea how to regulate. Add to this a financial system that will fight tooth and nail to maintain their supreme position to manipulate the world economy to their advantage, it is no wonder that cryptocurrencies are being assailed from governments, banks, and the media. None of these organisations want the financial system placed in the hands of the hoi polloi, God forbid that it might create equality and the sharing of wealth in a more equitable way (you might have guessed I'm still pissed off that bankers and financiers got off scott free after causing the GFC and sending millions of people to the wall and nothing has changed). Anyway that's enough of my rant. But here's to cryptocurrencies tearing down the current banking system.
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@bruizer that's actually a fact, fear of not being able to regulate and control is something they are struggling for.
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My two cents. If anything, I should India (maybe I can't talk about the rest of the countries as I may not know them as well as I know India) try it make it as legal as possible. Maybe, they may not be able to make it legal tender or an equivalent to currency, but banning them is not of going to be any big benefit to the government for the following reasons.
Indian people, to quite some extent have seen or understood how beneficial it could be in terms of technology and also, as a short term practise for trade and the financial benefits of it. So it is going to be very difficult to get this banned as they will only look to circumvent the banning.
Almost like a year ago or something, Indian Govt had banned porn websites and we all know how it went. So, banning cryptocurrency or any efforts towards it is just going to yield the same results.
By making regulations to the crypto market or it's exchanges, (though I know it is easier said than done) the government can make best use of it. If they try to ban the use or trade of it while the other major countries don't, it will be very easy for people to start trading them on exchanges outside of India and may pave way for more Hawala than ever before.
It's time that the government had indeed understood, just like how efforts to complete prohibition to liquor made it easy for illicit arrack and it's pandemic effects messed up the well-being, banning of crypto currency could well be the beginning of another aftermath like liquor prohibition.
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Los gobiernos y las grandes corporaciones han intentado frenar el éxito del bitcoin, por que se sienten amenazados, y de hecho han logrado frenarlo, pero pienso que sera por muy poco tiempo, El bitcoin y la mayoría de las criptomonedas tienen una gran tecnologia el Blockchain, que por mas que quieran no podrán, pienso que el bitcoin y las criptomonedas tienen el exito asegurado, todo es cuestión de tiempo.
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Banning crypto by a country is bad news. When the mainstream can not participate in crypto the price will drop. But maybe more regulation is needed for the crypto market to grow as a whole. What do you think?
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@timothypeepee I certainly believe regulations will help crypto grow even more rapidly, this is one of the reasons countries are taking it slow...
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Very informative post.
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thank you @sh13 :)
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I think as Bitcoin generates more interest, we'll continue to see a lot of these so-called "bans". Essentially I think governments are worried about these financial devices being used to hide assets and avoid taxation internationally.
Since governments essentially "missed the boat" regarding the creation of the derivatives market so many years ago, they are trying to be more cautious regarding Bitcoin and their ilk. However, in doing so, governments appear to be coming on a bit too strong, almost disrupting the market with their heavy-handed tactics.
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@beachsloth And since they know it's not possible to completely ban this. They are now trying to FUD fear.
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I hope that they are unsuccessful. So far, the fact that bitcoin hit that support level of 8K and rallied back, I think that Bitcoin has quite a journey ahead of it.
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Probably workarounds for banning crypto can be found, if crypto truly is what many supporters thing it is - a way of precisely avoiding government/corporate monopolies
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@ionescur yes it is what I believe as well. but on the other hand, if it is implemented well enough. This can create a huge change in our lifestyle as well as can come up with a new economy.
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The banning of crypto in India would most likely be against their interest and would almost certainly not happen. The action they would take however, will probably mirror South Korea's recent approach, tightening regulations to prevent egregious misuses of crypto.
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@cryptovate I also think the same way.
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@cryptomoneymade lolzz...
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India Need on Crypto Currencies / The state budget India recorded very positive results for 2017 revenues, due to high oil prices and continued implementation of economic reforms aimed at increasing revenues
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@laciri I heard a lot of people are not so positive about this budget, considering a country driven to grow rapidly.
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@bunnychum it is not completelly ban in india. The people can invest...it is just been said it is illegal...
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@steemflow I do believe the same mate, that is what I mentioned :)
It's just media creating FUD
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It is well conceivable that India is going to ban crypto market completely in the country. And if that will happen, then the market will crash. But i think it will slowly recover. In the end, crypto will be the future because digital technology has always won so far. In my oppinion, all the countries who will ban the crypto market will miss out on a great chance to be one of the leading countries in the world.
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@mccoin there wouldn't be a crash for much time, this would mean India is risking its economy to go dark/black money.
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I think a lot of the people are hearing what they want to hear. Which I believe the majority of people want to see crypto fail. So when any news comes out about crypto they spin it in a negative way. Hoping for the collapse of Bitcoin and cryptocurrency.
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@tik how else would they increase their BTC. ;)
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when fiat is by passed governments will try and take back control, same as the barter system was replaced, it should level out soon ,governments are always behind on tech . like your post this topic needs more discussion
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@wolfhart well said, since it's completely decentralized technology, it's completely out of a central control.
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Your statement, " hang tight !!! show is about to start... :)" I find to be so true. The moves by India, China, Russia and even the US are small in of themselves, but combined show major concerns on their parts collectively. One could even say that crypto is in itself a revolution against the power/ control. the last one on this scale, I guess was the Industrial Revolution that was the transition to new manufacturing processes . This one could be the monetary revolution. only problem is the player are bigger, more powerful and greedy as hell with something to loose
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these government just don't want to loose their control on the wealth of people where everyone have to report their transaction to the government which is giving control tot he government to keep an eye on your wealth & they can take any action on anyone anytime.
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Indian exchanges are main reason for all these problems. People deposit money in their (exchange) account and it never reflects. They make tickets and yet no one responds or returns money for months. Same happens with withdrawal.people withdraw money but money never reaches their bank account. Given all these factors people approach court. Because of cases like these it gives an impression that bitcoin is a ponzi scheme. A scam basically. This results in action from government. in order to their citizen the government gives bizzare statement like these.
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@themobilewriter I think zebpay and unocoin are doing good, isn't that true?
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It is zebpay that i am talking about. There are many who withdrew their money and it didn't reach their bank account even after 2 months. Similarly there are cases where people added money to zebpay and it didnot get added even after a month. They created tickets but all they got was assurance. Given all these factors many have approached law firms to get their money back. If this is the situation of zebpay then i wonder what could be the case of other exchanges.
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@themobilewriter think of zebpay a middle man for you to start with crypto, If zebpay is creating any issues you can go for other options such as
https://cex.io/r/0/up104633673/0/ (Buy/Sell BTC/BCH/ETH & now XLM with Credit/Debit Card)
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I had heard about cex.io. but do they support Indian debit cards? If you or anyone else has any knowledge then put some light on this.
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Yes, many of my friends have used their Indian Debit/Credit Cards for buying cryptos on CEX. Also just a catch that card should be in the same name of account owner as it needs to be verified. :)
Hope that helps, consider signing up with my ref link mentioned above, if possible (No harm for you anyway) @themobilewriter
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I will do that while joining. Already saved the referral link on a notepad.
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The crypto market caught the flu!
The flu has been going around here in the US and the cryptocurrency market seems to have caught it too! And now it's vomiting. Just like a person having the flu, the market also needs to wait it out - there is no real medication for this except for time. But even in this bear market - you gotta love it, the highs and the lows, it's all apart of the rush and excitement of the crypto market - it's like gambling but you know your investment will eventually be higher than it was previously at some point in the future due to the low adoption rate globally and the laws of supply and demand and cryptocurrency's deflationary nature. We're going to see some tremendous growth in the overall market cap this year and beyond and I'm so excited about it! This is why you shouldn't get discouraged with your losses, this is the time to learn about the market and really dive into the projects that you want to hodl long term. If you really believe in blockchain and cryptocurrencies, you're in it for the long term. And in the long term, you will make money if you invest into solid long term projects. #rags2riches
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Like everyone mentioned, first they ban then they say to regulate and lastly it is available again. It maybe a move to get the price to fall and then those who has a bunch of coins will gain more when the price goes up again.
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@steemfuture that is actually one of the major reasons
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People read blog titles like this and instantly get some uncertainty, ignore the rest of the post, and assume the worst. This spreads fast.
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Hi @bunnychum russia and turkey for the first in the time world when trading between two states using bitcoin.This is great for bitcoin.
now the crypto money is stronger 💵💱☺
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@mendiyusuf I believe 2018 will be the year when some of the good blockchain technology will get implemented in real life.
hang tight !!! show is about to start... :)
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yes 2018 will pass well..hope will be a good year for all of us 💱💵☺ @bunnychum
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It was 6-7 months ago when the first restaurant (Burger King) started to accept Bitcoin to pay for you food in Russia. And now that Russia Miner Coin (RMC) I am a bit surprised that in Russia they are open minded when it comes to crypto currencies.
I do not believe that India will entirely ban the crypto revolution, most likely they will try some sort of regulations.
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The small difference is that a young man named Buterin is Russian with all that entails. But a former KGB would never have allowed something like that without Vitalik and his potential for Putín.
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I completely agree with you @thomasawa
@bonchov I think so too, India cannot afford to ban crypto.
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@bunnychum India It has a double discourse.
One for when the cameras are turned on and another when they are off. The only thing that they achieve is to inject FUD in the cryptomarket, therefore in the people. And those who suffer the most are those who have less experience.
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Good comment. I totally agree with you @thomasawa
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Now I am getting scared! I am not sure whether this is time to invest or come out of crypto. Very challenging time. I was planning to invest thinking of taking advantage of dip but every day it is dipping further and further. What does crypto investors think?
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@amar123 there are people investing right now and the same way others waiting for more fall. This is something for you to take a decision, considering what you think about blockchain technology and which ones. If we talk about bitcoin "It's still in its early stages" but that's my belief.
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lol current bitcoin and all coin status
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This made my day! LOL..
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@alitavirgen that's hilarious...
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This is the most funniest and relevant thing i have seen on bitcoin till now.
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These are uncertain times. HODL= hold on for dear life... cautiously adding to position.
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ok i understand but most of the countries who are accepting crypto now a days.
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Wow ,good post,and thank you for your attention to my posts 😊
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@irinatsvetkovva thank you
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I have something for you in my new post 😊
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@irinatsvetkovva will be waiting for it 😇
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Look https://steemit.com/photography/@irinatsvetkovva/7-days-black-and-white-challenge-2 😊
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Hello many congratulations for the information @LindaAguila
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thank you @LindaAguila
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Great post sir thank you i follow you your post are ammazing
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@steem.ali thank you
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great post dear
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@suborna thank you
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As i think no one will be able to stop this train. We all know the future as btc hodlr and also know about banks and its strategy of working. But non country want to close this money train.
THANKS @bunnychum NOTE my point.
Its just a flow chart to gain value....
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@abrahem I do feel the same, it is not possible to stop bitcoin entirely.
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Still many people know little about virtual coins.
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Cryptocurrency hasn't been completely banned in India. So there's hope.
I know for sure that Cryptocurrencies matters a lot right now. But in time, Cryptocurrencies will reign. I believe that
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Thank you. I am in control of the ban on banning India
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i am still waiting for the right time to buy bitcoins in india
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exceptional post and intriguing thanks. I unquestionably think the bitcoin will survive
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@vanessak thank you
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thanks for sharing.
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I think officials are just trying to create a hype as people get to know about Bitcoin very late and now everybody knows news of ban will surely bring down the rate but as long as people are holding nothing can burst the bubble. Now its time for investors to take the action.
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@shagungupta exactly my thoughts.
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Just hold on guys whatever the amount of Bitcoin you have.It will reach upto 1crore INR.
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I have a few contacts in india and they are reassuring that its not going to be banned. There was a press release in india yesterday about it.
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Problem is that the current Indian finance minister has a degree in law and has a very little knowledge about finance. His actions are criticised in past. These people are regulating crypto market without understanding it.
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lolzz... @mortyc137
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Looks like the investor is using government to create FUD to filln in there bags.
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that could be a reason as well. @cloudspyder
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I think this is fake. India dont van crypto.
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As soon as the government finds a way to capitalise on crypto they will endorse it completely
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I think this will not happen because india is growing and they will not ban on cryptocurrencies.Good informative post keep it up
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@alizabatool thank you
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How can they actually "ban" a cryptocurrency anyway? Anyone can use crypto with just a phone. Maybe they can stop businesses using it as a form of payment but How can they actually stop people from using to pay for things between each other?
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@s-man I agree with you, it's not possible to ban any cryptocurrency for that matter. However, this is the major concern of governments.
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Don't panic!
India is not going to ban cryptos, they will embrace it!
Cryptos are primed for huge growth!
https://steemit.com/bitcoin/@sunstellar/don-t-panic-bear-market-almost-over
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the opposite of venezuela, which will accept payments of inmates in cryptoactive and everything from the implementation of the petro after February, 20th
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to much FUD
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they can't ban bitcoin
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It doesnt matter what anyone has to say about it. If there is a money making opportunity Indians will find a way around all legal barriers. Meanwhile for the Technical Analysis https://steemit.com/bitcoin/@adityavijayr/bitcoin-btcusd-mid-day-update-be-ready-for-usd7500-usd
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India will never ban crytpcurrency because they also know that this is the future. They just want to want to those people who don't have knowledge about crypto. It just matter of time. Few people interpret wrongly. Till india not using bitcion as legal tender so there is nothing change because no one using bitcoin in India as payment. India cannot remain away from digital world. Arun jately comment only helps to fall crypto. I think this is the best time to buy crytpo. I have also written an article. You can visit and read https://steemit.com/crypto/@kamesh/indian-budget-2018-jaitley-says-cryptocurrency-is-not-legal-tender-eliminate-use-of-crypto-gor-illegitimate-operations .
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Stay strong, dont panic:
https://steemit.com/cryptocurrency/@priyathamreddy/must-see-post-for-all-cryprocurrency-investors-right-now-black-friday-of-cryptocurrency
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The Indian government has left everyone more confused about cryptocurrencies.Yet, the Narendra Modi government hasn’t taken any measures so far to declare them illegal.
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great post
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In India, according to the budget which was published fews days back here is exact citation "Cryptocurrency is not legal tender in India but the govt will explore blockchain to usher in the digital economy, says Arun Jaitley".
"Not a legal tender" just means it cannot be used for buying goods and services within the country but there was no mention about holding or trading cryptocurrencies which I guess is completely legal as it involves KYC.
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This post has received gratitude of 5.36 % from @appreciator thanks to: @bunnychum.
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This post has received a 9.45 % upvote from @booster thanks to: @bunnychum.
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You got a 12.41% upvote from @postpromoter courtesy of @bunnychum!
Want to promote your posts too? Check out the Steem Bot Tracker website for more info. If you would like to support the development of @postpromoter and the bot tracker please vote for @yabapmatt for witness!
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SEPHIROTH!!!!!!! BEST GAME EVER AND CONTINUE AHEAD >;]
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Congratulations! This post has been upvoted from the communal account, @minnowsupport, by Bunny Chum from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, someguy123, neoxian, followbtcnews, and netuoso. The goal is to help Steemit grow by supporting Minnows. Please find us at the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
If you would like to delegate to the Minnow Support Project you can do so by clicking on the following links: 50SP, 100SP, 250SP, 500SP, 1000SP, 5000SP.
Be sure to leave at least 50SP undelegated on your account.
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Its Just FUD because Indian Prime minister Narendra Modi is already working on the project of "cashless Society ".
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Thanks @bunnychum. As per my opinion, Indian prime minister had started “ Jan dhan policy” to bring poor people to banking system. If India adopts crypto now, it may conflict with the above policy, hence India will wait for crypto currency until the govt policy is successful. I believe India will be big on crypto after 2-3 years( after 2019 general election). I believe India might be he biggest beneficiary of blockchain/crypto given it has many poor/ undocumented citizens
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Of course different governments and the banking institutions that fund them seeing cryptocurrencies as a threat to their plans to completely control the money supply. At this point many countries are quietly preparing for a cashless society, because cash as a medium of exchange allows individuals to buy whatever goods and services they desire where and when they want to. It allows individuals to hoard wealth (such as it is) outside the prying eyes of the government. In its best use restricting cash puts the brakes on criminal activities but at its worst, it corrals the populace into monetary streams that are regulated and defacto taxed through services fees.
Think of this again. The government taxes your income, but the banks tax your wealth directly. Everytime a bank charges a "service fee" for withdrawing your own money, that they use for their investments, they are taxing you for the privilege of letting them use your money. It's insane. But if you think ahead, what will prevent a bank, when their dream of a cashless society comes to fruition, of charging your entire balance a monthly percentage? What options do you have? Without a conduit without moving around you can't operate in society, so you have to pick your poison.
Cryptocurrencies are the potential fly in the ointment. A medium of exchange not regulated by goverment or banking institutions? It's a threat. Expect more attacks on cryptocurrency the more popular it becomes.
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nobody can stand in the face of a strong market.
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Correction please , its not Arun jetly, Its Arun Jaitley.
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Just like every other time a government threatened to do so. They either want to tax their slaves or do some insider trading when they cause an massive FUD and dip, probably both.
I'm furious when hearing that governemts will start taxing us on crpyto. When is the oppresion going to end?
Crypto was suposed to be an answer to their broken monetary system and taxation (theft), but it seems more like a psyop and a way to continue fucking us when their monetary system finally crashes.
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View post on dMania
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After India wich country again... Why may people forget that crypto not under goverment control... Cause afraid lose money or just follow trend crypto...
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