They can't really implement bitcoin through embassy. The only thing they can do is to extend the embassy related services against bitcoin payments. Probably that's the thing they are targeting. As bitcoin is their official currency, their embassy has full right to use it as an official currency in all embassy locations.

As of now, El-Salvador holds embassy in 33 countries only! Also they are not much actively visited by the travellers. So I am not sure how helpful it will be for El-Salvador. But every Chang needs a humble beginning. So that must be it.

What law is he talking about?? There is no law at all in India on cryptos. Nothing has been classified yet. It was only a point mentioned by our FM during last budget session.

I am eagerly waiting for 1st Feb budget session to actually know what the government is thinking about cryptocurrency. Also cryptos really doesn't come under the purview of IT minister. It is really a finance matter so IT minister doesn't hold any say there.

I don't think Amazon will enter into this market. They are probably exploring the opportunity but they will eventually back out due to the questionable nature of the market. They will definitely not sell the random jpg images even if they decide to enter.

What could happen is that Amazon probably will create a marketplace to sell in game NFTs which has certain legal bases. But they won't create anything similar to Opensea. Zeff Bezos won't gamble with reputation.

OP, it is sounding like a science fiction story. The concept is good but the cost of development might not justify the end goal and the value it will bring. But I have something close to your thought which is available right away in wearable tech industry.

You can now implant a chip in your body which can be linked to your bitcoin wallet and you can just tap that chip to make payments.

https://youtu.be/Ihdm87Vm1y4

Watch this video.

never ever do that! Bitcoin is an ultra-volatile asset so it is very important that the investor understands that risk. You can surely guide him on buying bitcoin, using a wallet, etc. But you must not hold his bitcoin in your wallet at any cost. If I were you, I wouldn't do it! But yes, I will share my honest opinion about bitcoin and other related services with that person just to help him find a suitable way. The decision must come from the other person and he can base his decision on my input. But I wouldn't take the risk to do things  on his behalf.

That could be the case! But Modi is not really dependent on the votes of educated youths. So I am not sure if the government will wait for that long. I am pretty worried and eagerly waiting for the budget on 1st Feb. I am sure some sort of indication will be there. But let's hope nothing bad will happen!


I hope all years are safe from the evil eyes of the government! But there are some specific reasons why the Indian government is not very positive about cryptocurrency. The committee they formed to study and suggest about crypto a couple of years back, they came back with the same suggestion to ban and also proposed punitive actions against crypto users. Now the RBI governor! Even though he is a puppet of the government, still his position is an impactful one.

I won't be surprised if FTX again opens up under new management. If I take examples of various banks around the world, usually they get government support to ensure that the bank can restart its operation. However, we haven't yet seen any such things happening in crypto world. rather we have seen a long litigation process and extreme delay in refunding the money of the investors in various cases. So I am not sure if FTX will really start their operation again. But it seems highly unlikely.

It can be only possible if some billionaire steps in and propose to take up their losses and liabilities in exchange of 100% ownership and no legal action, FTX might re-open someday.

That's what surprises me! When US wages war against oil rich countries, it's for saving the mankind against the terrorism. And when Russia goes on war to not allow NATO forces to reach their border, that's a war! How hilarious is that!

War is bad in any shape or form. But the motives behind it needs to be re-justified in future by the US government when another super power will be ready to challenge their dominance. Having one super power is not too democratic.

Some wise man once Said - tokenization is the future! This is one prime example of tokenization. You don't need to move the physical gold, but still you can transfer the value. What else do you need? US lobby needs to be broken for a peaceful world. If it can't be broken, a new lobby should come up to challenge US dominance to maintain balance.

But even if Russia and Iran join hands to create such stablecoin, I don't think that will be made available to the commoners like us. So it will remain a strictly centralized currency system.

For me, XRP is not an asset. The simple reason is that it has a company backing it up so they closely control it's supply in the market. So it has less volatility and also they are focused on cross border payment business where they have already got multiple clients. XRP is very centralized in nature and not comparable with bitcoin in any way.

So I won't consider it as an asset.

I belive US has decided to come down heavily on the decentralised or non-kyc exchanges. That's quite unfortunate! Cryptocurrency is definitely being used by criminals and if US has done it against some irrefutable proof, that's fine!

Eventually the NFT platforms will suffer the similar fate because that's mostly the playground for money launderers. No one of us like KYC but if that particular matter is allowing criminals to freely transfer value, that's not good for the market either.

Just a couple of days back, RBI Governor Shaktikanta Das made some strong statements against cryptocurrencies in general,




As the union budget of 2023 is approaching, do you think it will make the Finance ministry take some strict decisions against cryptocurrency in India? I am worried to be honest!

News ref: https://www.indiatoday.in/cryptocurrency/story/rbi-gov-calls-for-an-outright-ban-on-cryptocurrency-as-union-budget-2023-approaches-2322146-2023-01-16

The ICO boom affected the entire crypto market in a bad way. Scammers made millions while commoners like you and I, lost everything! At the beginning it definitely paid well for those who left the market at the right time. But those who kept on holding with the hope of a rebound, lost money.

It's very similar to the NFT market. Whoever gets in at the beginning of the hype, makes money! Rest all are loosing money provoked by the scammers.

NFTs turn is gone! It will only work if global celebrities decide to launch their own NFTs and actively promote it. But if you are a commoner and you decide to try your luck in NFT market, you will be greatly disappointed. Just try if you don't believe it!

As rightly said by Mr. Elon musk, NFT is just a marketing buzzword and nothing else. This is a hype and when that hype was there, people made money! Now it's dead!

The entire middle East is now trying to come out of the devil grip of US. I won't be surprised if crypto as an alternative is actively being discussed. But it's highly unlikely to become a reality. The simple reason is it's volatility. For a country who are solely dependent of the sales of oil and natural gas, won't gamble on such highly volatile asset.

Most probably the OPEC plus countries will go ahead with a multi currency setup in future where major economies will be granted allowance to use their own currency to purchase oil and gas from Saudi Arabia. Let's hope it happens and let's hope US doesn't wage another war on this issue!

I am sure McDonald's had recently hired some non-sense marketing person who has came up with such non-sense idea. As a fast food chain, they must focus on Customer experience. Metaverse is an unknown territory for them. Where companies like Facebook is struggling and loosing money on their metaverse project, I am not sure what MCDONALD will do any differently!

Let's revisit this thread after a year when they will announce a huge loss on such utility less project which doesn't help their existing business.

CBDC will take over the fiat market in next few years. It has two legs to it. The first leg is convenience which is the USP for the retail users like us. Another leg is full transparency to the government. Financial Anonymity will become a thing of past with the implementation of CBDC. So whether we like it or not, CBDC will be implemented in all major economies in next few years.

Even India has started trial run of CBDC and planning to implement it for commoners like us in next two years. However, it should not impact the crypto market in any way!

China's government is authoritarian by nature. So whatever policies China is making about cryptos will be directly against the interest of the market. That's the trend since very beginning.

Now if China is still contributing a huge amount of mining hashrate despite all the ban, might be controlled by its government and not by individual miners. They always keep everything so secret, it's impossible to know what's happening there! China thinks 50 years ahead of us. So that's why I personally believe if Chinese mining contribution goes to zero, that will be a great news for the market for the long term.

The current RBI governor is a puppet to the government, unlike Mr. Raghuram Rajan. So it's no wonder he is speaking the language of the government. But being a central bank, what else can you expect? Especially when the country is being led by non-progressive party!

But deep down his heart, he knows it very well that cryptos can't be banned completely. It's like banning the porn websites in the country. The ban exists on paper but the websites are all available.

To be honest, El-Salvador is gambling on bitcoin big time. I understand that the president is very bullish on bitcoin but the country will face a bad financial date if the price of bitcoin remains down. They will definitely gain if the price goes higher but Not sure what's their contingency plan if the price goes down?

So whatever bond or instruments they are releasing, are gambling only. Not only for El-Salvador but for the investors as well. I hope they will find some institutional buyers.