What if India or China declares bitcoin as legal tender in the country ?

[betswift]

What if India or China declares bitcoin as legal tender in the country ?  What impact will it have on the bitcoin prices and other crypto coins ?

The answer is simple for sure it can drive the demand for bitcoin. Imagine how many people are there in those country, for sure the limited supply of bitcoin would be not enough and guess what happen next? The price of bitcoin would provably rise up and maybe this would became more valuable if that good event happen.

But we cannot expect that this acceptance would happen as easy as we think. Since for sure for now this event is not gonna happen especially the government of both countries doesn't show any sign that they would think about doing that or at least they became a crypto friendly nation.

Yeah, it will only happen if pros will outweigh the BTC not being regulated on Chinese soil  Maybe it will happen and it will have a positive effect, however, it's only a speculation.

[FinneysTrueVision]

As we have seen in El Salvador, declaring Bitcoin to be legal tender won’t really do a lot to create demand. It will at least create a positive environment in countries that have been hostile to Bitcoin and we might see more people starting businesses that focus on Bitcoin.

The latest news that I have heard is that India will get even stricter against cryptocurrency because they want to create their own CBDC. The odds of Bitcoin becoming legal tender in that country are slim to none.

[john_egbert]

As we have seen in El Salvador, declaring Bitcoin to be legal tender won’t really do a lot to create demand. It will at least create a positive environment in countries that have been hostile to Bitcoin and we might see more people starting businesses that focus on Bitcoin.

The latest news that I have heard is that India will get even stricter against cryptocurrency because they want to create their own CBDC. The odds of Bitcoin becoming legal tender in that country are slim to none.

El Sal is not that big and shiny to create the demand - on the other hand, look at India and Chine 
No wonder they want to create their CBDC, they want the game to be on their own turfs.

[fuguebtc]

The latest news that I have heard is that India will get even stricter against cryptocurrency because they want to create their own CBDC. The odds of Bitcoin becoming legal tender in that country are slim to none.

Although India legalized bitcoin years ago but with taxes as high as 30%, the country has never been considered a crypto-friendly nation.

I read that news yesterday too, some news said they are considering banning bitcoin/crypto to focus on building and developing their own CBDC. But I don't think they will do that because bitcoin is basically just considered a commodity in their country, banning bitcoin will only make them lose tax revenue.
India and China are both countries that have an unfriendly attitude towards cryptocurrencies, so I think it is somewhat delusional to expect them to legalize bitcoin as a currency.



https://cryptoslate.com/india-favors-cbdcs-over-crypto-like-bitcoin-despite-top-rank-in-global-adoption/

[AsiaHODL]

Does not need to be declared legal tender. The main thing is that is accessible as a savings technology to citizens in both countries - which of course it is.

[fikrett]

Does not need to be declared legal tender. The main thing is that is accessible as a savings technology to citizens in both countries - which of course it is.

It is, but it's taxed, as it was said - so, they don't utilize it to its full potential, so to speak.