INDIAN FUD is FAKE - There was no reason to panic

[Ric8]

There is a lot of news today which created FUD in the market. But it is important to read between the lines.

- India banning Bitcoin (Fake news)

- Facebook banning ads for Bitcoin and ICOs (to stop ICO scams)

- Bithumb investigation by the Korean government (Bithumb is no longer the number one exchange in South Korea based on volume. Upbit is number one. Also, there will not be a trading halt as the purpose of the investigation is only to find out the cause of the privacy breach that happened last year)

- US Senate Crypto hearing (tether issue has already been explained before and its impact should be negligble in the long term as more exchanges will begin to support USD instead of USDT)

[1715563963]

1715563963

[AK47-]

Indian fud is baseless. True. No reason to panic. Not so true. Let me explain. Indian fud didn't have any concrete developments, nothing that hasn't already been said from Indian government. Recently fraud accounts with exchanges were seized but that was solved soon enough. But the frameworks for BTC regulation and taxation is in works. And given the recent developments Indian government are bent on seizing money from general public that framework will be very stringent, taxation very high. So every reason to panic for Indian investor.

[iram1011]

Actually, there wasn't anything new in the statement. Finance Minister is repeating the same statement for a while now that it isn't a legal tender. Bitcoin isn't a legal tender anywhere except Japan. But media is creating unnecessary FUD. That committee which was setup to look into the matter hasn't yet come up with anything. So for the time, there isn't anything new. Everything is same as before. But that FUD did bring a very good buying opportunity. 

[rejosh]

Are you sure it’s a fake news almost all Indian news papers are reporting that India ban cryptos.    

[Iyanu14]

Blockchain technology has come to stay nothing can stop it as internet can't be stopped have you ever asked your self who is dev behind the creation of first crypto. Who did the govt want to stop the anonymous dev or the internet service. I am not moved by any kind of fud.

[KryptoKai]

Thank you OP for trying to bring some sense to all these fudders. Nothing wrong with what the Indian government has said, in fact all governments should be cutting illegal activities to encourage more investors to join in the crypto world. More development in real projects like NEO, is there an Indian version of ethereum?

[askmecrypto]

Thank you OP for trying to bring some sense to all these fudders. Nothing wrong with what the Indian government has said, in fact all governments should be cutting illegal activities to encourage more investors to join in the crypto world. More development in real projects like NEO, is there an Indian version of ethereum?

Per my understanding. eventually if there are small regulations, it will bring more trust to general public and new comers. There is nothing bad with the statement and its been called upon in the same way since last 6 months.
Media is just manipulating the statement and people are falling for it.

Investors must become mature and start doing research instead of relying on paid media.

[Cryptochuchis]

Today, Indian Finance Minister has issued a statement:

The government does not consider cryptocurrencies legal tender or coin, and will take all measures to curb the use of these crypto-assets in financing illegitimate activities or any part of payment systems.

There is no statement about banning cryptocurrency in INDIA at all.
Read over that again...

'financing illegitimate activities' - This may include drugs/prostitution/terrorism/etc


On the contrary, the statement was continued as

the government will instead encourage blockchain technology in traditional payment systems

Thus, illustrating that the Indian government does indeed see the value behind cryptocurrency, if not as legal tender.

So, a shout out to all new comers specially from south asia, stop panicking and get matured over FUD.



PS: Leave a merit if my post helped you in any way. 

Thanks you for spreading the word. People need to look further than just the local media, since it is trying to spread a lot of FUD recently

[askmecrypto]

Thanks you for spreading the word. People need to look further than just the local media, since it is trying to spread a lot of FUD recently

I will refer them as paid media rather than just the local media.
These guys get paid to oppose any statements released by the government, manipulate it in such a way that shows that the government is against the commoners, etc.

[prehisto]

Today, Indian Finance Minister has issued a statement:

The government does not consider cryptocurrencies legal tender or coin, and will take all measures to curb the use of these crypto-assets in financing illegitimate activities or any part of payment systems.

There is no statement about banning cryptocurrency in INDIA at all.
Read over that again...

'financing illegitimate activities' - This may include drugs/prostitution/terrorism/etc


On the contrary, the statement was continued as

the government will instead encourage blockchain technology in traditional payment systems

Thus, illustrating that the Indian government does indeed see the value behind cryptocurrency, if not as legal tender.

So, a shout out to all new comers specially from south asia, stop panicking and get matured over FUD.


PS: Leave a merit if my post helped you in any way. 

Did read about this alleged banning situation in India and thought to my self that this is raely  bad news if it is true because of the huge population of India.
Nevertheless Your post contains quotes as
 

the government will instead encourage blockchain technology in traditional payment systems

who are you quoting?
Source would be appreciated.

[picaszo]

I hope that's true. Many people are quick to panic with things like that, fake news is the fastest way to drop the price.

[Endikadija]

Are you sure it’s a fake news almost all Indian news papers are reporting that India ban cryptos.    

Read this dude. https://cointelegraph.com/news/india-bitcoin-prices-drop-as-media-misinterprets-govts-regulation-speech It may help you a lot.
People are feeling panic caused by so many FUD in these days. I remember yesterday bittrex released a statement to change all of USDT pair into the real dollar pair. Until the audit for tether will have done in the future and bittrex may stay in real dollar pair.

[GayOfThrones]

This is clear. All mainstream coverage of cryptocurrencies lately seems to have had the only reason to create this FUD and push for the dump of the prices. Indian fake news are just the latest infoscam.

[Jonsnowstark]

Indeed. The indian government is only against using bitcoin in illegal activities, not cryptocurrency itself. It is stated in this update http://fortune.com/2018/02/01/bitcoin-price-india/  that one of the bitcoin wallet generator stood up amid the announcement of the president and made clear what the president really meant. I hope people will look at the whole context of the announcement and not jitter and sell at one glance.

[askmecrypto]

Did read about this alleged banning situation in India and thought to my self that this is raely  bad news if it is true because of the huge population of India.
Nevertheless Your post contains quotes as
 

the government will instead encourage blockchain technology in traditional payment systems

who are you quoting?
Source would be appreciated.

Source comes from the Finance Minister Speech itself, the wordings are as follows:

government would explore the use of blockchain technology to add muscle to the digital economy.

[rehydrogenated]

Government regulations were known to happen from the first holders of Bitcoin. Government regulations will continue. The truth is, governments can't close Pandora's box. If they can Bitcoin, criminals will continue to use Bitcoin or something else. If the government bans crypto they might as well ban the internet.

[askmecrypto]

Are you sure it’s a fake news almost all Indian news papers are reporting that India ban cryptos.    

Its not a FAKE NEWS, but the MEDIA is mis-reporting the real speech and bringing the FUD.
Finance Minister has made his statement against usage of crypto in illegal activities and stating it as "Not a Legal Tender" << This doesn't mean that he banned bitcoin which mostly paid media is using to gain attention.

[xiaoxz]

In fact, not only India, but also China, the United States, all of these countries are encouraging the development of the blockchain. However, they are unwilling to see the chaos in the cryptocurrency market, especially ico, so they did ban ico.

[Ma.KattyClitoris]

This is how the whales are playing,most of the big players and financial institutions are doing this a lot.Because you can pay a website with a little amount so they can start spreading FUDs like this.Most of the people will surely panic when the FUD is within their premises,so keep holding and do not let these FUDs fool you.

[rickn]

These bad news are just an excuse for triggering sales orders, chasing away panic investors with the market crashes, and for big investors to buy tokens and coins for ridiculous prices and arn high profits with a future appreciation