India: Bitcoin Prices Drop As Media Misinterprets Govt’s Regulation Speech853.32

After Jaitley noted in his speech that cryptocurrency is not legal tender in the country and promised a crackdown on "Illegitimate activities" involving crypto, a flood of misinterpreted comments warning of an outright ban appeared across the mainstream press and social media. "Arun Jaitley has just killed India's cryptocurrency party," Quartz's article on the subject proclaims, citing a lawyer who expects "a legislative mechanism or... suitable amendment in existing legislation to ensure that dealing and trading in cryptocurrency is made illegal and to penalise entities and individuals who are involved in their trade and circulation." In what universe does this look like a ban? Indian finance minister said it will eliminate usage of cryptocurrencies like bitcoin in "Criminal use cases." Mainstream media took it as "It will eliminate usage of cryptocurrencies" and forgot the rest.
Original source

Add comment

Please Sign in to be able to leave comments.