As the clock struck 12 pm on February 1, 2018, amidst the national budget the Finance minister of India, reiterating its earlier stand on cryptocurrency, said
“…The Government does not consider crypto-currencies legal tender or coin and will take all measures to eliminate the use of these crypto-assets in financing illegitimate activities or as part of the payment system. The Government will explore the use of Blockchain technology proactively for ushering in the digital economy.”
This statement resulted in much speculation on whether cryptocurrency has been banned, or what is the government’s legal position on it. While some criticized, two things were in favor and one against
1.) blockchain and cryptocurrency found mention in the Budget
2.) “The Government will explore use of blockchain technology proactively for ushering in digital economy,”
3.) The Government does not consider crypto-currencies legal tender or coin and will take all measures to eliminate the use of these crypto-assets in financing illegitimate activities or as part of the payment system.
The outcome from the first point only goes to say impact it has is so widespread, and there is an understanding that it exists in a strong way.
The third point which means that there has neither any indication by the government that it is banning exchanges nor does it stop people from holding cryptocurrency. It is just saying that the government doesn’t recognize cryptocurrency as money, which no country in the world does except Japan. This meant there was no change in stance from the government as it had made clear previously that cryptocurrencies were not a legal tender and It would want to curb down its use in illicit activities.
What lies critically is the second point. It may look like a small step but may have some big implications in the way the country with 1.5 billion people works. If implemented in a fine manner this could be a significant support system as India is making the use of technology as ultimately the biggest and most basic use of blockchain is to reorganize record keeping and transactions and create systems that can share information.
Breaking down this statement brings us to a point that although the currency might not have been accepted the technology- blockchain has definitely made way into the world second largest country by population. What is needed is a truly unified framework of laws and regulations around cross-border taxation, KYC, fund management, and assets for this technology to become successful in India
Bitcoin Gold Got 51% Attacked, Now Surges By 19%
“Based on Nicehash market price data for Zhash we estimate the cost of generating each reorg at around 0.2 BTC (~$1,700) and the attacker would have recouped around the same value in block rewards. Therefore, it is possible that the attacks were profitable if the double-spends succeeded at defrauding the attacker’s counterparty, or break-even if the double-spends were unsuccessful. This suggests that a confirmation requirement on the order of tens of blocks for BTG is still far too few to make the budget constraint to launch an attack significant,” the report read.
Key BTC Indicator That Called 2019 Bull Run Flashes Again
BTC/USD gained around 3.8% since Friday, having bounced off the local lows around $8,200. “Nice breakthrough of $8,600 level and we're back in the range. This means that the $8,000-8,100 level has now flipped as support,” he summarized in a tweet on January 27.https://twitter.com/CryptoMichNL/status/1221701112505552897The key BTC indicator which flashed green also led van de Poppe to think that "a retest of $8,500" is possible after which "we can aim for $8,900" as he said.A classic guidance signal for Bitcoin is also the Mayer Multiple, which is firmly supportive of Bitcoin as a buying opportunity this week. Meanwhile, the Bitcoin news now show that the leading cryptocurrency is at $8,643 with a 2.30% increase on the day.
The Mega Rejection At $9,200 Which Worried BTC Bulls
“Overall, Bitcoin is exactly where [I] anticipated; slowly grinding up towards previous resistance… I’m very much of the opinion that Bitcoin will reach to at least $12,500 level before the halving,” he said.Another analyst wich a Twitter nickname Financial Survivalism said that he thinks that BTC is on track to hit $20,000 by July 1st and would likely extend its gains in the news few months.
Bitcoin Needs PR From People Like Peter Schiff: Binance CEO
“I think Peter is doing great to promote bitcoin. He probably does not realize that given his illogical reasoning, most people will do exactly opposite of what he says,” he wrote.https://twitter.com/cz_binance/status/1220978020686548992In the Binance news, CZ concluded saying that “We need more of these types of ‘negative’ voices.”Bitcoin needs PR from people like Schiff and as CZ said, the gold bug was already notorious for his posts attacking Bitcoin which claim that gold is superior to the cryptocurrency. Last week, however, Schiff was undermining his credentials after he blamed the wallet provider blockchain for "losing" his Bitcoin holdings worth 0.21 BTC ($1,750) that he received in the form of donations in 2019. In the event, Schiff had simply confused his pin with his password - something that went viral in the cryptonews all over the world.However, Schiff continued to allege that Bitcoin investors were the true ignorant party for choosing cryptocurrency over the precious metal.
“Bitcoin bugs are saying I'm not qualified to give advice about Bitcoin because I don't know the difference between a pin and a password. I know the difference now and my advice hasn't changed,” the tweet which inspired CZ read.Schiff also added that "Those bitcoin bugs still don't know the difference between #Bitcoin and #gold."Binance CEO thinks that Bitcoin needs PR from people like Schiff and it is clear why he resonated with this. On the other hand, many experts believe that Schiff failed to react to market movements and lost people money.As to what the gold bug claims, the precious metal has failed to deliver for investors in 2020 already, firmly decreasing while Bitcoin boomed this year. Meanwhile, the crypto market is very stable today and Bitcoin seems to have stabilized, potentially leading the market to a new rally.
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