Misinformation On Cryptocurrency Legal Status Can Misinform Even The Smartest!
I wrote about attending the Mint Enterprise Technology Summit in Bangalore recently. There I had the chance to meet and network with top-management of Indian-arm of MNCs as well as startups.
During my discussions one thing became absolutely clear and very quickly. Basically-people in India are highly mis-informed about the legality of cryptocurrencies.
On my blogs I try my best to inform everyone about the facts surrounding the RBI circular and the resulting issues. However, most people including some of the top professionals in the Indian IT industry are under the impression that Bitcoin and other cryptocurrencies has been banned by the government.
I blame it on the massive news media FUD that we saw in India earlier in the year and many times over. This ensured panic selling from everyone, including some of these people who are otherwise very smart with their money choose to sell and exit their positions, not because the market was falling but because there was a ban imposed.
There is no ban imposed by government and unfortunately even today many are unaware of these issues.
That's why it's important to ensure that we pay attention to what the media say but it's crucial that we do our own due diligence when it comes to any financial investment. I interacted with nearly 30-35 people that night and many were under the same impression although they realise the importance of public blockchains and cryptocurrency.
However, it was great to speak to them about this matter and clear the air. Many are very enthusiastic about the evolution of currency as we know it so I left that night feeling very positive about the whole thing.
Has your experience been similar or different interacting with your peers?
Just for the record the case against RBI is still on-going at the Supreme Court and I will be back with more updates on the matter as things move forward. You can also read why RBI cannot ban p2p trading of Crypto here!
If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:
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@firepower, Yes, it's really an unfortunate picture to see people standing with Misinformation and here mainly i want to say that, no one can Ban the Crypto because it's not in the control of any entity and this network is unbreakable. And in India for now only relationship between INR and Crypto is stopped, but really unfortunate to see that media and many people holding so negative thought and using words like banned and illegal.
It's really easy to criticise when everything reflects wrong, but there is an huge difference in Reflects and Reality and that is, Globally Crypto is facing the issues because Crypto is direct threat to FIAT and Fiat is created in thin air. So journey of Crypto will be not easy but this is the journey of true freedom, and people who hold the thinking as we are already living an free life then it's better to wash their illusive mind.
And if we want to get the answer then for sure we have to deep dive into the base because every base holds the reality, like (If someone have pimple they hide that base with layer of cream). Same way we have to dive into the base of fiat and in my opinion the whole Fiat Economy is running on faith and that faith are we. We hold faith towards currencies that's why it holds value, and today people started faith upon Crypto so now Crypto have value, for sure there will be time when we will be converted into the Crypto World.
Wishing you an great day and stay blessed. 🙂
Almost each one of my friend thinks bitcoins are banned and when I tell them about steemit, they don’t take much interest. They still think all these things are fraud and they don’t want to hear about it.
Either they had lost their money in bitcoins or they had seen their knowns losing money in bitcoins last year are the main reasons for their disinterest in cryptos.
Sir jaha tak MERI jankari hai ye vivad abhi Supreme Court me hai. Crypto ki jankari update ab to Aapke blog se milte rhegi .news share karne ke leye bahut bahut dhanyavad.
So true @firepower. It sometimes become so frustrating to explain this to someone in my office. They even compare it with gambling and give me lectures asking me to stop whatever I'm doing. Ufff. 😂
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P2P trading of crypto at present only option for us bit I firmly believe SC will open doors for block chain technology and binding some rules regarding crypto trading and RBI guidelines for limited exchange activities.
India's Bitcoin is closed now.
This miss-information has been harming us greatly.I think due to ignorance or lack of knowledge the wrong impression has been rooted in the mind of people,but we know that till today bitcoin is not banned in india,though the exchange system has not been working now, let's see what will be the outcome of sp .
Good information @firepower thank you.
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That Supreme Court case has been adjourned to infinity it seems.