What Arun Jaitley (Finance Minister of India) during his final #budget session said - “The Government does not consider #cryptocurrencies legal tender or coin and will take all measures to eliminate use of these #crypto assets in financing illegitimate activities or as part of the payment system,”
What Media writes -"Cryptocurriencies are illegal in India."
Please research the topics before you write about it and go all out denouncing it.
As a part of that research, let me just define 'legal tender' with the help of #Investopedia- Legal tender is any official medium of payment recognized by law that can be used to extinguish a public or private debt or meet a financial obligation. The national currency is legal tender in practically every country. 'Legal tender can only be issued by the national body that is authorized to do so.'
So, according to this, #USD and gold are also not legal tenders in India.
This fuss led the Bitcoin prices to drop to $4500 for few seconds, and then back to $9010.
Media controls the mind of the masses. It shapes the society. It is not just a power, it is a responsibility.
Appreciate the FM realizing the potential of #Blockchain. Hope he will work on using the technology in his #governance & boosting the Blockchain startups.
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