India Cracks Down On Illicit Activity Paid With Cryptocurrency

 

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Episode #3

What do you get when you mix overzealous media outlets and statements from government officials about regulating cryptocurrencies?

You pretty much always get inaccurate information — which usually includes the word “ban.” Unfortunately, it’s proven to only cause mass confusion and sell-offs driven by fear & panic.

India’s Finance Minister basically stated that cryptocurrencies would be banned from use for illicit activities. Somehow, the worldwide headline because “India bans cryptocurrencies.”

In January, we saw similar cases out of South Korea, where initially a ban on cryptocurrencies was announced and then the media corrected the communication to indicate that it was only a consideration and not even an official one. It turns out, the hoopla was just about adding regulations to prevent investors from trading anonymously on exchanges.

It begs the question, is there someone out there who wants the confusion? Are they doing this on purpose?

If so, why? How would they benefit from cryptocurrency markets losing steam and value?

Listen, as we set the record straight with the facts — straight out of India.

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