Indian federal journalists, and behind them and journalists around the world, said that the Indian authorities intend to prohibit the circulation of crypto currency in the country. And so the unstable course bitcoin began to fall even more rapidly. However, it turned out that the media simply misinterpreted the report of the head of the Ministry of Finance.
The mistake was noticed, among other things, by the large crypto-exchange exchange Zebpay . Its representatives noted that the interpretation that bitcoin is outlawed is not true.
Wrong interpretation: Bitcoin is illegal.
Correct interpretation: Bitcoin cannot be used as legal tender. Bitcoin cannot be used for illegitimate activities.
— zebpay (@zebpay) February 1, 2018
What actually said the Indian Finance Minister is analyzing Freedman . First, he said that the authorities do not recognize bitcoin as a means of payment. Second, the authorities will struggle with using crypto currency in illegal actions. Third, the authorities will recommend people to use crypto currency as a payment instrument. That is, the head of the department did not say anything about any prohibitions. Nevertheless, all the media that disseminated false information refer to it. And fake spread and media with a good reputation. For example Reuters.
After these events, the minister appeared on television and reiterated that he did not really encourage the use of crypto currency. However, at the moment, only an action plan is being developed.