American SEC to rule on Crypto – and the Indians haven’t given up.

You have to be very careful when reporting things and listen carefully to what people say. The truth is governments will want to regulate what we do with any kind of storage of value.

Just yesterday the US stock market took over 1000 point dive which caused the traders to go into currency (which was good for me if you read my currency trading posts). But something is round the corner that could really benefit the Bitcoin world.

J. Christopher Giancarlo, chairman of the CFTC, and his colleague Jay Clayton from the Securities and Exchange Commission (SEC), will testify on Capitol Hill tomorrow. And the process of fielding questions from the Senate Banking Committee is likely to yield one or two notable moments given recent developments in the space – including those involving the agencies themselves.

Of course, they should say that they have no control over the cryptocurrency because, in fact, it is not owned or run by any government, but by complex mathematical formulae running on computers all over the world.

The Indian Government have not actually banned crypto.

Shockingly the media (owned by banks mainly) blew out of all proportion comments by an Indian minister

“The government does not recognise cryptocurrencies as 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 payments system,” said Finance minister Arun Jaitley.

Firstly, the government doesn’t have to recognise it. They don’t own it. They can’t take any measures to stop something they cannot control. But hear what he’s saying. They will try and eliminate ILLEGITIMATE activities, which to me means bad things. He knows just as well as we all do that they don’t have control and if we want to use it we will. The real reason for this hatred of crypto is more likely to be tax. Remember it wasn’t so long ago that India banned the largest denomination of their notes with just a week’s warning. This meant that quite a few people had to cash in the notes and declare them before the deadline or lose their money.

So, if the things that are driving Bitcoin’s recent fall are simply fake news, or news exaggerated, it won’t be long before the market recovers, as in fact, news has only the power to move a market temporarily.

Want to ban crypto? Good luck with that.