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📺 Useful Vids 📺
Fiat Ponzi 👉 https://www.youtube.com/watch?v=L_f6R0DHNH0
The Cashless Society 👉 https://www.youtube.com/watch?v=2Y2EBQxYUok
Video of Senator 👉 https://www.youtube.com/watch?v=OQFdCJLtqFs
– TIMESTAMPS –
2:07 India Ban
5:12 Nigeria Ban
9:03 Chinese Experience
11:58 Impact in India
14:19 Impact in Nigeria
16:53 Impact on Price
18:53 Final Thoughts
⛓️ 🔗 Useful Links 🔗 ⛓️
► India Ban Explained: https://www.bloombergquint.com/enterprise/intent-on-ban-india-to-give-transition-time-to-crypto-investors-bq-exclusive
► India Black Market: https://www.emerald.com/perception/content material/doi/10.1108/IJoEM-01-2018-0034/full/html
► Nigeria Adoption: https://qz.com/africa/1947769/nigeria-is-the-second-largest-bitcoin-market-after-the-us/
► Messari Report: https://messari.io/pdf/messari-report-asia-crypto-landscape.pdf
► Legality of Crypto: https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory
► Crypto Adoption in Africa: https://www.reuters.com/article/us-crypto-currencies-africa-insight-idUSKBN25Z0Q8
🇮🇳 The India Ban 🇮🇳
The major goal of the invoice can be to ban anybody from holding their “personal” cryptocurrencies. The major aim of this invoice was to pave the best way for the creation of an official digital forex that’s issued by the Reserve Bank of India.
The Indian Government desires to outlaw its residents from holding their very own cryptocurrency in order that the RBI can concern their very own Central Bank Digital Currency.
This ban is just not occurring in a single day. The authorities has given cryptocurrency traders a “transition interval” of three to six months the place they’ll liquidate their present cryptocurrency holdings.
Perhaps the most probably route will likely be for them to utterly limit the change of fiat to crypto and vice versa. They might prohibit the cryptocurrency exchanges from providing their providers.
🇳🇬 Nigeria Ban 🇳🇬
Nigeria has confronted a substantial amount of bitcoin adoption over the previous few years. This was the principle rationale behind the transfer by the Central Bank of Nigeria to ban banks from coping with cryptocurrency exchanges.
Unlike the Indian ban, this one was extra speedy. The Central Bank issued a simple directive that banks needed to shut any accounts of these people who have been interacting with cryptocurrency
Despite how abrupt the ban was, it seems to be much less extreme as that of the Indian ban.
🇨🇳 The Chiense Experience 🇨🇳
Despite this “ban”, China is without doubt one of the most crypto loopy international locations on the market. It’s additionally the epicenter of a number of the most well-known crypto exchanges, VC corporations and Miners.
It can be fairly shocking that that is occurring in China, which has a number of the strongest web safety protocols on the market.
China was in a position to proceed regardless of the ban because of customers shifting to OTC buying and selling.
I ought to level out that the ban was much like the one which was applied in Nigeria. Namely, the PBoC prohibited banks from coping with exchanges and different companies that present a bridge between fiat and crypto.
Chinese crypto dealing simply moved away from the centralised crypto exchanges to those Peer to Peer sellers. Chinese residents can simply as simply purchase crypto by way of these native sellers or if they need.
📈 Impact on Price 📈
There will likely be little or no affect on the worth of Bitcoin. When it comes to make use of within the nation, it’s only likley to extend adoption.
Hence, those that maintain Bitcoin in these international locations are going to treasure it extra. They are holding a uncommon worldwide asset that they’ll retailer on a bit of paper – very laborious for the governments to grab.
The major adverse worth affect that this has on the Bitcoin markets is the FUD that surrounds it. Right after the RBI introduced the ban, the Mainstream media pumped out articles
Further proof that you want to see that that is all FUD is the lengthy historical past of the Bitcoin worth with the China “bans”. You have a interval of worth volatility the place the market digests the FUD.
That preliminary Chinese Ban got here in September of 2017 when Bitcoin was value about $4,000.
📜 Disclaimer 📜
The info contained herein is for informational functions solely. Nothing herein shall be construed to be monetary authorized or tax recommendation. The content material of this video is solely the opinions of the speaker who is just not a licensed monetary advisor or registered funding advisor. Trading Forex, cryptocurrencies and CFDs poses appreciable danger of loss. The speaker doesn’t assure any specific final result.
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