Weird Crypto Situation in India!

I dont trust Indian media at all and I have been following the same since the time I entered crypto because they are not trustworthy and they just do anything to gain TRP and attention without even thinking that what they saying and how it is will impact people. Recently they start doing good so I thought that they are really trying to learn crypto and blockchain and crypto first before they share the news. SOmewhere I was feeling that its good because enow they will be able to share more awareness and bring more positivity to the crypto space in the Indian market but looks like they are not going to change.

Yesterday was not a good day for the crypto community in India. There was an update by parliament that one of the bills is listed to be tabled for discussion in parliament which is needed for regulation but the media took it completely differently. Almost every new channel started reporting that crypto is getting banned. Be it youtube, social media, and tv channels this news was flooding all around which created the FUD situation, and new people surly got affected so they started selling their crypto at low prices. As I already mentioned that I don't rely on them but then I thought of checking some news and videos. It was surprising to see that some people who call themselves so-called stock market experts were giving advice to crypto. It was funny that they were comparing crypto with stocks and giving late reasons.

Below is the USDT/INR chart this says it all. Its a stable coin and usually trade between 77-80 INR but now see the price and its because of these fake and so-called industry experts who try to be expert in crypto as well.

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They are the same people who were saying that the stock market is going to die during the lockdown and at that time even crypto was doing well. During the lockdown when the stock market was crashed badly, even that time crypto was doing well. Even funny thing is that they don't know the crypto ecosystem and how does it work. They mainly say that its not physical and there is no baking but I don't understand that in stock we have backed and even physical presence then why do people lose millions and even companies get bankrupt. Having a physical presence does not really make a difference because its in no way going to help investors. Govt never compensates for the losses by any means so if one person invests in a stock that does not mean their investment in safe.

These people who try to be crypto experts and share their advice on tv channels don't realize that the crypto community is well advanced and this entire ecosystem runs through only and that too in a transparent manner. If a company manipulates something then it will not be public unless the damage is done but on the blockchain thing are public and anyone can see what's happening around.

I don't when these people will really try to learn first before they try to be crypto experts and share their useless advice. Just because of their fake knowledge about crypto many investors got into a fun situation and they did panic selling. Its hurting the crypto ecosystem in India and I think, govt must look into this aspect as well. If a physician can't do surgery then why does a person from the stock market all of sudden starts giving advice to crypto when he does not even know about it. He must learn it first before giving the advice because there is no connection between stocks and crypto.

Thank you so much

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They mainly say that its not physical and there is no baking but I don't understand that in stock we have backed and even physical presence then why do people lose millions and even companies get bankrupt.

I doubt even they tried to understand crypto - let's see what all is part of the bill - forcing for a digital currency and banning others for the sake of that is definitely a good democratic way. I would say, its their inability to regulate and it's easy to do a ban.

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I also think they are not competent enough to understand the technology. This is the irony of India that people who don't know about something, become leaders. Could have been great if someone who understands crypto better takes it forward from govt side.

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Lets see how it goes - the fear I have is that, they have majority to pass any bill - so literally they can do anything they want like autocracy in China.

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I hope we soon find a good solution related to cryptos and the markets! :)

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