Bitcoin falls due to misinterpretation of Indian government speech

The cryptocurrency market has shuddered after several traditional media outlets misinterpreted a speech by the Indian government on the regulation of cryptocurrencies.

Following the statement of Arun Jaitley, Indian Finance Minister, in which he clarified that for the moment the cryptocurrencies are not accepted by the government as legal tender and promised an offensive against the illegal activities that could be carried out with these , an avalanche of comments and news flooded social networks warning that India had banned the use of cryptocurrencies absolutely.

Since the monetary reforms that have taken place in the country in recent months, the interest in Bitcoin has skyrocketed, and the local exchange platforms have grown massively thanks to the great attention shown by the population.

During the speech, Jaitley notably avoided any mention of the legality of cryptocurrencies, but the comments of third parties and the false information published by journalists in search of the best headline, have come to confuse readers by believing that the ban was imminent.

Journalists related to cryptocurrencies such as the Cointelegraph correspondent, Joseph Young, have tried to stop the wave of false news through their social networks. In situations like this we verify the importance of contrasting the information only with reliable sources. This reaction of the traditional media shows some fear of the unstoppable growth of the market, which they try to stop with this type of movement.