Bitcoin's markets are reacting to new comments on crypto-currency regulation coming from India's finance minister Arun Jaitley made during his most recent budget speech in Parliament today, February 1.
After Jaitley noted in his speech that the cryptomoeda is not legal in the country and has promised a crackdown on "illegitimate activities" involving digital coins, a flood of misinterpreted comments warning of a definitive ban appeared in all press and social networks.
At the same time, the central bank of India issued repeated warnings about investing in crypto-coins, some of which seemed to call it illegal.
During his budget speech today, Jaitley stated:
"The government does not recognize criptomoeda as legal currency or currency and will take all measures to eliminate the use of these tokens in financing illegitimate activities or as part of the payment system."
"Arun Jaitley has just killed the cryptomedean party in India,"
Among the crypto-coins, the bitcoin is the one that is most enduring the fall. With the exception of it, all the altcoins have devalued more than 20% in the last 24 hours. As a result, bitcoin is increasing its marketcap, which is now 36%.
