In a recent update, Changpeng Zhao, CEO of Binance, popularly referred to as CZ, in a recent update via one of the most popular social Media platforms, Twitter revealed his thoughts about India’s action on banning cryptocurrencies in the country.
Changpeng Zhao Believes It’s A Matter Of Reverse Psychology
What is at play in India right now could be related to reverse psychology. Saying “don’t use this” doesn’t actually push people away.
In India today, despite the laws surrounding cryptocurrencies, the people of India seem to be all in on the technology now than ever.
On one of the cryptocurrency exchange lucky enough to still be in operation in the country, Bitbns, bitcoin trading has gone to the roof. Data show that there has been a high volume of buy orders on the exchange. These orders have sent the price of Bitcoin on bitbns’ exchange higher than others globally. This action has proven CZs words true.
The more it is “banned”, the more people want it. https://t.co/weOVZGCaz3
— CZ Binance (@cz_binance) June 22, 2019
The country’s economy seems to be on a downhill. As the country’s currency, the Rupees continues to lose value, Indians seek ways to keep their wealth. Bitcoin, therefore, proves a valuable tool as a store of value.
War Against Cryptocurrencies In India
The country India presently has one of the strongest regulations guiding the most valuable cryptocurrency, Bitcoin. This regulation is also stronger than that of China.
In India, people are not allowed to trade, hold, or make any financial transactions using Bitcoin. There have been cases in the past where bank accounts of those involved in crypto related transactions have been closed.
The more various governments condemn the cryptocurrency, the more popular it gets. This is because of the cryptocurrency anonymous feature which makes it hard to link users to certain transactions.
According to a report by BTCNN earlier in February 2019, it indicates a high demand for cryptocurrency related jobs by Indians.
It is very much possible that these individuals are being paid in cryptocurrencies behind government knowing.