Post
Topic
Board Bitcoin Discussion
Re: What if India or China declares bitcoin as legal tender in the country ?
by
Smartprofit
on 21/10/2024, 17:30:02 UTC
What if India or China declares bitcoin as legal tender in the country ?  What impact will it have on the bitcoin prices and other crypto coins ?

It is technically impossible to make Bitcoin the main means of payment in a country with a population of over 1 billion people. As far as I remember, the Bitcoin architecture allows for no more than 400,000 transactions per day. This limitation simply does not allow Bitcoin to be made an official means of payment in China or India.

In addition, what about runes and ordinals, which can unexpectedly increase transaction fees not even several times, but by orders of magnitude?

China and India are interested in protecting their national currencies, and they are also planning to introduce CBDC.

Bitcoin may become an integral part of the gold and foreign exchange reserves of these countries, but it is unlikely to become an official means of payment in India and China (in my opinion, this is an unlikely event).