Quote from: Rruchi man on October 21, 2024, 09:23:13 PM

Quote from: arhipova on October 21, 2024, 01:27:18 PM

What if India or China declares bitcoin as legal tender in the country ?

It will increase the relevance of bitcoin as a currency. If a country like China chooses to accept Bitcoin as a legal tender considering that China is one of the countries that many other countries depend on to import some of the products they produce there. If Bitcoin becomes a legal tender it means that buyers from all around the world will be able to pay Chinese manufacturers with Bitcoin. That will be fulfilling the function of Bitcoin as a currency making international trade easier.

Can something like this happen? I say time will tell.

I think this topic have been up for discussions lately and a lot of interests are geared towards this. Generally, the acceptance of Bitcoin by the China and Indian government will make a huge difference in the value and position of Bitcoin and other top cryptocurrencies in the world as both countries have the facilities to boost the use of the technology within their states and also have the population to rally around the currency. But I guess both China and India are being careful about this decision.

One thing I'm also sure of is that both countries, especially China will yet want to have put in place all the necessary management and monitoring tools to the activities of Bitcoin within the country. For security reasons, the countries may like to have a complete account of transactions going in and out of the country's border. This can be a single reason among others that could have discouraged their by-in.