On Sunday, India’s prime minister Twitter account was hacked for a short period with a crypto giveaway promotion. The 73.4 million Narendra Modi followers found themselves stunned as their prime minister promoted a Bitcoin giveaway. The fake message was simple, the tweet said that India was to adopt BTC as legal tender and 500 Bitcoins would airdrop to the people. Now, this comes at a time when India is looking to ban all cryptocurrencies.
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Twitter Account Hacked!
As officials would put it, bad actors compromised the Twitter account belonging to Prime Minister Narendra Modi. This brief security breach caused a malicious tweet to go out on behalf of the verified account.
“India has officially accepted Bitcoin as legal tender. The government has officially bought 500 BTC and is distributing them to all residents of the country.”
Considering how shocking the statement is and how poorly it is written, one can’t help but to find some humor in the matter at hand. After all, on these bearish days of December, as India is passing a bill to ban all cryptocurrencies, this Tweet was far-fetched.
Shortly after, the office of the Prime Minister of India Tweeted and ask the followers to “Ignore” all messages written when hackers had control.
No Crypto Giveaway!
India is considering a Cryptocurrency and Regulation of Official Digital Currency Bill that will essentially ban most cryptocurrencies. The plan is to prohibit all private cryptocurrency. The justification is the ban will help “to create a facilitative framework for the creation of the official digital currency issued by the Reserve Bank of India (RBI)”.
Having rolled our eyes, what is means is that the government is banning and criminalizing crypto investment. This is to help create and grow the national cryptocurrency by the central bank.
The Indian government has been maintaining a firm stance on cryptocurrencies. However, a massive number of Indian people are actively and passively making income from crypto. In that regard, going through with a possible ban could be quite a challenge. At this point, there are uncertainties about whether the bill would pass.
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