Indian PM’s Twitter Account Hacked – Bitcoin is Not Accepted in the Asian Country

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For a brief moment past Sunday, Indian Bitcoin fans were in seventh heaven. It seemed that PM Modi finally made Bitcoin legal tender as one of his tweets said. It was a very surprising move considering the government’s latest signals about the ongoing battle against Bitcoin adoption. It turned out to be fake as the Prime Minister’s cabinet announced shortly after the tweet that Modi’s account was compromised.

Or hacked, in simpler terms. The tweets have been so far deleted so there’s no change in India’s plans to ban Bitcoin and other private cryptocurrencies. Instead, the country will proceed as planned, with the digital Rupee planned for launch soon.

A Serious Risk

The now-deleted tweet by PM Narindra Mori stated that Bitcoin has become legal tender in India. It also said that the country bought 500 BTC and is distributing them to residents in the country. It managed to get a few hundred likes until it was deleted approximately 3 minutes ago. Twitter users were confused by the information and as it turns out, the PM’s Twitter account was hacked.

Which is the bigger problem if you ask us. The fact that a Prime Minister’s account was compromised is a serious letdown for the Indian government and Twitter too. The account has since been restored, but this kind of breach could pose serious problems down the road. Diplomatic incidents may arise from such behavior, so the PM’s cabinet can’t just let this slide.

The compromised tweets come at a very bad time. As previously announced, the Indian government is set on bringing a bill during the winter parliament sessions that will ban all private cryptocurrencies, Bitcoin included. This is all done in favor of the new digital Rupee that will be launched in a joint effort with the Reserve Bank of India.

Of course, no crypto investors are happy about it, which is why the controversial tweet caused such a stir. To make matters worse, this isn’t the first time the PM’s Twitter account was hacked. It happened last September too, so the cabinet should really think long and hard for extra security measures to prevent further breaches.

What Will Happen with Bitcoin in India?

The proposed government bill that may be drafter into a law should outlaw all private cryptocurrencies in the Asian country. This also includes exchanges which have been doing great business so far. After years of haggling with the idea, the government and RBI are set to announce a new digital asset, which is the road many countries plan to take instead of going with cryptos.

The bad thing about it is that they’ll kill an industry worth millions. Cryptocurrencies are pretty popular in India, and with the Rupee on shaky ground, it’s clear to see why. Instead of regulating the crypto industry and making profit, such controversial moves by the government will result in money being spent elsewhere.

We’re eager to see what happens during the winter parliamentary sessions and hope that the PM sees things otherwise.

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December 15, 2021: • No Comments

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