Is India accepting bitcoin as legal tender? A free bitcoin airdrop to all residents? Just a fake tweet from India Prime Minister Narendra Modi’s twitter account! However, would it be a signal for India embracing bitcoin and other cryptocurrencies?
On 12 December, hackers attacked the Twitter account of Indian Prime Minister Narendra Modi. It tweeted: “India has officially adopted bitcoin as legal tender.” Even more, it asks all residents of the country to join a 500 bitcoin free airdrop event.
Twitter swiftly restored the account, deleting the tweet after the hack. Modi’s twitter account has over 73 million followers, the most of any world leader.
The twitter hack is not a single event. Last year, hackers attacked the Twitter account of the India PM, promoting a fake bitcoin donation.
Modi’s case last year was just a part of a widespread hack. Hackers attacked the official Twitter accounts of Elon Musk, Bill Gates, Joe Biden, and other influential individuals. Their accounts tweeted a bitcoin giveaway scam, which was the largest bitcoin hack on Twitter to date. The teenager who masterminded the attack was sentenced to three years in prison.
PM Modi to Decide on India Crypto Regulation
Meanwhile, India’s crypto regulation has been the market focus. The country with 1.38 billion population is still designing its crypto regulation framework. The Parliament of India will possibly finalize India’s stance on cryptocurrencies in the winter session this year.
Potential options for India’s crypto regulation bill reportedly include “a complete ban on private cryptocurrencies”. Additionally, the Indian government may give a deadline to crypto holders to declare their crypto holdings. The punishment for any violators may be up to 200 million Rupees ($2.64 million) or 1.5 years in prison.
In certain measures, Indian Prime Minister Modi will make the final call on crypto regulatory measures in the country. Lately, India has seen an explosive boom in bitcoin and crypto trading. However, Modi stated all nations should ensure crypto “does not end up in wrong hands, which can spoil our youth.”
At this sensitive time period, Modi’s twitter hack may be a catalyst for Modi’s decision on crypto regulation.
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