Now India might have to Buy Crude Oil from Iran in BitCoin
The petrol prices are on fire! In a country where free electricity, free water, free gas can win you elections - imagine what cheaper petrol prices can do.
In other news - Iran is permitting the use of Crypto Currencies for
International Settlements.
The Iranian deputy minister of trade went on to say - "in our major markets such as Russia, China, India and Southeast Asia, using cryptocurrencies is common"
God bless him - he is so misguided. Please someone tell him that in India, the politicians knows nothing! They are just a bunch of ... trying to decide what a is BitCoin and how best to kill it.
We had been recently talking about how in the future - if India has to go asking for a loan, the Co-Lateral asked won't be gold, but
it will be BitCoin.
Now, let's get some more facts in:
Let's talk about - OPEC+ Russia is the biggest power here and as we know, Russia likes Crypto. They will be really happy to pay for Oil in Crypto. This will make matters even worse for India because India does not have bitcoin reserves while other countries in the same boat - countries who import oil, Russia among them have plenty of BitCoins to spare.
As a result, if the petrol prices in India rises - due to lack of BitCoins in India - we know whom to blame!
Source Hindustan Times - India, which imports more than 80% of the crude it processes, imported about 23.5 million tonne of Iranian crude, nearly a 10th of its requirement, in 2018-19 on lucrative terms
Next time these lucrative terms might involve payment in bitcoin ... we will see how it goes.
Obviously, things might had been different if
BitCoin was Legal in India.
