Crypto FUD: Debunking Myths Surrounding Upcoming New Indian Crypto Bill

Prashant Jha
December 7, 2021
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Economic Survey Of India

The Indian cryptocurrency bill has brought a ton of hype and speculations around the government’s probable regulatory path. Many mainstream and reputable media houses have been found peddling false narratives and fear-mongering, despite the Indian Finance Minister’s assurance regarding a positive approach.

The latest FUD surrounding the Indian crypto bill is regarding possible jail terms and fines for breaching the ban. The tweet made by Bloomberg correspondent Walter Bloomberg talks about a proposal in the first copy of the crypto bill which subjected crypto traders to arrest without warrants for infringing on the law.

There was some early confusion regarding the recently tabled cryptocurrency bill due to similar wordings from February this year. The government sources cleared that it was a bureaucratic procedure and assured that the government has been working on reformulating the flaws with the first draft.  Another thing to note here is that no regulations have been passed yet, and no information has come officially. Most of the reputed media houses are using anonymous sources to report on the matter, but on most occasions, these insider Infos have turned false.

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Crypto Traders Must Wait For Government Clarification

Speculations-led news articles were the main reason behind the downturn in the Indian market a couple of weeks ago, as many of the media publications speculated possible ban. Thus, crypto traders in India must be wary of the source of the information rather than the media publication releasing it.

The cryptocurrency bill has been tabled for discussion during the ongoing winter parliamentary session. Once approved by both the upper and lower house, the bill would finally become a law. Until then crypto traders in India must not panic and fall for false narratives. The government has assured that the crypto market will be regulated as an asset class and while prohibiting its use in the payment sector.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.