Crypto FUD: Debunking Myths Surrounding Upcoming New Indian Crypto Bill
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.
INDIA BILL SEEKING TO BAN CRYPTO PAYMENTS PROPOSES MAKING THOSE WHO INFRINGE THE LAW SUBJECT TO ARREST WITHOUT WARRANT AND BEING HELD WITHOUT BAIL -DOCUMENT
— *Walter Bloomberg (@DeItaone) December 7, 2021
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.
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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