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India’s cryptocurrency bill has caused a lot of excitement and speculation about the government’s position on regulating this area. Despite the assurances of the Indian Finance Minister that the future approach is positive, many, including reputable media outlets, are spreading false information and stirring up panic.
The recent FUD around the Indian cryptocurrency bill concerns the possible imposition of prison sentences and fines for violating the existing ban. A tweet from Bloomberg correspondent Walter Bloomberg talks about a proposal in the first draft of the cryptocurrency bill, according to which violating the law crypto traders will be arrested without a warrant.
An Indian bill to ban crypto payments proposes the arrest without a warrant of citizens who violate the law and deprive them of their right to bail.
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
At first, there was some confusion regarding the recently introduced cryptocurrency bill, due to the wording drawn up in February this year. Government sources explained that this is exclusively a manifestation of bureaucracy, and assured that the government is working to correct the shortcomings of the first draft of the bill.
It should also be noted that no official statements, including on the adopted amendments, were made. To reason on this topic, most of the well-known media take data from anonymous sources, but in most cases this insider information turns out to be false.
News articles based on speculation were the main reason for the downturn in the Indian market a couple of weeks ago, as they talked about a possible ban. Thus, India’s crypto traders should check the source of the information.
The cryptocurrency bill will be discussed during the current winter parliamentary session. It will enter into force only after approval by both the upper and lower houses of parliament. Until then, crypto traders in India should not panic and succumb to provocations.
In the end, the government gave assurances that the cryptocurrency market would be regulated as an asset class, but that their use in the payments sector would be banned, which is not news for a long time.
#Indias #cryptocurrency #bill #surrounded #rumors
