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Moneycontrol Peddled Incorrect Info and Rumours about Cryptocurrency as Facts in the latest video

Less than a day ago Moneycontrol, India’s leading financial news source published a video of their segment “Editor’s Take”, speaking about Cryptocurrencies. The people in the video are Sakshi Batra, the anchor and Gaurav Chaudhary, the deputy executive editor at Moneycontrol. 

The video very scarily titled “Holding Crypto Assets could be punishable under Law”. 

Now, we’ve known mainstream media and even alternative media sometimes spreading FUD about cryptocurrencies and we have countered it time and again. We even put out the possibilities and the solution if government decides to ban cryptocurrencies.

Fact Check: Can India Ban and make it punishable to hold Bitcoin, Crypto?

However, this time, it wasn’t just FUD, the speakers were truly ill-informed about the subject and they are now spreading that incorrect information to their viewers. That is why we need to counter it, again. 

What did Moneycontrol Say?

In a gist, Gaurav Chaudhary and Sakshi Batra got the following things wrong: 

  • Government spoke about Cryptocurrencies, the first time at Union Budget. 
  • Dealing in cryptocurrency is illegal and they are banned in India.
  • RBI = Government of India, and together they are clamping down on unregulated Bitcoins. 
  • Companies dealing in cryptocurrencies are illegal.
  • Supreme Court said Companies dealing in cryptocurrencies are illegal.

Moneycontrol relayed this information based on unnamed sources and rumours, these are not true, these are possibilities but has not happened yet: 

  • Garg Committee is planning to recommend an amendment in Currency Act to make holding of unapproved cryptocurrencies illegal and a punishable offence.
  • India will launch a government backed digital currency called Lakshmi in two years.

Things Moneycontrol got right in the video:

  • Bitcoin or cryptocurrency is not a legal tender. 
  • Government is referring to virtual currencies as assets. 
  • RBI asked banks and intermediaries to stop dealing with cryptocurrency exchanges in April and gave three months to wind up their ties. 

If you’re interested, you can read the entire transcript of the conversation here.

Coin Crunch India Counters

I, founder of Coin Crunch India decided to speak to our friends, readers and followers live on Youtube about this and counter the points. You can watch the video below. 

We at Coin Crunch, appeal Moneycontrol to take their video down and invite experts to the studio to have a healthy debate on cryptocurrencies and blockchain rather than peddling rumours as factual information. Opinions must be factual. 

Here’s the Moneycontrol Video for those who are interested. 

Not Just Coin Crunch India

The video has received a lot of criticism from Crypto community across India. Sohail Merchant, the CEO of Pocketbits Cryptocurrency exchange released a statement on twitter countering the points made by Moneycontrol and also appealed to take the video down. 

I hope we can see a future where mainstream media, communities are working together to spread factual information. Until then, we at Coin Crunch India will try to correct them when they are wrong. Hopefully they will listen.