Nearly all media shouted the bill is ready to be submitted over an FM comment which people in crypto already know has been going around for years.
I want to tell every reader, if you see something on mainstream media, contact me to confirm if that is correct. Because more often than not, they are wrong, misinformed or plain stupid.
The Bulletin for 6th session of the 17th Loksabha is out. It contains a tentative list of bills that are to be tabled in this session. As I had predicted, the cryptocurrency regulation bill is not on the list.
And before I can feel anything around the bill itself, I have to acknowledge my anger towards media channels that spread the news that it was likely the bill will be in the session. From CNBCTV18 to FirstPost, no one backed out or researched the information enough to know that the bill might not be presented in the parliament.
When the Finance Minister Nirmala Sitharaman made a statement around the crypto bill, she said to The Hindu –
“We have done a lot of work on it. We have taken stakeholders’ inputs. The Cabinet note is ready. We have to see when the Cabinet can take it up and consider it so that then we can move it,”
FM Nirmala Sitharaman
Does this quote in any way interpret that the bill is ready? That it is set to be submitted into parliament in the monsoon session?
The journalists of the below channels feel like they can twist this statement into it, and then they did, leading to countless crypto investors being anxious, their friends and family warning them, several journalists from other media channels rushing to put out their own versions of the report, and overall multiplying the spread of this disinformation.
Who will hold the journalists accountable?
CNBCTV18 declared “Cryptocurrency Bill set for Monsoon Session”
The article was written on July 10 and pretty much confirmed that the bill is going into the monsoon session.
FirstPost Declared “Center Readies Crypto Bill for Parliament’s Monsoon Session”
This article was written just yesterday (July 12), without a single regard for the truth of course which is that the FM never said the bill will be tabled, she said, the cabinet note is ready.
Business Insider went a step further and said, The Finance Minister has confirmed crypto bill is ready for Monsoon Session.
Once again, the country’s Finance minister never said the regulations are ready. “We have done a lot of work on it. We have taken stakeholders’ inputs. The Cabinet note is ready. We have to see when the Cabinet can take it up and consider it so that then we can move it,” she said in an interview to The Hindu.
These are just a few examples of the carelessness the media channels follow while reporting the news.
No one cares about the truth and it bums me out. Here’s our entire team discussing the quote from the FM in detail and not one person interpreted it as the bill is ready for the session.
I request everyone to share this article with as many people as you can. We need to educate investors to really know their sources before believing news articles.
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