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News about Crypto Bill in India has been the same since July 2020

In the past couple of days, various news channels are talking about the possibility of the Government of India passing a crypto bill soon. Most of the channels have quoted policymakers, but there is no conclusive evidence or source of the information. Moreover, the statements by policymakers have been repeated.

The Current News

Most channels have sourced the news from the Press Trust of India (PTI). It reads, “Finance Minister Nirmala Sitharaman on Monday said she is awaiting an approval from the Cabinet on bill on cryptocurrency as the proposed legislation is before it. Cabinet note is ready on cryptocurrency (Bill). I am awaiting Cabinet to clear that.” The last time too the Union Minister said the same thing.

The news also states, “(Inter-ministerial Panel on Cryptocurrency under the Chairmanship of Secretary of Economic Affairs) It has recommended that all private cryptocurrencies, except any virtual currencies issued by state, will be prohibited in India.”

“RBI Governor Shaktikanta Das had said there are no differences between the central bank and the Finance Ministry on the matter,” also mentioned in the news.

A screenshot of ‘the news’ published by Business Today is below.

Source: Business Today

The Same News is Reiterated

Last year Coin Crunch India (CCI) reported similar news about the cabinet note. 

Even last month CCI reported that Minister Sitharaman had made an almost identical statement, which was misconstrued by media channels as a hint about tabling the Bill in Monsoon Session.

One channel was wary enough to dig deeper and threw more light on the situation; it’s Business Today. It tried to clear out the ambiguity surrounding the statements and also checked with industry professionals, by publishing another article in response to the previous one.

“We are pleased to see that the government is pressing for crypto legislation. Emerging technologies such as blockchain and cryptocurrency, as well as AI and machine learning, hold the key to future economic prosperity,” Siddharth Menon, COO WazirX, told Business Today.

Menon further told Business Today, “We are yet to know more about the final contents of the bill submitted and how it would impact the Indian crypto community and businesses.”

The Information that we don’t have

The Government has not released any copy of the bill, so speculation should not be made. It can be misleading.

The last updated crypto bill is still available on the website of PRS Legislative Research. There has been no further official update about the bill on the website.

The Union Finance Minister has just said that the Bill is being discussed by the Cabinet. Nobody knows whether the bill is the same as the previous or is it different.

When the time will arrive, the legislators will make an official announcement about it through an official channel.

News must be verified from official sources, otherwise, it can cause FUD among the consumers. This FUD might prompt them to take unusual steps which may result in some kind of loss. In the age of digital media, any news can circulate in a matter of clicks. So, the consumers must be vigilant and check the veracity of any news, especially the sensational ones.

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