As the Indian government deliberates on the country’s crypto policy, there has been some confusion in media reports regarding crypto regulation in India. A group of local crypto enthusiasts and community members have gathered in an effort to ensure that the crypto situation in India is accurately portrayed.
Also read: Indian Lawmaker Says ‘Cryptocurrency Is Inevitable’
Problem With Misinformation
While the Indian government has not decided on the direction of the country’s crypto policy, a number of media reports have painted an inaccurate picture of the actual situation. The banking restriction by the Reserve Bank of India (RBI) and the draft bill to ban cryptocurrencies have contributed to misleading reports such as India banning cryptocurrency or crypto exchanges and prohibiting crypto trading or owning cryptocurrencies.
To prevent misinformation from spreading, a number of Indian crypto industry stakeholders and community members gathered on Dec. 14 for an event in New Delhi called “Unwind 2.0.” It was co-organized by Indian crypto exchange Coindcx and blockchain startup Inblox Network. Coindcx CEO Sumit Gupta explained to news.Bitcoin.com on Tuesday:
There is still a huge misrepresentation that crypto is banned in India but the fact is crypto companies and exchanges are not allowed relationships with RBI-regulated entities like banks. However crypto companies are free to operate on their own.
He added that “Due to the misrepresentation of many such facts and information, the true picture does not emerge to people outside the crypto space, accounting for 99% of the total Indian population.” The CEO additionally described:
Currently, mainstream media reports all the negative news, and gives little notice to positive ones. There are many positive news but [they] go uncovered.
Getting Mainstream Journalists on Board
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