Talks of a cryptocurrency ban began firing up around the world as India’s Minister of Finance used harsh words to describe the market and his plan of action in the near future.
However, as the frenzy ensued, a significant amount of misinformation spread, leading several news publications to interpret the statement by the Minister as a full-blown call to ban the entire cryptocurrency market in the country.
“The government does not consider cryptocurrencies legal tender or coin and will take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system,” said Arun Jaitley, India’s Finance Minister.
For most people who take the time to read it, the statement is very clear on the fact that Jaitley was talking about cracking down on illegal uses for cryptocurrencies, but not on the market itself.
“We are happy that the Finance Minister has recognized the importance and popularity of cryptocurrency, and has chosen to talk about it on budget day. As far as the exact content of what he said, we are largely neutral about it. However, we are pained to see his words being misinterpreted and misreported, by a section of the media,” said Sunny Ray, founder of Unocoin, one of India’s largest exchanges.
Sandeep Goenka, founder of ZebPay, stepped in with comments of his own, saying that the exchange welcomes the government’s initiative to stamp out criminal activity in the local cryptocurrency market.
Goenka also emphasized that they will support the government’s decision by making efforts to “detect, report, and eliminate suspicious transactions” much like how banks do.
The third executive to step in was Mohit Kalra, CEO of Coinsecure.
He said that the recent statement by the Finance Minister is nothing out of the ordinary for the Indian government, and added that this “just seems like a lot of unnecessary media FUD.”