Money Control Is at it Again

in HODL4 years ago


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Moneycontrol is an awesome website for traditional investments like Stocks, Mutual Funds, FD's and more but I have to start by saying that I absolutely hate the mainstream media in India who just want their ratings to go up and for that, they will cook up any story they want based on Confidential Informant.

Today an Article came out on Moneycontrol Website titled India to ban trade in cryptocurrency, government working on a law which on a first glance looks very bad but honestly its just a Refurbished Article from two months back. Now in the article most of the statements are true but they are worded to look bad for Crypto. For Example

The government has been holding consultations with law ministry, ministry of information and technology, and the RBI for a framework of a law that will formally end trading in cryptocurrency in India, the official said.

The article said the above quotation but according to an RTI filed by Indian User, the consultations are definitely being done but not just to end Crypto Trading but rather how to regulate them as well as if Banning is even possible. The article further said

The government had in 2017 set up a panel led by then finance secretary Subhash Garg to study the ecosystem of cryptocurrencies.
In its report, the panel proposed a ban on all forms of private virtual currencies. However, it also asked the RBI and the government to look at the possibility of official virtual currency.
It suggested a fine of up to Rs 25 crore and imprisonment of up to 10 years for anyone dealing in them.

But they completely forgot that the same Finance Secretary came on a podcast with a lot of Crypto Enthusiasts and told that they were in a hurry to make the law and further added that there is definitely a possibility of Cryptocurrencies being treated as a Commodity.

So yeah if you ask me it seems like the article only states the facts that fit their narrative which is that Crypto is Bad. BTW this is the same Article that they put on their website 2 months ago behind a paid wall.

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Well half truth is no truth!

Recycling an old article isn't going to do any good for the image of moneycontrol. Mainstream media is unreliable not just in Indai but everywhere else in the world.

It's really a shame to see a website which is quite good with their articles in traditional Investments go the dark side and just publishing anything and everything.

Damn that sucks ! I thought with latest news India was beginning to be "neutral" at least to cryptocurrencies.

What happened there?

For the time being, I believe India will remain Neutral because the Bill that is currently being proposed to the cabinet is the same bill which was made without any Research and that led to the Supreme Court ruling the decision in our favour so if they introduce the same bill then they will lose again.

Yes, the demerit would be the fact that India will be behind in the Blockchain Race.

We do have some states that are pro Blockchain and TCS have already developed their first Blockchain Solutions so yeah future is definitely bright.