Arun Jaitley did not make any pointed remark on a ban of cryptocurrencies, nor signal a clampdown on cryptocurrency exchanges. A side note – India’s tax authorities are, in fact, using the help of cryptocurrency exchanges to chase tax evaders.
However, the immediate aftermath of Jaitley’s remark sparked a torrent of erroneous reporting from India’s national press and mainstream media outlets about the Indian government outlawing and banning cryptocurrencies.
“Arun Jaitley has just killed India’s cryptocurrency party,” screamed a headline from Quartz India, one of the earliest mainstream publications to report on the finance minister’s statement. ‘It appears to be the end of the road for cryptocurrencies in India’, read the introduction to the article with the rest following in a similar tone.