Here we are again. Just when you think, that everyone is on the same page, you are in for a nasty jolt. For me, the jolt came last night, when Quartz published an article, titled, “After strangling bitcoin, India may launch its own cryptocurrency”. To be fair, I was honestly horrified that i had missed an update or some news that could change the course of history.
As I perused the story, I realized I had nothing to worry about. In typical fashion, it was the same old news that has been pushed down our collective throats since the past few months. “Sources familiar with the matter” stating that “We are evaluating the government-backed cryptocurrency and crypto-token. And we are looking to develop and encourage our own research and development of blockchain technology.”
Not just that, the article goes on to say, “The central bank has constituted a multi-department panel of its own and has been studying the feasibility of launching government-backed digital coins.”
This we know is blatantly untrue because, just recently the Reserve Bank of India, in a Right to Information (RTI) reply told CoinCrunch India that, “There is no new unit created formally in RBI for the purpose mentioned in RTI query. Therefore there is no information to furnish in the matter.”
Another disturbing bit in the article was the claim that RBI had planned to launch its own cryptocurrency and name it Lakshmi coin. Though the RBI had stated the former, there is no concrete proof on record stating that was the name of the purported digital coin.
Leaving aside the matter of circulating old and to be blunt- debunked news, what is more upsetting is to see other publications carrying it without doing due diligence. Publications such as NewsBTC, KryptoMoney, and CCN were some who took the news and ran with it.
Whatever happened to cross-checking facts? Just because news report seems sensational, doesn’t mean its true. As far as public knowledge is concerned, the RBI at the time of writing this article, DOES NOT have a department for studying cryptocurrencies.
Instead of jumping the gun, maybe waiting for an official judgement sounds like a better idea. Don’t miss the forest for the trees.
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