PIB Denies Cryptocurrency Regulation Rumors Amid Market Volatility

The Press Information Bureau (PIB) has issued a statement to clarify that there is no truth to recent rumors about the Ministry of Finance considering regulation of cryptocurrency. The PIB made this announcement after a false social media post claimed that the Ministry had asked the Reserve Bank of India (RBI) and Securities & Exchange Board of India (SEBI) to examine the possibility of regulating cryptocurrency.

This development comes at a time when cryptocurrency markets are facing significant volatility, having fallen nearly 50% from its October record high of $126,000 on June 25. This dip was attributed to recession fears and elevated geopolitical tensions, leading institutional capital to rotate out of crypto and back into traditional safe havens like US Treasuries and physical gold.

The PIB emphasized that India does not recognize cryptocurrency as an asset and that no such directions have been passed by the Ministry of Finance. The statement urged netizens to rely solely on official sources for verified information.