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India’s Swadeshi Jagran Manch calls for a complete ban on cryptocurrency – regulation – Crypto News

Swadeshi Jagran Manch (SJM), a subsidiary of nationalist Rashtriya Swayamsevak Sangh, has reportedly passed a resolution calling for a ban on cryptocurrencies in India. “Failure to comply with the ban should punish the person / company with fines,” the resolution said.

Swadeshi Jagran Manch wants crypto to be completely banned in India

the Swadeshi Jagran Manch (SJM), the Indian economic, political and cultural organization associated with the nationalist Rashtriya Swayamsevak Sangh, is said to have passed a resolution on cryptocurrency on Sunday.

Ashwani Mahajan, co-chairman of SJM, told the PTI publication: “The resolution was passed by the 15th Rashtriya Sabha of Swadeshi Jagran Manch, which ended today in Gwalior.”

The resolution states:

The government should completely ban the buying, selling, investing and otherwise trading of cryptocurrencies by any person resident in India.

It also obliges crypto investors to sell or exchange their cryptocurrencies within a short period of time, subject to submitting information to the income tax department. In addition, the resolution emphasizes: “Failure to comply with the ban should result in a financial sanction.

The SJM argued that the recognition of cryptocurrency in India could lead to fierce speculation that could adversely affect the country’s financial market. The organization developed:

Recognition can also lead to money laundering and terrorist financing as well as convertibility of the capital account through the back door.

In its resolution, the SJM also called on the EU ministries for consumer affairs and corporate affairs to launch an “aggressive” consumer awareness campaign following the ban on cryptocurrencies. The organization stressed the need to advise people not to fall victim to “fraudulent advertising” alleged to be circulated by cryptocurrency exchanges.

The Swadeshi Jagran Manch also spoke about the central bank digital currency (CBDC) that the central bank, Reserve Bank of India (RBI) is working on.

“The Reserve Bank of India’s Digital Currency Issuance Act should be drafted quickly. The CBDC should be viewed as legal tender, “adds the SJM’s resolution, stating:

Cryptocurrencies like Bitcoin, Ethereum, etc. should not be recognized as an asset or a digital asset as they indirectly become a medium of exchange like currencies.

Swadeshi Jagran Manch’s resolution reflects what the central bank said about cryptocurrency. In its most recent central board meeting, RBI said that cryptocurrencies completely blocked and that a partial ban doesn’t work. The central bank has also made repeated comments serious concern regarding cryptocurrency, which could have a negative impact on the country’s financial system.

A bill on cryptocurrencies is to be passed in the winter session of parliament. The bill, however, was not introduced and the government is supposed to be revision the statement. Indian Prime Minister Narendra Modi is reportedly taking one final decision about the country’s crypto legislation. He recently said that crypto should be used to Strengthen democracy.

What do you think of Swadeshi Jagran Manch calling for a complete ban on cryptocurrency? Do you think the Indian government will take their advice and ban crypto? Let us know in the comment section below.

Kevin Helms

Kevin, a student of Austrian economics, found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the interface between economy and cryptography.

Photo credits: Shutterstock, Pixabay, Wiki Commons

Source: Crypto News Austria

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