According to reports, the nationalist Rashtriya Swayamsevak Sangh’s subsidiary Swadeshi Jagran Manch (SJM) passed a resolution calling for a ban on cryptocurrency in India. “Breach of the prohibition shall result in the individual/entity being liable for financial penalties,” the resolution stated.

Swadeshi Jagran Manch wants to completely ban cryptocurrencies in India

This Swadeshi Jagran Manch (SJM), an Indian economic, political and cultural organization affiliated with a nationalist organization Rashtriya Swayamsevak SanghAccording to reports, a resolution on cryptocurrencies was passed on Sunday.

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

The resolution stated:

The government should completely prohibit anyone living in India from buying, selling, investing, and otherwise trading cryptocurrencies.

It also requires crypto investors to sell or exchange their cryptocurrency within a short period of time, provided that they submit information to the income tax department. In addition, the resolution emphasized that “violation of the prohibition shall result in an individual/entity being liable to financial penalties.”

SJM believes that the recognition of cryptocurrencies in India may lead to a lot of speculation, which will adversely affect the country’s financial markets. The organization stated:

Acknowledgment may also lead to money laundering and terrorist financing and capital account convertibility through the back door.

In its resolution, SJM further called on the Consumer Affairs Department and Corporate Affairs Department of the Alliance to launch an “active” consumer awareness campaign after banning cryptocurrencies. The organization emphasized the need to advise people not to fall prey to “deceptive advertisements” that it claims to be spread by cryptocurrency exchanges.

Swadeshi Jagran Manch also discussed the central bank digital currency (CBDC) being developed by the Reserve Bank of India (RBI), the central bank.

“The laws related to the issuance of digital currencies by the Reserve Bank of India should be formulated quickly. CBDC should be considered legal tender,” SJM’s resolution added, noting:

Cryptocurrencies such as Bitcoin and Ethereum should not be regarded as assets or digital assets, because they will indirectly become a medium of exchange like currency.

Swadeshi Jagran Manch’s resolution echoes the central bank’s view on cryptocurrencies.At a recent central board meeting, the Reserve Bank of India stated that cryptocurrencies must Completely banned And a partial ban will not work.The central bank also voiced many times Serious concern Regarding cryptocurrency, it said it may have a negative impact on the country’s financial system.

A cryptocurrency bill was included in the parliamentary winter meeting for consideration.However, the bill is No introduction According to reports, the government Rework bill. According to reports, Indian Prime Minister Narendra Modi (Narendra Modi) final decision Regarding the country’s encryption legislation.He recently stated that cryptocurrency should be used Empower democracy.

What do you think of Swadeshi Jagran Manch’s call for a total ban on cryptocurrency? Do you think the Indian government will listen to its advice and ban encryption? Please let us know in the comments section below.

Kevin Helms

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