July 25, 2024
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The Swadeshi Jagran Manch In India Proposes Complete Ban on cryptocurrency

According to reports, the Swadeshi Jagran Manch (SJM), an Indian economic, political, and cultural organization linked with the nationalist Rashtriya Swayamsevak Sangh, passed a resolution on Bitcoin on Sunday.

Ashwani Mahajan, a co-convenor of the SJM, said PTI.

“The resolution was passed by the 15th Rashtriya Sabha of the Swadeshi Jagran Manch, which concluded in Gwalior today.”

Then, The resolution states:

“The government should outrightly ban buying, selling, investing and otherwise dealing in cryptocurrencies by any person resident in India.”

It also requires crypto investors to sell or trade their cryptocurrencies in a short period of time, subject to the requirement of reporting to the Internal Revenue Service. In addition, the resolution underscores that “disobeying the ban should result in a financial penalty for the person/entity.”

According to the SJM, recognizing cryptocurrencies in India could lead to excessive speculation, which could harm the country’s financial market. The organization went on to say:

“Recognition may also result in money laundering and terror financing as well as capital account convertibility from the back door.”

The SJM also called on the Union’s consumer and corporate affairs ministries to undertake a “aggressive” consumer awareness campaign following the prohibition on cryptocurrency in its resolution. The group emphasized the importance of advising individuals not to fall prey to “deceptive ads” spread by cryptocurrency exchanges, according to the group.

The Swadeshi Jagran Manch also discussed central bank digital currency (CBDC). Of course, which is currently under development India’s central bank, the Reserve Bank of India (RBI).

“The law relating to issuance of digital currency by the Reserve Bank of India should be in frame quickly. The CBDC should be considered as legal tender,” the SJM’s resolution adds, noting:

“Cryptocurrencies such as bitcoin, ethereum, etc should not be as asset or digital asset…”

“because it will indirectly become medium of exchange like currency.”

The resolution of the Swadeshi Jagran Manch echoes the central bank’s position on cryptocurrency. The RBI’s central board of directors states that cryptocurrencies must be completely outlawe

Also, that a partial ban will not work.

The central bank has also expressed severe reservations about cryptocurrencies. Which, it claims might have a negative impact on the country’s financial system.

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