Swadeshi jagran Manch (SJM), which is an affiliate of nationalist Rashtriya Swayamsevak Sangh reportedly adopted a resolution asking for the ban on cryptocurrency in India. “Disobeying the ban should make person/entity liable to financial penalty,” the resolution states.
Swadeshi Jagran Singh Manch Demands Crypto Ban in India
Swadeshi jagran Manch (SJM), an Indian economic, cultural and political group affiliated to the Rashtriya Swayamsevak Sangh nationalist, passed a resolution regarding cryptocurrency on Sunday.
SJM co-convenor Ashwani Mahajan told PTI publication: “The resolution was passed by the 15th Rashtriya Sabha of the Swadeshi Jagran Manch, which concluded in Gwalior today.”
According to the resolution:
Any Indian resident should be exempted from buying, selling or investing in cryptocurrency.
The resolution also requires crypto investors to exchange or sell their cryptocurrency within a limited time period, provided they provide information to Income Tax. In addition, the resolution emphasizes, “Disobeying the ban should make person/entity liable to financial penalty.”
The SJM argued that giving cryptocurrency recognition in India could lead to heavy speculation which could adversely impact the country’s financial market. This is what the organization said:
This recognition could lead to money laundering or terror financing, as well as conversion of capital accounts from behind the door.
In its resolution, the SJM further called on the Union ministries of consumer affairs and corporate affairs to launch an “aggressive” consumer awareness campaign after banning cryptocurrencies. The organization stressed the need to advise people not to fall prey to “deceptive advertisements” it claims are being circulated by cryptocurrency exchanges.
Swadeshi Jagran Mench also addressed central bank digital currency, or CBDC (central bank digital currency), that the Reserve Bank of India is currently working on.
“The law relating to issuance of digital currency by the Reserve Bank of India should be framed quickly. The CBDC should be considered as legal tender,” the SJM’s resolution adds, noting:
It is not appropriate to recognize cryptocurrencies like bitcoin and ethereum as assets or digital assets, as they will inextricably become mediums of exchange similar to currency.
The Swadeshi Jagran Manch’s resolution echoes what the central bank has been saying about cryptocurrency. At its central board meeting, the RBI stated that crypto currency must be completely banned. It also said that it will not succeed if there is only a partial ban. The central bank has also repeatedly voiced serious concerns regarding cryptocurrency, which it said could negatively impact the country’s financial system.
According to the list, a bill on cryptocurrency was expected to be considered during parliament’s winter session. But, the bill wasn’t introduced. The government is apparently reworking it. Indian Prime Minister Narendra Modi is reportedly taking a final decision on the country’s crypto legislation. Recently, he stated that cryptocurrency should be used in order to strengthen democracy.
Swadeshi Jagran Mangach’s call for cryptocurrency ban? What are your thoughts? Are you sure that India will listen to its call and ban crypto Please comment below.
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