In Brief:
- RSS-affiliate Swadeshi Jagran Manch passed a resolution demanding the complete ban on cryptocurrency in India.
- The resolution demanded for a quick roll out of law by the government related to the issuing of digital currency by the RBI.
- The resolution explains that Promotion of cryptocurrency may lead to various adverse impacts on the financial market.
As the Centre is still working on a law to regulate cryptocurrency and grant legal status to the digital currency to be issued by the Reserve Bank of India, the SJM has sought that this legislation needs to be expedited.
The RSS-affiliated Swadeshi Jagran Manch (SJM) this Sunday passed a resolution to completely ban any kind of investing, buying, selling, and otherwise dealing in any other kind of cryptocurrencies by any person residing in India.
The SJM claimed that recognising and granting legal status to cryptocurrencies will lead to money laundering, terror financing, capital account convertibility, and more. This in turn will lead to heavy speculation and unfavourably impact the financial market.
Furthermore, the representative stated that those who have acquired cryptocurrencies should be permitted to sell or exchange them within a certain time frame, subject to the condition of notifying the Income Tax Department. The resolution also demanded to educate and create “aggressive” consumer awareness campaigns so that the masses do not fall prey to “fraudulent advertisements”.
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“Although there is no official information about this, it is estimated that about 20 million people have put their money in cryptocurrencies. People [mostly youth] of small and big cities and even villages are getting attracted towards it because they feel that they can get quick profit by putting their money in it,” the SJM noted.
