Swadeshi Jagran Manch raised the demand for a complete ban on cryptocurrencies

RSS-affiliated Swadeshi Jagran Manch (SJM) has passed a resolution demanding a complete ban on the purchase, sale, investment and any type of transaction related to cryptocurrency from the central government. The SJM in its 15th national meeting on Sunday passed a resolution saying that a law related to the issuance of digital currency by the Reserve Bank of India should be made soon.

The proposal also seeks to give legal status to Central Bank Digital Currency (CBDC). Ashwini Mahajan, co-convener of SJM, told that the proposal should completely prohibit the purchase, sale, investment and any other type of transaction of cryptocurrencies on behalf of any person in the country from the government. The proposal also states that people holding cryptocurrencies may be allowed to sell or exchange them within a limited period, which will have to be reported to the Income Tax Department.

Swadeshi Jagran Manch has demanded that the person or entity who violates the ban should be fined financially. The proposal argued that the recognition of cryptocurrencies could lead to increased speculation and would have a negative impact on the financial markets. This can also lead to difficulties such as money laundering and financing for terrorist activities. According to the proposal, the Ministries of Consumer Affairs and Corporate Affairs should conduct a consumer awareness campaign advising people not to fall prey to “misleading advertisements” by “alleged cryptocurrency exchanges” following the ban on cryptocurrencies.

The resolution states that cryptocurrencies such as Bitcoin, Ethereum should not be recognized as an asset or digital asset as they would indirectly become a currency-like medium of exchange. The law related to the issuance of digital currency by the Reserve Bank of India should be made soon. CBDC should get legal status. Even before this, cryptocurrencies have been opposed in the country. The central government says that it will regulate this segment by enacting a law related to cryptocurrencies. The bill related to this was to be introduced in the winter session of Parliament but it has been postponed.

(This news has not been edited by NDTV team. It has been published directly from Syndicate feed.)

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