RSS-backed SJM wants cryptocurrency ban, calls for central law – The New Indian Express

Through Express press service

NEW DELHI: The Swadeshi Jagran Manch (SJM) has called for a comprehensive cryptocurrency ban and called for expediting a digital currency law by the Reserve Bank of India.

In its nationwide conclave that concluded on Sunday, affiliate RSS called for a delay to allow holders of the cryptocurrency to exit their stocks.

“The government should outright prohibit the buying, selling, investing and any other dealings in cryptocurrencies by anyone residing in India,” the SJM national conclave resolution said.

“Cryptocurrencies like Bitcoin, Ethereum should also not be recognized as an asset or a digital asset as they will indirectly become a medium of exchange like a currency.”

He also called on the government to allow people holding cryptocurrencies to sell or trade them within a short period of time, subject to providing the information to the IT department.

“The government should prohibit the online trading platform to buy, sell or otherwise trade cryptocurrencies or crypto-assets currently in circulation. Failure to comply with the prohibition should render the person/entity liable to a monetary penalty. »

Blockchain technology shouldn’t be tied only to cryptocurrencies, he added. He also called on the departments of consumer affairs and commercial affairs to launch an aggressive consumer awareness campaign regarding the ban on cryptocurrencies.

The Reserve Bank of India’s issuance of digital currency law should be framed ‘swiftly’ and Central Bank Digital Currency (CBDC) deemed legal tender, Swadeshi Jagran Manch (SJM) said at its fifteenth national meeting.

“The resolution was passed by the 15th Rashtriya Sabha of the Swadeshi Jagran Manch, which concluded in Gwalior today,” co-organizer of the outfit, Ashwani Mahajan, told PTI.

The national meeting began on December 24.

“The government should rightfully prohibit the buying, selling, investing and trading of cryptocurrencies by anyone residing in India,” the resolution demanded.

He also said that people holding cryptocurrencies may be allowed to sell or trade them within a short period of time, subject to providing information to the income tax department.

“Failure to comply with the prohibition should render the person/entity liable to a financial penalty,” the resolution adds.

The resolution adopted at the national meeting of the SJM argued that the recognition of cryptocurrencies could lead to high speculation and have a negative impact on the financial market.

“Recognition can also lead to money laundering and terrorist financing as well as backdoor capital account convertibility,” he added.

The Union’s Consumer Affairs and Union Affairs Ministries are set to launch an ‘aggressive’ consumer awareness campaign, after banning cryptocurrencies, to advise people not to fall prey to ‘misleading advertisements’ spread by “so-called cryptocurrency exchanges,” particularly in Tier 2 and Tier 3 cities, the LDS said in its resolution.

“The law relating to the issuance of digital currency by the Reserve Bank of India should be drafted quickly. CBDC should be considered legal tender,” he said, adding, “Cryptocurrencies such as Bitcoin, Ethereum, etc. should not be recognized as assets. or a digital asset because it will indirectly become a medium of exchange like a currency.

(With PTI inputs)

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