Economy

SJM Demands a “Complete Ban” On Cryptocurrencies In India; Here’s What You Should Know

In its fifteenth national meeting, the Swadeshi Jagran Manch stated that the Centre must ‘quickly’ implement the law governing the issuing of digital currency by the RBI.

In the midst of the growing debate over cryptocurrencies, the RSS-affiliated Swadeshi Jagran Manch passed a resolution on Sunday calling for a ‘complete ban.’ Members of the SJM have now urged the central government to prohibit the purchase, sale, investment, and other forms of dealing in all types of cryptocurrencies in the country. The resolution claimed that internet tokens were being used to launder money and finance terrorism.

In its fifteenth national meeting, the Swadeshi Jagran Manch stated that the Centre must ‘quickly’ implement the law governing the Reserve Bank of India’s issuance of digital currency. The need for Central Bank Digital Currency (CBDC) to be considered legal tender was also mentioned. The SJM’s 15th Rashtriya Sabha concluded in Gwalior, according to co-convenor Ashwani Mahajan, after passing a resolution on the crypto ban.

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On Cryptocurrencies In India
On Cryptocurrencies In India

In India, the SJM is calling for a ban on cryptocurrencies.
“The government should outright prohibit any person resident in India from buying, selling, investing, or otherwise dealing in cryptocurrencies,” the SJM meeting demanded in a resolution. The resolution also demanded that people who own cryptocurrencies be allowed to sell or exchange them in a short period of time, subject to the requirement of reporting to the Internal Revenue Service. The group also demanded that anyone who disobeyed the law prohibiting cryptocurrency transactions face a penalty.

“Any person/entity who disobeys the ban should face financial penalties,” the resolution stated. It was stated that recognising cryptocurrencies could lead to a lot of speculation and have a negative impact on the financial market. “Recognition could lead to money laundering and terror financing, as well as capital account convertibility through the back door,” it continued.

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After banning cryptocurrencies, the SJM passed a resolution urging the Union ministries of consumer affairs and corporate affairs to launch a “aggressive” consumer awareness campaign. The Centre must warn people not to fall prey to “deceptive advertisements” run by crypto exchanges, according to the report.

It stated that cryptocurrencies such as Bitcoin, Ethereum, and others should not be recognised as assets or digital assets, and that the Reserve Bank of India’s law governing the issuance of digital currency should be enacted as soon as possible. The resolution argued that digital currencies such as Bitcoin have an impact on the currency system. They also claimed that because cryptos are untraceable, they could be used for money laundering.

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