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Indian political group calls for outright ban on cryptocurrencies

India

TL;DR Breakdown

  • Group calls for outright ban of crypto in India.
  • SJM says locals that does not comply with ban should be fined.
  • RBI also support calls to ban crypto.

Indian political group, the Swadeshi Jagran Manch (SJM), has called on the government to ban cryptocurrency in the country outrightly.

SJM, an economic, political, and cultural organization affiliated with the nationalist Rashtriya Swayamsevak Sangh (RSS), passed the resolution about cryptocurrency at the 15th Rashtriya Sabha of the Swadeshi Jagran Manch, which concluded in Gwalior today.”

No crypto activity in India

The group stated that the government should outrightly ban buying, selling, investing, and otherwise dealing in cryptocurrencies by any person residing in India.” It also mandates crypto investors to sell or exchange their cryptocurrencies within a short period of time, subject to the provision of submitting information to the Income Tax department.

They recommended that whoever disobeys the ban should be subject to a financial penalty. They argued that cryptos recognition in India could lead to heavy speculation, which could adversely impact the country’s financial market.

In the political group argument, they held that regulating crypto is not enough to protect consumers from crypto crimes. The organization alerted the government that recognizing cryptocurrencies could lead to illegal activities, including money laundering, terror financing, and capital account convertibility ‘from the back door.’

RBI also want crypto ban

The Reserve Bank of India also reportedly sought a blanket ban on cryptocurrencies. In the Central Board of Directors of the Reserve Bank of India (RBI) meeting, it was speculated that the RBI called for an absolute ban on cryptocurrencies, levying them as a threat to macroeconomic and financial stability, along with exchange management.
The central bank also highlighted the challenge of regulating intangible assets that originate overseas. The government is set to introduce a cryptocurrency bill in the parliament soon.

Muhaimin Olowoporoku

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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