The Swadeshi Jagran Manch of India calls for a complete ban on cryptocurrencies.

The Swadeshi Jagran Manch, the Indian economic, political, and cultural organization affiliated with the nationalist Rashtriya Swayamsevak Sangh (RSS), reportedly passed a resolution about cryptocurrency. The organization directly affiliated with the ruling party BJP has called for a complete ban on cryptocurrencies in India. SJM co-convenor Ashwani Mahajan told PTI publication: “The resolution was passed by the 15th Rashtriya Sabha of the Swadeshi Jagran Manch, which concluded in Gwalior today.”

 

“The government should outrightly ban buying, selling, investing in cryptocurrencies.” 

The resolution states, “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. In addition, the resolution emphasizes, “Disobeying the ban should make person/entity liable to a financial penalty.” The right-wing nationalist organization argued that giving cryptocurrency recognition in India could lead to heavy speculation, which could adversely impact the country’s financial market.

 

The Reserve Bank of India is also in favor of a complete ban on cryptocurrencies. 

Earlier this month, The Reserve Bank of India (RBI) had conveyed to its central board that it favors a complete ban on cryptocurrencies. The RBI made a detailed presentation to the board highlighting “serious concerns” relating to macroeconomic and financial stability and exchange management. “The board was apprised of RBI’s stance on the matter.” The central bank also highlighted the challenge of regulating intangible assets that originate overseas. The Indian government is all set to introduce a cryptocurrency bill in the parliament soon.