Swadeshi Jagran Manch demands absolute ban on cryptocurrencies in India
The organization warned the government that recognizing digital assets can lead to illegal activities
27.12.2021 - 12:55
257
1 min
0
What’s new? Swadeshi Jagran Manch (SJM), an affiliate of the Rashtriya Swayamsevak Sangh (a right-wing nationalist paramilitary organization), has passed a resolution calling for an absolute ban on cryptocurrencies in India. This is reported by The Hindu.
Information on The Hindu website
What are the SJM’s demands? The organization has demanded that the government completely ban the buying, selling, investing, and other operations with cryptocurrencies by anyone residing in India. SJM is known for its radical proposals to improve the Indian economy.
Why does the organization consider the ban is necessary? SJM argues that mere regulation of cryptocurrencies is not enough to protect consumers from cybercrimes. The organization has warned the government that recognizing digital assets can lead to illegal activities, including money laundering and terrorist financing. The resolution to ban cryptocurrencies provides punishment for non-compliance with the updated law.
What had happened before? The Reserve Bank of India (RBI) also sought a total ban on cryptocurrencies in India. The RBI called for an absolute ban on cryptocurrencies, considering them as a threat to macroeconomic and financial stability. However, in December, it was decided to introduce the new regulations for the crypto market.
Useful material?
Telegram 
Twitter Technologies
Network fees will be integrated into the cost of swaps
Nov 22, 2024
Market
The company’s unrealized profits from investing in its first cryptocurrency approached $14 billion
Nov 19, 2024
Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Cryptocurrency rates
-
Bitcoin
$99 537
BTC
+0.71%
-
Ethereum
$3 296.09
ETH
-2.66%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$1.42
XRP
+16.33%
-
Dogecoin
$0.400238
DOGE
+3.41%
-
Cardano
$0.963873
ADA
+19.15%
-
Bitcoin Cash
$486.91
BCH
+0.27%
-
Stellar XLM
$0.317773
XLM
+24.69%
-
Polkadot
$6.32
DOT
+7.5%
-
Litecoin
$90.27
LTC
+0.62%