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
363
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?
Market
Companies added a record 159 107 coins to their balance sheets during the reporting period
Jul 10, 2025
Market
The company created its own vault to save money
Jul 9, 2025
Market
The blockchain analytics company has received a strategic investment from the stablecoin issuer
Jul 8, 2025
Mining
It will allow for the identification of market participants for the application of special regulation and taxation
Jul 7, 2025
Incidents
The payments may be hindered by local laws, the exchange pointed out in a motion to the court
Jul 4, 2025
Crypto regulations
The regulator is also ready to participate in the creation of a legislative framework
Jun 30, 2025