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

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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.

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