Economy

SJM Demands a “Complete Ban” On Cryptocurrencies In India; Here’s What You Should Know

The Swadeshi Jagran Manch declared at its fifteenth national convention that the Centre must “soon” adopt the law controlling the RBI’s digital currency issuing.

The RSS-affiliated Swadeshi Jagran Manch passed a resolution on Sunday calling for a “total ban” on cryptocurrencies in the middle of the escalating dispute. Members of the SJM have now called on the government to outlaw the purchase, sale, investment, and other kinds of cryptocurrency trading in the country. According to the resolution, internet tokens are being used to launder money and fund terrorists.

The Swadeshi Jagran Manch urged at its fifteenth national convention that the Centre must ‘soon’ implement the law governing the Reserve Bank of India’s issuing of digital currency. It was also indicated that Central Bank Digital Currency (CBDC) should be declared legal money. According to co-convenor Ashwani Mahajan, the SJM’s 15th Rashtriya Sabha ended in Gwalior after passing a resolution denouncing the crypto ban.

The SJM in India is advocating for a cryptocurrency ban.
The SJM gathering stated in a resolution that “the government should outright prohibit any individual resident in India from buying, selling, investing, or otherwise dealing with cryptocurrencies.” People who own cryptocurrencies should be able to sell or trade them in a short amount of time, subject to the obligation of reporting to the Internal Revenue Service, according to the resolution. The organisation also urged that anyone who broke the legislation forbidding bitcoin transactions be fined.

On Cryptocurrencies In India

The resolution declared that “any person/entity who disobeys the ban should face financial sanctions.” It has been suggested that legalising cryptocurrencies could lead to a lot of speculation and have a detrimental impact on the financial market. It went on to say that recognition might lead to money laundering and terror financing, as well as capital account convertibility through the back door.

Following the ban on cryptocurrencies, the SJM issued a resolution encouraging the Union’s consumer and corporate affairs ministries to start a “aggressive” consumer awareness campaign. According to the recommendation, the Centre must advise individuals not to fall for “deceptive ads” produced by crypto exchanges.

It claimed that cryptocurrencies like as Bitcoin, Ethereum, and others should not be considered assets or digital assets, and that the Reserve Bank of India’s rule controlling digital currency issue should be passed as soon as feasible. Digital currencies such as Bitcoin, according to the resolution, have an impact on the currency system. They further suggested that cryptos might be utilised for money laundering because they are untraceable.

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