Swadeshi Jagran Manch calls for crypto trading ban

RSS affiliate Swadeshi Jagran Manch passed a resolution on Sunday demanding that the central government completely ban the buying, selling, investing, and other activity in cryptocurrencies by anyone in the country. The law relating to the issuance of digital currency by the Reserve Bank of India should be framed “expeditiously” and the Central Bank’s digital currency (CBDC) considered to be legal tender, said Swadeshi Jagran Manch (SJM) at the meeting. its fifteenth national meeting.

“The resolution was passed by the 15th Rashtriya Sabha of Swadeshi Jagran Manch, which ended in Gwalior today,” training co-organizer Ashwani Mahajan told PTI. The national meeting began on December 24. “The government should rightly ban the buying, selling, investing and all other activity in cryptocurrencies by anyone residing in India,” demanded the resolution. He also said that people with cryptocurrencies may be allowed to sell or trade the same within a short period of time, subject to providing information to the income tax department.

“Disobeying the ban should make the person / entity liable to a financial penalty,” adds the resolution. The resolution adopted at the national meeting of the SJM argued that the recognition of cryptocurrencies could lead to high speculation and have a negative impact on the financial market. “Recognition can also lead to money laundering and terrorist financing as well as the convertibility of the capital account through the back door,” he added.

EU Ministries of Consumption and Affairs should launch an ‘aggressive’ consumer awareness campaign, after banning cryptocurrencies, to advise people not to fall prey to the ‘misleading ads’ being disseminated by “So-called cryptocurrency exchanges,” particularly in Tier 2 and Tier 3 Cities, the LSU said in its resolution. “The law relating to the issuance of digital currency by the Reserve Bank of India should be framed quickly. The CBDC should be considered legal tender,” he said, adding: “Cryptocurrencies such as Bitcoin, Ethereum etc. should not be recognized as an asset or a digital asset, as it will indirectly become a medium of exchange like a currency. ”

(PTI)