Swadeshi Jagran Manch demands a ban on crypto trading

The Swadeshi Jagran Manch, an RSS affiliated organisation demands a complete ban on crypto trading. Let’s learn more about their opinion.

Introduction

The Swadeshi Jagran Manch (SJM) has passed a resolution urging the Indian Government to put a complete ban on cryptocurrencies for Indian citizens. Their resolution also includes a short period for Cryptocurrency holders. In that time, the authorities will allow holders to either sell or exchange their assets with disclosures to the Tax authorities of India.

The resolution said that “The government should outrightly ban buying, selling, investing and otherwise dealing in cryptocurrencies by any person resident in India.”

This demand came in the fifteenth national meet or Rajya Sabha of the SJM. The SJM also demands that laws related to issuing of digital currency by the Reserve Bank of India need quick completion. Additionally, the authorities need to recognise the Central Bank Digital Currency (CBDC) as legal tender.

Additional Demands

They also hold a demand that the government should not allow online trading platforms for buying, selling or in general, engaging with cryptocurrencies.

They also demand that those disregarding the crypto ban should get financial penalties in the form of fines as rewards. However, they are in the favour of a large scale awareness programme to spread awareness about crypto exchanges. Scams are one of their concerns. Their concern is that that people might get scammed by ‘deceptive advertising’ by these crypto exchanges.

“Although there is no official information about this, it is estimated that about 20 million people have put their money in cryptocurrencies. People [mostly youth] of small and big cities and even villages are getting attracted towards it because they feel that they can get quick profit by putting their money in it,” the Swadeshi Jagran Manch commented.

The reason for the demand

The SJM has the same concerns that the honourable Prime Minister of India has discussed in the past. Illegal and nefarious activities such as money laundering and terror financing were the reasons the government was considering a ban. “Recognition of cryptocurrency may lead to heavy speculation which may in term adversely impact the financial market,” The SJM said.

No issues with Blockchain Technology

On the other hand, The Swadeshi Jagran Manch wants the government to not limit Blockchain technology to Cryptocurrencies. They instead want Blockchain Technology to have implementations in all domains of Economic and social applications.

Conclusion

The Cryptocurrency related debate is quite interesting. Many influential individuals and organisations have expressed their opinion on this debate. Now The Swadeshi Jagran Manch, demands a complete ban on crypto trading.

Hopefully, you found SJM’s take on the Cryptocurrency ban interesting. If you liked this article and would like to read more articles like this, do visit our website for more.

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