The Swadeshi Jagran Manch has called for a ban on cryptocurrency trade.

NEW DELHI: RSS member Swadeshi Jagran Manch adopted a resolution on Sunday requesting that the federal government entirely prohibit anybody in the nation from purchasing, selling, investing, or otherwise dealing with cryptocurrency. The rule governing the Reserve Bank of India’s issuing of digital currency should be drafted “as soon as possible,” and the Central Bank’s digital currency (CBDC) should be deemed legal tender, according to Swadeshi Jagran Manch (SJM) during its fifteenth national convention.

The RSS affiliate requested a timeline for persons owning cryptocurrencies to abandon their equities in its regional conference, which finished on Sunday.

“The government should outright prohibit any individual resident in India from purchasing, trading, investing, or otherwise dealing with cryptocurrency,” the SJM national conference statement urged.

“Cryptocurrencies such as Bitcoin and Ethereum should not be regarded as assets or digital assets since they will serve as a means of exchange in the same way that cash does.”

It also urged the government to allow those who own cryptocurrency to sell or swap them within a brief span of time, according to the need that the data be submitted to the I-T office.

“The government should prohibit the use of online trading platforms to buy, trade, or otherwise deal with cryptocurrencies or crypto-assets that are currently in circulation.” Disobeying the prohibition should result in a financial penalty.”

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It went on to say that blockchain networks should not be limited to cryptocurrency. It also urged the consumer affairs and corporate affairs ministries to launch a vigorous consumer campaign to raise awareness of the cryptocurrency ban.

The rule governing the Reserve Bank of India’s issuance of virtual money should be drafted “soon,” and the Central Bank Digital Currency (CBDC) should be deemed lawful cash, according to the Swadeshi Jagran Manch (SJM) during its fifteenth national meeting.

“The resolution was passed by the Swadeshi Jagran Manch’s 15th Rashtriya Sabha, which finished today in Gwalior,” the outfit’s co-convenor Ashwani Mahajan told PTI.

The national competition began on December 24.

“The government must explicitly prohibit any individual living in India from purchasing, trading, investing, or otherwise dealing with cryptocurrencies,” the resolution said.

It further stated that those who own cryptocurrencies may be able to sell or trade them in a short period of time, according to the need of giving data to the Tax Authority.

“By disobeying the ban, a person/entity should face financial penalties,” the resolution stated.

The motion voted at the SJM national meeting claimed that recognizing cryptocurrency may lead to excessive speculation and have a negative influence on the financial industry.

“Recognition may potentially result in financial fraud and terrorist funding, as well as capital account exchange rate through the back door,” the report adds.

Following the ban on cryptocurrencies, the Union ministries of consumer affairs and corporate affairs should launch an “aggressive” consumer awareness campaign to advise people not to fall victim to “deceptive advertisements” circulated by “so-called cryptocurrencies’ exchanges,” particularly in Tier-2 and Tier-3 cities, the SJM said in its resolution.

“The Reserve Bank of India should draught a legislation governing the issuing of digital money as soon as possible. “Cryptocurrencies such as Bitcoin, Ethereum, and others should not be recognized as assets or digital assets since they will indirectly become mediums of exchange like cash,” it stated.”

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