SJM demands 'complete ban' on Cryptocurrency in India; Here's all you need to know

Amid the rising talks on cryptocurrencies, RSS-affiliate Swadeshi Jagran Manch on Sunday passed a resolution demanding a ‘complete ban’ on the same. The SJM members have now urged the central government to ban the buying, selling, investing and otherwise dealing in cryptocurrencies all the types in the country. The resolution claimed that the internet tokens were actively used in money laundering and terror financing.

The Swadeshi Jagran Manch, in its fifteenth national meet, said that the Centre must ‘quickly’ roll out the law relating to issuing of digital currency by the Reserve Bank of India. It also mentioned the need for Central Bank Digital Currency (CBDC) to be considered as legal tender. According to the outfit's co-convenor Ashwani Mahajan, the 15th Rashtriya Sabha of the SJM concluded in Gwalior after passing the resolution on the crypto ban.

SJM demands cryptocurrency ban in India

"The government should outrightly ban buying, selling, investing and otherwise dealing in cryptocurrencies by any person resident in India," the resolution demanded passed by the SJM meeting demanded. The resolution also demanded that people holding cryptocurrencies can be allowed to sell or exchange the same within a short span of time, subject to the provision of submitting information to the Income Tax department. The group also demanded a penalty for anyone disobeying the law that bans cryptocurrency transactions.

"Disobeying the ban should make person/ entity liable to financial penalty," the resolution added. It stated that the recognition of cryptocurrencies could lead to heavy speculation and adversely impact the financial market. "Recognition may also result in money laundering and terror financing as well as capital account convertibility from the back door," it added.

The resolution passed by the SJM further urged the Union ministries of consumer affairs and corporate affairs to roll out an "aggressive" consumer awareness campaign, after banning cryptocurrencies. It said that the Centre must advise people not to fall prey to "deceptive advertisements" run by crypto exchanges.

Stating that cryptocurrencies such as Bitcoin, Ethereum, etc should not be recognised as assets or digital assets, it added that the law relating to the issuance of digital currency by the Reserve Bank of India should be framed quickly. The resolution argued that coins like Bitcoin affects the currency system. They also claimed that the cryptos could be misused for money laundering as it is untraceable.

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