RSS affiliate Swadeshi Jagran Manch (SJM) has requested an outright ban on buying, selling and investing in cryptocurrencies in India. The 15th Rashtriya Sabha of the SJM, organized between December 24th and 26th, passed a resolution urging the government not to recognize cryptocurrencies like Bitcoin, Ethereum, etc. as an “asset” or “digital asset”, as this would result in cryptocurrencies indirectly becoming a medium of exchange like currency.
“Unlike other assets such as land, gold and stocks, ‘crypto assets’ have characteristics of divisibility and portability and are likely to become an accepted medium of exchange and thus a cryptocurrency,” warned SJM.
The organization said that cryptocurrency recognition can lead to rampant speculation, which can have long-term adverse effects on financial markets, lead to money laundering and terrorist financing, and also lead to backdoor convertibility of capital accounts.
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