Cryptocurrency

 

RSS affiliated Swadeshi Jagran Manch demands a complete ban on Cryptocurrency

By Amit Srivastava

CNA 

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While the central government plans to bring in a law to regulate cryptocurrencies in India, RSS affiliated Swadeshi Jagran Manch (SJM) has demanded a complete ban on digital currencies. SJP cited heavy speculation in its trade and adverse impact on the financial markets.

We often come across many people who made crores by investment in Cryptocurrencies like Bitcoin. Most of them are youths, especially people in titer-two or titer-three cities who are looking at digital currency as a new source of multiplying money in a short period. 

However, digital currency is unregulated in the country.

In a resolution passed by SJP during the two-day meeting held in Gwalior, it claimed that there is no underlying asset of these virtual currencies and it should be banned. 

“There is no information of issuer of digital currency, and even they are recognized, it may lead to heavy speculation which may also impact financial markets," said the outfit. The outfit also fears that it may also find another window of money laundering and terror financing.

The outfit said that those holding digital currency should be allowed to sell or exchange by providing details to the income tax department as per the provisions in a stipulated time frame.