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Swadeshi Jagran Manch wants an outright ban on crypto

The Swadeshi Jagran Manch (SJM), an organization affiliated with the Rashtriya Swayamsevak Sangh in India, has called out for a blanket ban on crypto.

As of now, the state of crypto is in flux in India. While the legislation had earlier notified that they’d bring the Cryptocurrency Bill in the winter session, it hasn’t seen the light of the day. Moreover, reports suggest that the bill is expected to delay due to non-approval from the cabinet. Although many groups advise against a blanket ban, SJM believes it to be the only choice.

The organization’s co-convenor Ashwani Mahajan passed a resolution on behalf of its organization stating:

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

Also, the resolution mandates crypto investors to sell/exchange their assets within a short period. As for the ones disobeying the resolution:

“Disobeying the ban should make person/entity liable to a financial penalty.”

Their argument is that crypto recognition in India can adversely affect the country’s financial market. Elaborating on this, they said:

Recognition may also result in money laundering and terror financing as well as capital account convertibility from the back door.

Besides this, the organization calls on the Union ministries of consumer affairs and corporate affairs to launch an “aggressive” consumer awareness campaign. The campaign should stress advising people not to fall prey to “deceptive advertisements” crypto exchanges are circulating.

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