India’s Swadeshi Jagran Manch (SJM), a Rashtriya Swayamsevak Sangh (RSS) affiliate, has handed a resolution ordering the central government to completely ban buying, selling, investing, and otherwise dealing in cryptocurrencies like Bitcoin, Ethereum, etc., by any person within the country.
SJM’s resolutions at the 15th National Convention
Swadeshi Jagran Manch (SJM) reported during the 15th National Convention that the Reserve Bank of India’s law on the dealings of cryptocurrency needs to be “quickly” implemented and the Central Bank Digital Currency (CBDC) should be considered as legal tender.
SJM, had previously been in the news for taxing Amazon as “East India Company 2.0”. It is known for its radical suggestions to improve the Indian economy.
In a national meeting that took place between 24th and 26th December, SJM resolved to ban crypto and further pushed for punishments upon the inability to keep the updated law.
The SJM resolved, “Persons holding cryptocurrencies could also be allowed to sell or exchange an equivalent within a brief span of time subject to provision of submitting the knowledge to tax department. Government should ban online trading platforms for buying, selling or otherwise dealing in cryptocurrencies or crypto-assets presently in circulation. Disobeying ban should make person/entity susceptible to financial penalty,” the SJM resolution read.
SJM claims recognition will enable crypto crimes
The organization ordered the central government to carry out a campaign to prevent investors from being victims of “deceptive advertisements” of cryptocurrency.
“The Ministry of Consumer Affairs and Ministry of Corporate Affairs should make aggressive consumer awareness campaign regarding ban on cryptocurrencies and advice not to fall prey to deceptive advertisements being circulated by the so-called cryptocurrency exchanges, especially in Tier-2 and Tier-3 cities,” SJM demanded
SJM argued that mere regulation of crypto cannot be enough to protect consumers from crypto offences. The organization further showed that recognition of cryptocurrencies could cause criminal activities, including money laundering, terror financing, and capital account convertibility ‘from the back door’.
The SJM further argued that crypto is not fiat currency, it can’t be shown on a balance sheet. That means crypto is a medium for evading taxes, and the most convenient way to transfer capital from a country without following rules.
“One of the major arguments against crypto is that its mining consumes a huge amount of electricity, which can lead to power shortages. This is one of the most important arguments China has made in banning crypto,” SJM added.
