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A cultural organization of India urged govt to ban crypto

A cultural organization of India urged govt to ban crypto 12

An economic and cultural organization of India suggested the government to ban the circulation of Crypto assets. 

Swadeshi Jagaran Manch is an economic and cultural organization founded in 1991. This organization is an affiliate of RSS. And RSS is a self-funded organization, however, it was found that RSS has direct links and support from the current ruling political party of India.

Swadeshi Jagaran Manch (SJM) noted that bad actors are now much active in crypto-associated crimes. They are trying to steal and trick people easily. 

SJM urged the government of India to impose a direct ban on all kinds of crypto-associated activities for all the residents of India. However, there should be a provision for the early buyers and traders to sell their assets in a particular time interval with the full information of their investment with income tax authorities. 

Organisation also proposed an idea to bring strict provisions for those, who don’t follow the ban laws. They also planned to start a campaign against crypto and warn the Indian citizens to remain away from crypto investments.

“Although there is no official information about this, it is estimated that about 20 million people have put their money in cryptocurrencies. People (mostly youth) of small and big cities and even villages are getting attracted towards it, because they feel that they can get quick profit by putting their money in it,” SJM stated.

SJM also noted that the government of India is working on creating a better regulatory framework for the crypto industry. The organization urged to do work faster on this matter. 

Here it is worth noting that, Recently RSS ( which is above SJM organization) urged government officials to create laws to bring regulation on the crypto industry so that Indian citizens can easily use crypto assets to do trade. But here the statements of a similar kind of association, which is affiliated with the same RSS organization, are not in favour of crypto.

Read also: Ray Dalio sees Bitcoin as an alternative money

A cultural organization of India urged govt to ban crypto

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