Indian organization Swadeshi Jagran Manch has demanded that the authorities completely ban cryptocurrencies, but allowed traders to sell them, subject to tax filing.
Swadeshi Jagran Manch (SJM) is an economic branch of the Indian nationalist organization Rashtriya Swayamsevak Sangh. SJM is known for its radical proposals to improve the Indian economy.
How
reported local publication The Hindu, SJM proposes to completely prohibit Indian citizens from buying and selling digital assets, investing in them and performing any other transactions with them. At the same time, SJM noted that the government should provide investors and traders with a short period to sell their crypto assets, provided that they provide all the necessary information to the tax authorities.
The SJM has called on the Indian authorities to impose a ban on cryptocurrency platforms, as well as establish fines for those who violate the ban on digital asset trading. In addition, the organization is discussing the possibility of launching an information campaign for investors to protect them from “aggressive advertising” of cryptocurrency exchanges and projects.
“It is estimated that about 20 million Indian citizens have already invested in cryptocurrencies. Basically, crypto assets attract young people, both from big cities and from villages. People believe they can make quick profits by investing in cryptocurrencies, ”said SJM.
Arguing against the introduction of a complete ban on digital assets in India, SJM stated that their recognition would lead to money laundering, terrorist financing and capital flight from the country. The use of cryptocurrencies leads to speculation that can negatively affect the entire financial market. At the same time, SJM believes that the upcoming draft law on the regulation of cryptocurrencies in India, the adoption of which has been postponed to 2022, should reflect the conditions for the implementation of blockchain technology in all areas of economic and social activity.
Last week, Indian lawmaker Meenakshi Lekhi also announced the need to ban cryptocurrencies if they can be used to fund cyberattacks and damage India’s sovereignty.
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