RSS Affiliate Asks for Ban on Cryptocurrency

The Swadesh Jagran Manch (SJM) has demanded a complete ban on the use of cryptocurrency in India. SJM passed a resolution to this effect at its two-day Rashtriya Sabha in Gwalior.

The Rashtriya Swayamsevak Sangh (RSS) affiliate, has, however, supported the use of blockchain technology.

This comes at a time when the Union government has said that it is considering a law to regulate cryptocurrency.

SJM has made its position on cryptocurrencies more stringent because it feels the way it is being used is dangerous for the country, Ashwani Mahajan, convener of the nationalist body told ET.

“Rupee has limited capital account convertibility. We have seen the experience of south Asian countries that went for it and their foreign exchange evaporated. We should be mindful of the fact that our foreign reserves are limited,” he said.

Virtual currency should be banned as there is no underlying asset and that recognition of cryptocurrency may lead to heavy speculation that can adversely impact financial markets, the SJM said in a statement. S-ET

Similar Posts

Leave a Reply

Your email address will not be published. Required fields are marked *