RSS-affiliate Swadeshi Jagran Manch (SJM) has sought an outright ban on buying, selling and investing in crypto currencies in India. The 15th Rashtriya Sabha of SJM, organised between December 24 and 26, passed a resolution demanding the government to not recognise cryptocurrencies like Bitcoin, Ethereum, etc. as ‘asset’ or ‘digital asset’ as that will result in cryprocurrencies indirectly becoming a medium of exchange like currency.
“Unlike other assets like land, gold and shares, ‘crypto-assets’ have characteristics of divisibility and portability and likely to become an accepted medium of exchange, and thus creep towards being a crytpo-currency,” SJM warned.
The organisation said that recognition of cryptocurrency may lead to heavy speculation, which may in term adversely impact financial markets, may result in money laundering and terror financing, and also result into capital account convertibility from the back door.