Swadeshi Jagran Manch passed a resolution requesting that the focal government totally boycott purchasing, selling, putting and in any case managing in digital currencies by any individual in the country. The law identifying with giving of digital currency by the Reserve Bank of India ought to be outlined “rapidly” and the Central Bank Digital Currency (CBDC) considered as legitimate delicate, the Swadeshi Jagran Manch (SJM) said in its fifteenth national meet.

“Disobeying the ban should make person/entity liable to financial penalty,” the resolution added. The resolution passed at the SJM national meet argued that giving recognition to cryptocurrencies could lead to heavy speculation and adversely impact financial market. “Recognition may also result in money laundering and terror financing as well as capital account convertibility from the back door,” it added.

“The resolution was passed by the 15th Rashtriya Sabha of the Swadeshi Jagran Manch, told PTI that “The government should out rightly ban buying, selling, investing and otherwise dealing in cryptocurrencies by any person resident in India,” the resolution demanded. It also said that people holding cryptocurrencies can be allowed to sell or exchange the same within a short span of time, subject to provision of submitting information to the Income Tax department.

The Union ministries of consumer affairs and corporate affairs should roll out an “aggressive” consumer awareness campaign, after banning cryptocurrencies, to advice people not to fall prey to “deceptive advertisements” being circulated by the “so called cryptocurrencies’ exchanges”, especially in Tier-2 and Tier-3 cities, the SJM said in its resolution. “The law relating to issuance of digital currency by the Reserve Bank of India should be framed quickly. The CBDC should be considered as legal tender,” it said, adding, “Cryptocurrencies such as Bitcoin, Ethereum, etc should not be recognised as asset or digital asset because it will indirectly become medium of exchange like currency.”

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