{"id":655,"date":"2021-12-28T01:30:23","date_gmt":"2021-12-28T01:30:23","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=655"},"modified":"2021-12-28T01:30:24","modified_gmt":"2021-12-28T01:30:24","slug":"indias-swadeshi-jagran-manch-calls-for-outright-ban-on-cryptocurrency","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=655","title":{"rendered":"India&#8217;s Swadeshi Jagran Manch Calls for Outright Ban on Cryptocurrency"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>The Swadeshi Jagran Manch (SJM), an affiliate of the nationalist Rashtriya Swayamsevak Sangh, has reportedly passed a resolution demanding a ban on cryptocurrency in India. \u201cDisobeying the ban should make person\/entity liable to financial penalty,\u201d the resolution states.<\/strong><\/p>\n<h2>Swadeshi Jagran Manch Wants Crypto Outrightly Banned in India<\/h2>\n<p>The Swadeshi Jagran Manch (SJM), the Indian economic, political, and cultural organization affiliated with the nationalist Rashtriya Swayamsevak Sangh, reportedly passed a resolution about cryptocurrency Sunday.<\/p>\n<p>SJM co-convenor Ashwani Mahajan told PTI publication: \u201cThe resolution was passed by the 15th Rashtriya Sabha of the Swadeshi Jagran Manch, which concluded in Gwalior today.\u201d<\/p>\n<p>The resolution states:<\/p>\n<p>The government should outrightly ban buying, selling, investing and otherwise dealing in cryptocurrencies by any person resident in India.<\/p>\n<p>It also mandates crypto investors to sell or exchange their cryptocurrencies within a short period of time, subject to the provision of submitting information to the Income Tax department. In addition, the resolution emphasizes, \u201cDisobeying the ban should make person\/entity liable to financial penalty.\u201d<\/p>\n<p>The SJM argued that giving cryptocurrency recognition in India could lead to heavy speculation which could adversely impact the country\u2019s financial market. The organization elaborated:<\/p>\n<p>Recognition may also result in money laundering and terror financing as well as capital account convertibility from the back door.<\/p>\n<p>In its resolution, the SJM further called on the Union ministries of consumer affairs and corporate affairs to launch an \u201caggressive\u201d consumer awareness campaign after banning cryptocurrencies. The organization stressed the need to advise people not to fall prey to \u201cdeceptive advertisements\u201d it claims are being circulated by cryptocurrency exchanges.<\/p>\n<p>The Swadeshi Jagran Manch also discussed central bank digital currency (CBDC), which the central bank, the Reserve Bank of India (RBI), is working on.<\/p>\n<p>\u201cThe 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,\u201d the SJM\u2019s resolution adds, noting:<\/p>\n<p>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.<\/p>\n<p>The Swadeshi Jagran Manch\u2019s resolution echoes what the central bank has been saying about cryptocurrency. In its recent meeting of the central board of directors, the RBI said that cryptocurrency must be fully banned and that a partial ban will not work. The central bank has also repeatedly voiced serious concerns regarding cryptocurrency, which it said could negatively impact the country\u2019s financial system.<\/p>\n<p>A cryptocurrency bill was listed to be taken up in the winter session of parliament. However, the bill was not introduced and the government is reportedly reworking the bill. Indian Prime Minister Narendra Modi is reportedly taking a final decision on the country\u2019s crypto legislation. He recently said that crypto should be used to empower democracy.<\/p>\n<p>Tags in this story<\/p>\n<p>ban bitcoin, ban crypto, Ban Cryptocurrencies, banning cryptocurrency, indian government, sjm, sjm bitcoin, sjm crypto, sjm crytocurrency, Swadeshi Jagran Manch, Swadeshi Jagran Manch bitcoin, Swadeshi Jagran Manch crypto, Swadeshi Jagran Manch cryptocurrency<\/p>\n<p><em><strong>What do you think about Swadeshi Jagran Manch calling for a complete ban on cryptocurrency? Do you think the Indian government will heed its advice and ban crypto? Let us know in the comments section below.<\/strong><\/em><\/p>\n<p>Kevin Helms <\/p>\n<p class=\"article__body__author__info__about\">\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.<\/p>\n<p><i class=\"td-icon-font td-icon-mail-1\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p><strong>Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/indias-swadeshi-jagran-manch-outright-ban-cryptocurrency\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Swadeshi Jagran Manch (SJM), an affiliate of the nationalist Rashtriya Swayamsevak Sangh, has reportedly passed a resolution demanding a ban on cryptocurrency in India. \u201cDisobeying the ban should make person\/entity liable to financial penalty,\u201d the resolution states. Swadeshi Jagran Manch Wants Crypto Outrightly Banned in India The Swadeshi Jagran Manch (SJM), the Indian economic, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":656,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-655","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/655","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=655"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/655\/revisions"}],"predecessor-version":[{"id":657,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/655\/revisions\/657"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/656"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=655"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=655"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=655"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}