India is trying to lobby for a bill to ban cryptocurrencies

Briefly:

  • Influential group in India lobbying for a bill to ban cryptocurrencies
  • This is the economic arm of RSS nationalists who directly support the government
  • Experts assure that so far it is not a complete ban on
  • At the same time, the citizens of the country were forced to transfer assets to controlled sites

Not so long ago in India passed 20 Swadeshi Jagran Manch (SJM) National Convention. This party is called the economic arm of the nationalist group Rashtriya Swayamsevak Sangh (RSS), which supports government forces – the Bharatiya Janata Party (BJP).

A resolution was signed at the congress to completely ban private cryptocurrencies. Party members also demanded that the authorities sign a law on the accelerated emission of digital currency by the country’s Central Bank.

Notably, SJM includes a member of the board of directors of the regulator Swaminathan Gvurumurti. But at the same time, the leadership of this bloc has recently had disagreements with the government.

With this in mind, experts believe that the authorities will not agree to a complete ban on cryptocurrencies in India anytime soon. Although there are prerequisites for this.

Earlier, we talked about how the owners of digital assets in the country were forced to transfer their assets to government-controlled exchanges. At the same time, the ruling party argues that this is not about the prohibition of cryptocurrencies as such, but only about the regulation and limitation of their financial flows.

Political analyst and RSS advocate Desh Ratan Nigam reassured investors:

‚ÄúThis is just a recommendation. The government will take it into account, as well as the opinion of other organizations. But members of the ruling party have their own thoughts on this matter. ”

However, SJM is not without influence. Presumably, it was her forces that Subhash Chandra Garg was forced to leave his post as Minister of Finance. His career ended in July 2019.

Garg led the interagency cabinet that drafted the current cryptocurrency regulation bill. The former head of the department has repeatedly stated that the current government of India is not capable of understanding the crypto industry.

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