Hindu paramilitary group calls on Indian government to regulate cryptocurrencies – Regulation

The Hindu nationalist group Rashtriya Swayamsevak Sangh (RSS) has called on the Indian government to regulate cryptocurrencies. “The government must ensure that it is regulated in the larger interest of society,” the group reportedly said.

Rashtriya Swayamsevak Sangh calls for crypto regulation

Rashtriya Swayamsevak Sangh (RSS) leader Mohan Bhagwat said while speaking at an annual function to mark the Hindu festival of Dussehra on Friday:

Secret, uncontrolled currencies like Bitcoin have the potential to destabilize the economies of all countries and pose serious challenges.

The RSS is a Hindu nationalist paramilitary group founded in 1925 by Dr. Keshav Baliram Hedgewar was founded in Nagpur. According to the group's website, any Hindu man can become a member of the group by attending an RSS shakha, a daily meeting. There is no formal membership process and there are no fees for membership.

The group's website goes on to say that the RSS does not keep track of the number of members. However, it is noted that as of March 2017, 57,185 RSS Shakhas were held daily at 36,729 places (including rural and urban), in addition to weekly meetings at 14,896 places and monthly meetings at 7,594 places in Bharat. According to Muslim Mirror, there are now more than 10 million active RSS members across India and over 100 affiliated organizations. Prime Minister Narendra Modi was also a member of the group.

Bhagwat was too quoted saying: “I have no idea which country regulates a currency like Bitcoin or if there are rules for it.” He added:

The government must ensure that it is regulated in the larger interest of society.

The Indian government is currently working on a cryptocurrency law. In July, Finance Minister Nirmala Sitharaman said the crypto bill was ready for the cabinet. In September, Jayant Sinha, a lawmaker from the ruling Bharatiya Janata Party, announced cryptocurrency legislation distinctive and unique.

However, the Reserve Bank of India (RBI) had continued to “ serious concerns " on cryptocurrencies. In addition, the RBI is working on a digital central bank currency (CBDC), which is... phases. The central bank expects by End of year.

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