The Indian RSS body shared their stance on crypto adoption and urged the Indian government to make laws on crypto and allow mining of the cryptocurrencies on the domestic servers to trace them perfectly.
At present, the crypto regulation debate is under high-level heat in India. However, Indians are doing crypto Trading and investment without any tension, whether Indian government authorities will regulate or ban. Besides all these recent news confirmed that India is going to regulate instead of a direct ban.
Recently, The RSS-affiliated Swadeshi Jagaran Manch( SJM) stated on the ongoing heat of crypto regulation. SJM proposed an idea to the government authorities to bring a regulation framework to allow the domestic agencies of India to mine cryptocurrencies on the domestic server. And these types of activities will help government agencies to trace and unearth illegal crypto transactions more easily.
Further, SJM proposed an idea to list the crypto in the assets class. And also consider the crypto transactions in the assets category. However, it is a well-known and very old idea that was proposed by the government authorities but still, reports claim that the government will not take sudden decisions or action on the asset class category, probably they may plan for a separate asset class, to impose better regulation and rules over the crypto.
Further, the SJM body asserted the ideology where people compare crypto with commodities like gold. And said that these are different things and are not related to each other in any aspect. And also said that crypto assets have no intrinsic value but still private entities should be allowed to use crypto in legal tender under rules.
By taking the reference to the recent tweet of Indian prime minister Narendra Modi, he stated
“Most of the bitcoins are mined on the dark web and we don’t know who the issuer is. The monies do not represent any person’s debt or liabilities. This crypto is not money. Certainly, it cannot be a currency”