RSS affiliate Swadeshi Jagran Manch calls for regulation of cryptocurrency, says people's interests should be protected

National Co-Convenor of Rashtriya Swayamsevak Sangh (RSS) affiliated Swadeshi Jagran Manch (SJM), Ashwani Mahajan, on Saturday said that cryptocurrency cannot be stopped but can be regulated so that proper records can be maintained on how much profit is being made. Speaking to ANI, Mahajan said, "Cryptocurrency is a new system driven by a new type of technology. It cannot be stopped but can be regulated so that the records can be maintained on how much profit is being made. This whole thing should be registered."

The SJM national co-convenor said that the Parliamentary Committee of India is also discussing this subject. "We believe this discussion should be made more comprehensive and there should be a national debate on whether we are actually being cheated in the name of technology," he said.

Mahajan further called it a "blockchain technology" and said that there is no harm in this technology, but its use has been to be known. "The government should make a law regarding this currency. Earlier, the government and RBI called it illegal. However, in the meantime, the Supreme Court told the government about crypto exchanges that you cannot refuse them," he said.

He also said that there is a need to regulate this currency and protect the interest of people. "Even Prime Minister Narendra Modi himself has also spoken on this subject and the committee is working on it," he added.

Mahajan said that all the stakeholders should talk about the subject and need to curb the lobbying of cryptocurrency. "We do not know from where it is coming, where it is going, who created it, in what quantity, nothing is known about this currency," he added. He further called bitcoin or cryptocurrency an 'imaginary thing' and appealed to the youth not to spend their money on it.

"We believe that it is not a real currency, really currency is what the government and RBI issues. The exchanger of cryptocurrency says that people have invested in crores and also got benefits," he added. "It affects the revenue of our government as we do not know where is its tax. The hard-earned money of the people is going somewhere we do not know about it," he further said.

Last week, PM Modi had chaired a comprehensive meeting on the way forward for cryptocurrency and related issues. At the meet, discussions were held on the unregulated cryptocurrencies and how they cannot be allowed for money laundering and terror financing, government sources said. According to sources, the government strongly feels that attempts to mislead the youth through over-promising and non-transparent advertising have to be stopped.

There was consensus also that the steps taken in this field by the Government will be progressive and forward-looking. The government will continue to pro-actively engage with the experts and other stakeholders. (ANI)

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)