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Hindu paramilitary group calls on Indian government to control cryptocurrency – Bitcoin News Regulation


The Hindu nationalist party Rashtriya Swayamsevak Sangh (RSS) has called on the Indian government to control cryptocurrency. “The government needs to ensure the best interests of society,” the group said.

The state volunteer association has called for crypto regulation

Mohan Bhagwat, head of the Rashtriya Swayamsevak Sangh (RSS), said in his address at an annual function on the occasion of the Hindu Dussehra festival 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 party founded by Dr. Keshab Baliram Headgear in Nagpur in 1925. According to the group’s website, any Hindu man can join the RSS branch, a daily gathering, and become a member of the group. There is no formal membership system and no fee to join.

The group’s website further states that the RSS does not keep a record of the number of members. However, it notes that in March 2017, 57,185 daily RSS branches were held at 36,729 locations (including rural and urban), in addition to weekly rallies at 14,896 locations and monthly meetings at 7,594 locations in India. According to the Muslim Mirror, there are now more than 10 million active RSS members and more than 100 authorized organizations across India. Prime Minister Narendra Modi was also a member of this party.

Bhagwat was also quoted as saying, “I don’t know which country regulates currencies like Bitcoin or has any rules governing them.” He added:

In the greater interest of society, the government must ensure that it is controlled.

The Government of India is currently working on a cryptocurrency bill. In July, Finance Minister Nirmala Sitharaman said the crypto bill was ready for cabinet. In September, Jayant Sinha, a lawmaker from the ruling Bharatiya Janata Party, revealed that the cryptocurrency law would be different and unique.

However, the Reserve Bank of India (RBI) continues to have “serious concerns” about cryptocurrency. Also, the RBI is working on a central bank’s digital currency (CBDC), which will be launched in phases. The central bank expects to unveil the digital rupee model by the end of the year.

What does the Rashtriya Swayamsevak Sangh think of the call for Indian crypto regulation? Let us know in the comments section below.

Image credit: Shutterstock, Pixabay, WikiCommons

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