Thursday, September 29, 2022

Right-Wing Hindu Nationalist Society RSS Asks Government To Frame Strict Crypto Regulations

The right-wing Hindu Nationalist society of India, Rashtriya Swayamsevak Sangh (RSS), has demanded the government to regulate cryptos “in the larger interest of society.”

A report published by Asian News International informed that Mohan Bhagwat, the chief of RSS, made this demand on October 15, while he was addressing the crowd celebrating Hindu festival Dussehra.

There had been several reports, which stated the government is planning to ban cryptocurrencies in India. However, the government sources have recently stated that the stakeholders prefer a regulatory framework for crypto industries, over a ban.

In 2018, the Reserve Bank of India (RBI) imposed a blanket ban on cryptocurrency, however, in 2020, the Supreme Court of India revoked that ban. It was all efforts of pro-crypto entities that the SC overturned the RBI’s decision, which restricted banks from offering their services to the crypto trading platforms.

According to the reports, in the present scenario, the popularity and adoption of cryptocurrencies are increasing in India, amid this situation, Bhagwat recently urged the government for a regulatory framework. 

The entertainment sector of India has not remained untouched by this new technology. Bollywood actors like Amitabh Bachchan, Ranveer Singh, and Kunal Roy Kapur have been seen promoting cryptocurrencies, crypto trading platforms on social media and other advertising platforms.

The recent speech of Bhagwat indicates a conservative repudiation of the spreading crypto acceptance among the more liberal segments of India’s society.

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