Hindu paramilitary group urges Indian government to regulate cryptocurrencies – regulation Bitcoin News

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

Rashtriya Swayamsevak Sangh calls for crypto regulation

Mohan Bhagwat, head of the Rashtriya Swayamsevak Sangh (RSS), said during his speech at an annual event on 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 gathering. There is no formal membership process and there are no membership fees.

The group’s website goes on to say that the RSS does not record the number of members. However, it notes that as of March 2017, 57,185 RSS Shakhas were held daily in 36,729 locations (including rural and urban), in addition to weekly gatherings in 14,896 locations and monthly meetings in 7,594 locations in Bharat. According to the 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 also quoted as saying, “I have no idea which country regulates a currency like Bitcoin or if there are any rules for it.” He added:

The government needs to ensure that it is regulated in the greater interest of society.

The Indian government is currently working on a cryptocurrency law. In July, Treasury Secretary Nirmala Sitharaman said the crypto law was ready for the cabinet. In September, Jayant Sinha, a lawmaker for the ruling Bharatiya Janata Party, announced that cryptocurrency legislation will be clear and unique.

However, the Reserve Bank of India (RBI) continued to have “serious concerns” about cryptocurrencies. In addition, the RBI is working on a digital central bank currency (CBDC), which will be introduced in phases. The central bank expects to launch a digital rupee model by the end of the year.

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