Swadeshi Jagaran Manch, an RSS-affiliated Swadeshi Jagaran Manch (SJM), has stated that the government should pass a law to recognize cryptocurrency transactions as an “asset type” and regulate them.
Ashwani Mahajan, co-convenor of SJM, suggested to PTI that the government also ensures that hardware and data used in mining, processing and transacting cryptocurrencies stays at domestic servers.
He said that it will allow the government to uncover illicit transactions and take legal action against them.
Private exchanges managed by private entities allow anyone to invest in cryptocurrencies. When asked about his thoughts on cryptocurrency, he stated that cryptocurrencies are not under the control of any central authority.
He said that there is no way to know how encrypted transactions are made via private exchanges. Who are they investing in them and what are their plans for the future?
“Legislation is required to regulate cryptocurrency and to recognize transactions made with it as an asset class. This will allow for a better understanding of transactions for taxation purposes and national security,” Mr. Mahajan stated.
He called it “unfounded” and said that crypto assets have no intrinsic value.
He said that private virtual currencies are “substantial differences” with the concept money and stressed that no sovereign should permit private agencies to issue legal tenders.
“Most bitcoins are mined on the dark web, and we don’t know who the issuer is. These monies are not meant to represent anyone’s liabilities or debts. This crypto is not money. He said that crypto cannot be considered a currency.
He said that there were many instances worldwide where bitcoins were used to buy guns, drugs, and other illicit items.
Prime Minister Narendra Modi chaired a meeting to discuss the future of cryptocurrency amid concerns.
A parliamentary panel chaired Jayant Sinha (BJP leader) discussed the pros and cons of crypto-finance.
While Mr. Mahajan appreciates the initiative, he said that there was still a need for “a larger discussion” about the issue with all parties.
“The government is speaking to key stakeholders, but a larger discussion on the subject is required.” He said that there is a need to have a national discussion and a larger discussion about cryptocurrencies.
In 2008, Bitcoin was the first cryptocurrency to be traded. Today, hundreds of cryptocurrencies are being traded on international private exchanges, including India.
Bitcoin is the most popular cryptocurrency and the best investment in the last decade due to its meteoric rise. The coin was originally priced at 10 cents, but it was traded for over $60,000 up until last week.
Two other top coins on the market are Solana (or Ethereum) and they have multiple uses.