Swadeshi Jagran Manch urges a ban on crypto trading
By MYBRANDBOOK
The Swadeshi Jagran Manch (SJM) has called on the Government to impose an ‘outright ban’ on dealing in cryptocurrencies for Indian residents while granting a short time window for those already holding them to sell or exchange them with disclosures to the Income-Tax authorities.
In a resolution passed at its national conclave it said that the Government should also ban online trading platforms for buying, selling or otherwise dealing in cryptocurrencies or crypto assets in circulation at present.
While the SJM called for financial penalties on those who flouted the ban on cryptocurrency trading, it also mooted an aggressive awareness campaign to inform investors not to ‘fall prey to deceptive advertisements’ from cryptocurrency exchanges.
SJM noted, “Although there is no official information about this, it is estimated that about 20 million people have put their money in cryptocurrencies. People of small and big cities and even villages are getting attracted towards it, because they feel that they can get quick profit by putting their money in it.”
The Centre is working on a law to regulate cryptocurrency and grant legitimacy to a digital currency to be issued by the Reserve Bank of India and the SJM sought that this legislation be expedited.
On the Government’s indications that some relaxations may be granted in the cryptocurrency law to encourage the underlying technologies, the SJM demanded that the use of blockchain technology not be linked to cryptocurrencies alone and its deployment must be backed in all spheres of economic or social activities.
Arguing for an outright ban on cryptocurrencies, the SJM said that recognising them would result in money laundering, terror financing and lead to capital account convertibility ‘from the back door’.
Singapore to remove One-Time Passwords from Bank Accounts
According to the Monetary Authority of Singapore, clients who utilise secur...
Is 375 million Airtel subscribers database breached?
When a hacker claims to have accessed and put up for sale a customer databa...
The government of India intends to construct a single portal f
A single portal will be launched by the Indian government to list all of it...
OpenAI offers GPT-4o, a faster model available to all users at
GPT-4o, a faster and more sophisticated AI model, is made available to all...
ICONS OF INDIA : RITESH AGARWAL
Ritesh Agarwal is an Indian billionaire entrepreneur and the founder a...
Icons Of India : Dilip Asbe
At present, Dilip Asbe is heading National Payments Corporation of Ind...
Icons Of India : Dr. Arvind Gupta
Arvind Gupta is the Head and Co-Founder of the Digital India Foundatio...
IREDA - Indian Renewable Energy Development Agency Limited
IREDA is a specialized financial institution in India that facilitates...
UIDAI - Unique Identification Authority of India
UIDAI and the Aadhaar system represent a significant milestone in Indi...
C-DOT - Center of Development of Telematics
India’s premier research and development center focused on telecommu...
Indian Tech Talent Excelling The Tech World - RAVI KUMAR S, CEO- Cognizant
Ravi Kumar S, appointed as CEO of Cognizant in January 2023, sets the ...
Indian Tech Talent Excelling The Tech World - Sanjay Mehrotra, CEO- Micron Technology
Sanjay Mehrotra, the President and CEO of Micron Technology, is at the...
Indian Tech Talent Excelling The Tech World - Sundar Pichai, CEO- Alphabet Inc.
Sundar Pichai, the CEO of Google and its parent company Alphabet Inc.,...