By Shelly Melancon (Switzerland)
The right-wing party in India, RSS that goes by the name of Rashtriya Swayamsevak Sangh, has recently called out for a ban or regulation of the cryptocurrency trading platforms. In the current year, where the popularity of digital assets has risen dramatically around the world, India has also seen a rise in the number of cryptocurrency investors at the same time.
However, now the right-wing party that is deemed to be orthodox and religious extremist by some of the factions in the region has decided to stand against the rising crypto trends. The same party has been responsible for starting riots and demonstrations in the country for the portrayal of sacred Hindu personalities in movies by local filmmakers.
Political leadership in India has Raised Concerns Regarding Crypto
In recent times, India has been considered a land of opportunity by many foreign businesses. The country with the second largest population in Asia has been targeted by many big brands for conducting business. The RSS that is the founding committee behind Bharti Janta Party (BJP), is considered to be quite influential in the region as the reigning Prime Minister Narendra Modi hails from this region as well.
Also read:Mohan Bhagwat, who is the head of RSS, has recently issued a public statement claiming that the government needs to step in and make regulatory reforms immediately. It is worth noting that the RSS has also been in a tiff with the largest streaming services like Amazon Prime Video, Netflix, and Disney Plus. The RSS representatives claim that the content streaming on these platforms goes against the teachings of the Hindu beliefs.
The Modi administration has been known to turn to advice from RSS in several policy generation matters in the past. However, this time the government has been taking its time before making any changes in the region. Last year, the government had already created a bill that deals with the matter of cryptocurrency regulations. However, the parliament has not submitted the bill thus far. Bhagwat claims that it is not possible to ascertain where the money that is used on purchasing Bitcoin goes. He also said that most people and governments have no idea which individual or government is the mastermind behind Bitcoin. Some local media outlets of India have pointed out that the state departments are planning to impose taxes on cryptocurrency investors, evangelists, and advocates.
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