Newspaper linked to RSS calls for regulation of cryptocurrency in India

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The Organizer, a journal affiliated with Rashtriya Swayamsewak Sangh (RSS), called for regulation of cryptocurrencies in the country as digital currency experiences phenomenal growth across the world.

A recent opinion piece in the newspaper stated that while the fundamental purpose of currency was to facilitate transactions, cryptocurrencies were viewed more as “an asset class” with storage value rather than a commodity. medium of exchange. “It’s because of the regulatory gaps right now. Recent developments show that the time has come to fill this gap as soon as possible, ”said the article by Bharatiya Janata Party spokesman Gopal Krishna Agarwal.

He cited press reports claiming that the cryptocurrency market in India is currently valued at $ 1.4 billion with investments of nearly 80 lakhs. He said the settlement would help neutralize market nervousness.

“The whole ecosystem operates under an unregulated regime, neither of which is illegal with mature markets with speculation the government is prepared to ban them at any time in the near future. . Investors and intermediaries operate in an uncertain and anxious environment, leading to hyper speculation, ”adds the article.

In a recent interview, Finance Minister Nirmala Sitharaman said they cannot and should not shut down new technologies, but in the case of cryptocurrencies, many issues remain unresolved. She added that the government was in consultation and adopted the view of the Reserve Bank of India in formulating policies for the functioning of the cryptocurrency market in India.

There have also been reports of RBI’s plan to introduce its own digital currency.

Many central banks, including the RBI in the past, had expressed concerns about fears of an illegal injection of money due to the centralization of operations.

However, Agarwal in his opinion piece also supported the block technology used in cryptocurrency and said its good integration with digital currencies could help revolutionize the trading ecosystem in India. “There is no doubt that these currencies are beneficial, but the question is the choice – private currencies or digital currencies promoted by the central bank.

The article said the expected Cryptocurrency and Official Digital Currency Regulation Bill, 2021, could help strike the right balance between adopting cutting-edge technology and transparency and financial stability.

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