Indian Right-wing Leader Urges for Stricter Crypto Regulations

Jafrin  |  Oct 16, 2021

Mohan Bhagwat, the head of the Rashtriya Swayamsevak Sangh, or RSS, a right-wing Indian nationalist group has urged the local government to pursue crypto regulations as the nation emerges as one of the fastest-growing cryptocurrency markets.

Right-wing Indian Member Calls for Tougher Crypto Regulation

In his address at an annual event marking the Hindu festival of Dussehra, Mohan Bhagwat, chief of the Rashtriya Swayamsevak Sangh, said:

“I have no idea which country regulates a currency like Bitcoin or if there are any rules governing them. The government has to ensure that it is regulated in the larger interest of the society.”

Referring to Bitcoins, Bhagwat said that there is no clarity on which country or what regulations control a currency like Bitcoin. He further added that the Indian government needs to control these things and do something for the benefit of society.

The warning from the RSS comes amid local reports that several Indian celebrities have endorsed the sector. For instance, Bollywood star Amitabh Bachchan has created non-fungible tokens and become a brand ambassador for  CoinDCX, India’s first cryptocurrency unicorn. In September, Indian crypto exchanges were preparing targeted advertising campaigns in preparation for the festive season.

India's Increased Crypto Popularity

Bhagwat’s comments come amid reports of increased crypto popularity in India despite the lack of a clear regulatory framework and numerous reports of a possible ban on virtual currencies.

A recent report by broker comparison platform BrokerChooser highlighted that India has the maximum number of cryptocurrency owners at over 10,000,000 far ahead of the US at the second spot with nearly 2,000,000. However, in terms of the percentage of the population that owns cryptocurrency, India ranks fifth at 7.30% with Ukraine leading the pack at 12.73%, followed by Russia, Kenya, and the US.

In the meantime, reports surfaced this week that there were reports that cryptocurrency exchanges have started blocking certain suspicious accounts after the government said digital currencies are being used for money laundering.

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