Hindu Paramilitary Group Wants Indian Government to Regulate Crypto

The Rashtriya Swayamsevak Sangh, a Hindu nationalist group, has asked the Indian government for regulation of cryptocurrency. According to the group, “The government must ensure that it’s regulated in greater interest of society.”

Rashtriya Swayamsevak Sangh Wants Crypto Regulation

Mohan Bhagwat (head of the Rashtriya Swayamsevak Sangh) spoke during his address at an annual event to mark the Hindu festival of Dussehra Friday.

Clandestine, uncontrolled currency like bitcoin has the potential to destabilize the economy of all countries and pose serious challenges.

RSS is a paramilitary Hindu nationalist group that was founded in 1925 by Dr. Keshav Balram Hedgewar of Nagpur. The RSS website states that any Hindu male can join the group by attending an RSS Shakha, which is a daily gathering. There is no formal process for joining the group and no membership fees.

Further, the group’s website states that RSS doesn’t keep track of how many members it has. It does note that there were 57.185 daily RSS Shakhas held at 36.729 locations (both rural and urban), as well as weekly gatherings at 14.896 places and monthly meetings in 7,594 places within Bharat. The Muslim Mirror reports that there are more than 10,000,000 RSS members in India, and more than 100 affiliated organizations. The group also included Prime Minister Narendra Modi.

Bhagwat was also quoted saying that he didn’t know which country regulates bitcoin or what rules they follow.

He added:

The government has to ensure that it is regulated in the larger interest of the society.

Indian officials are currently working on a cryptocurrency bill. Nirmala Sitharaman, the Finance Minister of India, stated that the cryptocurrency bill was now ready for the Cabinet. Jayant Sinha, a lawmaker from the Bharatiya Janata Party revealed in September that cryptocurrency legislation would be unique and distinct.

The Reserve Bank of India (RBI), however, continued to have serious concerns about cryptocurrencies. The RBI is also working on a central bank digital money (CBDC) that will be launched in phases. The central bank plans to release a digital rupee model before the end of this year.