December 7, 2021

Green Industry

Right-wing Indian group calls for stricter crypto regulations



Mohan Bhagwat, the head of the Rashtriya Swayamsevak Sangh, or RSS — a right-wing Hindu nationalist society — has urged India’s government to pursue crypto regulations “in the larger interest of society.”

According to Asian News International, the RSS chief made these remarks during his speech marking the celebration of the Hindu festive Dussehra.

Despite numerous reports of looming crypto bans, the narrative from government sources has been that stakeholders prefer to create a framework for regulating the market.

A coalition of pro-crypto entities was even able to secure a Supreme Court ruling that overturned a previous ban imposed by the central bank that prevented banks from offering services to cryptocurrency exchanges.

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

In September, Cointelegraph reported that Indian crypto exchanges were preparing targeted advertising campaigns in preparation for the festive season. However, such content might need to adhere to ad disclaimer policies that educate viewers about the risks involved in cryptocurrency investments.

This growing crypto popularity has also reached India’s entertainment sector with Bollywood stars like Amitabh Bachchan launching their own cryptocurrencies or endorsing major exchanges in the country.

Related: Indian central bank remains anti-crypto, affirming ‘no change’ in its stance

Bhagwat’s stance could indicate a conservative repudiation of the spreading crypto acceptance among the more liberal segments of India’s society.

Indeed, the RSS chief also took streaming platforms to task for failing to censor some of their content from underage viewers.

Bhagwat claimed drug abuse was on the rise and that the money circulating in these markets was being used to promote “anti-national activities.”