The Rashtriya Swayamsevak Sangh (RSS) affiliated\u00a0Swadeshi Jagran Manch (SJM) passed a resolution yesterday, calling for an absolute ban on cryptocurrencies in India. SJM, that had formerly been in news for levying Amazon as \u201cEast India Company 2.o\u201d, is known for its radical suggestions to improve the Indian economy. This time around they demanded that the government should \u201coutrightly ban buying, selling, investing and otherwise dealing in cryptocurrencies by any person resident in India\u201d.\u00a0However, they noted that the authorities may grant a short buffer period for investors to sell or exchange their cryptocurrencies, subject to the condition that they submit information\u00a0to the Income-Tax authorities. \u201cAlthough there is no official information about this, it is estimated that about 20 million people have put their money in cryptocurrencies. People of small and big cities and even villages are getting attracted towards it, because they feel that they can get quick profit by putting their money in it\u201d SJM claims, recognition will enable crypto crimes SJM\u2019s crypto ban resolution further pushed for penalties upon failure to abide by the updated law, as well as urged the authorities to launch an\u00a0\u201caggressive\u201d consumer awareness campaign post ban. Additionally, through this campaign, the organisation noted that Centre could prevent\u00a0investors from falling prey to \u201cdeceptive advertisements\u201d from cryptocurrency exchanges. SJM argued that merely regulating crypto is not enough to protect the consumers from crypto crimes. The organisation alerted the government that recognition of cryptocurrencies could lead to illegal activities including\u00a0money laundering, terror financing, and capital account convertibility \u2018from the back door\u2019. \u201cRecognition may also result in money laundering and terror financing as well as capital account convertibility from the back door\u201d Earlier this month, the Reserve Bank of India also reportedly seeked for a blanket ban on cryptocurrencies in India. In the meeting of the\u00a0Central Board of Directors of Reserve Bank of India (RBI), it was speculated that the\u00a0RBI called for an absolute ban on cryptocurrencies, levying them as a threat to macroeconomic and financial stability, along with exchange management. The post Crypto India: Swadeshi Jagram Manch (SJM) demands absolute ban on crypto appeared first on CoinGape.