New Delhi: The RSS-Affiliate Swadeshi Jagaran Manches said that the government must bring the law to recognize the Cryptocurrency transaction as a “asset class” and regulate it.
Speaking to PTI, Swadeshi Jagaran MANS (SJM) Co-Convenor Ashwani Mahajan suggested that the government also ensure that data and hardware, used in mining, processing, and transactions of cryptocurrency, remain on the domestic server.
This will help the government explore prohibited transactions and take action against them, he added.
“At present, anyone from anywhere in the world can invest in it through personal exchanges run by private entities.
And worse is, Cryptocurrency is not controlled by any central authority,” he said when asking his view of Cryptocurrency.
There is no mechanism to see how encrypted transactions are carried out through private exchanges, which are invested in them and what investors do with them, he added.
“The law is needed to regulate the cryptocurrency and to recognize the transactions made by the asset class.
This will help develop a better understanding of transactions for national tax and security purposes,” Mahajan said.
He refused the comparison of Crypto assets with commodities such as gold, called it “unfounded”, said Crypto did not have “intrinsic value”.
Private virtual currencies are on “substantial opportunities” with the concept of money, he said, emphasizing that “No Sovereign” must allow private institutions to issue a legal tender or something equivalent to it.
“Most bitcoin is mined on the dark web and we don’t know who is the issuer.
Money doesn’t represent someone’s debt or liabilities.
Crypto is not money.
Of course, it can’t be a currency,” he said.
Globally, there are examples where Bitcoin is used on the dark web to pay weapons, drugs and other illegal purposes, he added.
Amid worries over Cryptocurrency, Prime Minister Narendra Modi has led the meeting on November 13 to be intentional on the way ahead.
On November 15, the parliamentary panel, chaired by the leader of BJP Jayant Sinha, also discussed the pros and cons of Crypto-Finance with various stakeholders.
Mahajan appreciated the move but said there was a need to hold a “greater discussion” on this problem, involving all stakeholders.
“The government is talking to several main stakeholders, but greater discussions are needed.
There is a need for national debate and greater discussion about the problem of cryptocurrency,” he said.
Initially it began with Bitcoin in 2008, there are currently hundreds of cryptocurrency traded in international personal exchanges, including India.
Because of the stratosphere increase, Bitcoin is considered the best investment of the last decade.
Initially at a price of around 10 cents, coins were trading more than $ 60,000 until last week.
Solana and Ethereum are two other leading coins on the market, with many cases of use.