Mohan Bhagwat, leader of the Rashtriya Swayamsevak Sangh, ORSS – the right-wing Hindu nationalist community – has called on the Indian government to pursue crypto regulation “in the public interest”.
As reported by Asian News International, the RSS leader made the comments during the speech to celebrate the Hindu festival of Dussehra.
Despite numerous reports of an imminent cryptocurrency ban, public sources claim that stakeholders are choosing to create a framework to regulate the market.
Even a coalition of cryptocurrency backers managed to get a Supreme Court ruling to lift the previous central bank ban that prevented banks from offering cryptocurrency exchange services.
Bhagwat’s comments come amid reports of the growing popularity of cryptocurrencies in India, despite the lack of clear regulations 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 holiday season. However, such content may require compliance with an opt-out policy that informs viewers of the risks involved in investing in cryptocurrencies.
The growing popularity of cryptocurrencies has also reached India’s entertainment sector, with Bollywood stars like Amitabh Bachchan launching their own cryptocurrencies or supporting major stock exchanges in the country.
On the subject: The Central Bank of India continues to oppose cryptocurrency and affirms its “steadfastness” in its stance.
Bhagwat’s position may indicate conservative opposition to the proliferation of cryptocurrencies among more liberal sections of Indian society.
In fact, the head of RSS also criticized the streaming platforms for not censoring any of their content from underage viewers.
Bhagwat claimed that drug use was on the rise and that money circulating in these markets was being used to promote “anti-patriotic activities”.