RSS-affiliate Swadeshi Jagran Manch on Sunday passed a resolution demanding that the central government completely ban buying, selling, investing, and otherwise dealing in cryptocurrencies by any person in the country.

The law relating to issuing of digital currency by the Reserve Bank of India should be framed “quickly” and the Central Bank Digital Currency (CBDC) considered as legal tender, the Swadeshi Jagran Manch (SJM) said in its fifteenth national meet.

“The resolution was passed by the 15th Rashtriya Sabha of the Swadeshi Jagran Manch, which concluded in Gwalior today,” the outfit’s co-convenor Ashwani Mahajan said.

The national meet had started on December 24.

“The government should outrightly ban buying, selling, investing, and otherwise dealing in cryptocurrencies by any person resident in India,” the resolution demanded.

It also said people holding cryptocurrencies can be allowed to sell or exchange the same within a short span of time, subject to the provision of submitting information to the Income Tax department.

“Disobeying the ban should make person/entity liable to the financial penalty,” the resolution added.

The resolution passed at the SJM national meet argued that giving recognition to cryptocurrencies could lead to heavy speculation and adversely impact the financial market.