Mohan Bhagwat, the head of Rashtriya Swayamsevak Sangh, or RSS, a right-wing Indian nationalist society, has urged the Indian government to enforce regulations on cryptocurrencies for “the greater good of society.”
According to Asian News International, the head of RSS made these comments during his speech which marked the celebration of the Indian holiday Dussehra.
Despite numerous reports of impending crypto bans, the narrative from government sources has been that stakeholders prefer to create a framework to regulate the market.
A coalition of pro-crypto entities was even able to secure a Supreme Court ruling that overturned an earlier ban imposed by the central bank that prevented banks from offering services to crypto exchanges.
Bhagwat’s comments come amid reports of a growing popularity of cryptocurrencies in India despite the lack of a clear regulatory framework for cryptocurrencies and numerous reports of a possible ban on virtual currencies.
In September, Cointelegraph reported that Indian crypto exchanges were preparing specific ad campaigns in preparation for the holiday season. Nevertheless, Such content may be required to comply with advertising disclaimer policies that educate viewers on the risks involved in investing in cryptocurrencies.
This growing popularity of cryptocurrencies has also reached India’s entertainment sector with Bollywood stars like Amitabh Bachchan launching their own cryptocurrencies or endorsing major exchanges in the country.
Bhagwat’s stance could indicate a conservative repudiation of the growing acceptance of cryptocurrencies among the more liberal segments of Indian society.
In fact, the head of RSS also criticized the streaming platforms for not censoring some of their content from underage viewers.
Bhagwat claimed that drug abuse was on the rise and that money circulating in these markets was being used to promote “anti-national activities”.
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