Mohan Bhagwat, the head of India’s right-wing Hindu nationalist organisation, has called for proper policing of the crypto space along with other stricter measures targeted at the digital space.
The RSS chief made these remarks during a speech commemorating the Hindu festival of Dussehra, according to Asian News International.
Despite multiple rumours of impending crypto bans, government sources have stated that stakeholders would prefer to build a framework for market regulation.
A group of pro-crypto organizations even managed to get a Supreme Court judgement that overturned the central bank’s previous restriction on banks providing services to cryptocurrency exchanges.
Despite the lack of a defined regulatory framework for cryptocurrencies and frequent speculations of a probable ban on virtual currencies, Bhagwat’s comments come amid indications of growing crypto popularity in India.
Cointelegraph reported in September that Indian crypto exchanges were planning focused advertising efforts in advance of the holiday season. Such content, on the other hand, may be subject to ad disclaimer policies that inform viewers about the risks associated with bitcoin investments.
Bollywood heavyweights like Amitabh Bachchan have launched their own cryptocurrencies or endorsed major Indian exchanges, demonstrating the growing popularity of cryptocurrency in India.
Bhagwat’s opinion could be interpreted as a conservative rejection of crypto’s growing appeal among India’s more liberal parts.
Indeed, the RSS chairman chastised streaming providers for failing to regulate some of their content for children.
Drug consumption, according to Bhagwat, is on the rise, and the money circulating in these marketplaces is being used to promote “anti-national activities.”