Indian Nationalists Seek Complete Ban on Cryptocurrencies in Country

A subsidiary of the nationalist Indian paramilitary movement Rashtriya Swayamsevak Sangh (RSS) called Swadeshi Jagran Manch (SJM) and is directly affiliated with the country's ruling party, passed a resolution to ban cryptocurrencies completely. CoinNounce reports. “The government should outrightly ban buying, selling, investing and otherwise dealing in cryptocurrencies by any person residing in India.” — written in the resolution. SJM representatives also put forward a short period of time during which investors and traders will need to sell their digital assets and be sure to report this to the local tax authorities in order to calculate income tax on operations. But failure to comply with this rule will entail the accrual of large fines. According to Indian nationalists, the recognition of the crypto in the country will entail dire economic consequences. The same opinion is held by the Reserve Bank of India (RBI). However, as world practice shows, the prohibition of digital assets in countries leads only to their shadow development and the development of corruption schemes that undermine the economic foundations at an even deeper level.

Republican Lummis Has Announced a Bill to Regulate Crypto and Stablecoins

The well-known crypto defender, US Senator Cynthia Lummis, announced her intention to submit a bill that will revise the principles of classification, regulation and taxation of digital assets in 2022. Bloomberg reports. According to Lummis, the new classification of crypto assets will help regulators correctly assess their capabilities and develop guidelines to protect investors. The second key task of the document will be the regulation of stablecoins — one of the most discussed topics by the country's legislators. The Senator also intends to propose the creation of a new government body under the leadership of the Commodity Futures Trading Commission (CFTC) and the US Securities and Exchange Commission (SEC). The key task of the as-yet-unnamed agency will be to oversee the cryptocurrency market, whatever that means. Lummis is an active investor in BTC and has invested more than $100,000 in crypto-gold over the past year. Will the country's parliament consider a bill submitted by an interested party and an open crypto-defender? Wait and see.