Indian Political Party Insists Government for Laying Down Rules for Virtual Assets

An Indian party particularly caring about the interests of Indian Hindus namely Rashtriya Swayamasevak Sangh (RSS) has been urging the Indian Government for laying down rules and regulations for the virtual assets. The Chairman of RSS has suggested that regulations should be the Government’s first priority because they involve greater interest.

Friday the 15th of October, 2021 marked the day of celebration in India called “Dussehra” – a festival celebrated by Hindu’s only. During the festivities, there was a speech made by the leader of Hindu oriented political party known as RSS. Mohan Bhagwat is the Chairman of RSS who though lacked knowledge about Bitcoin but commented on Bitcoin and virtual assets. He said that Bitcoin could be a major reason for destabilizing Indian economy. He then suggested that laying down regulations for cryptocurrencies should be on the prior agendas of the Indian Government. He insisted that otherwise India is fated to face challenges of the nature which the country has never seen before.

RSS is known to be a political party which was founded before the partition of India in 1925. Initially, the party comprised people who were regarded as “paramilitary” personnel. However, since its inception, RSS was a Hindu oriented party which never allowed anyone other than a Hindu to join the party. Even there is no place for women in the party and instead only a male Hindu can become its member.

Joining the party process is also dynamic. Only those persons can become its members who participate in the daily gatherings called as “RSS shakha”. Intriguingly, there are 57,185 gatherings of RSS shakhas that took place on daily basis in more than 14,896 different locations. It is reported that as of now, RSS has more than ten million Hindus as its members. The present prime minister of India, Narendra Modi, was also the member of RSS party.

According to Indian Muslims, RSS is purely a Hindu party full of extremists. Indian Muslims usually hold RSS responsible for inciting violence against Muslims in India. However, RSS claims that Muslims living in India are extremists.

Bhagwat was however of the view that he fails to understand which particular country wants to regulate a thing like “Bitcoin”. He argued that even if somebody wants to regulate Bitcoin, then it should be done in the greater public interest.

India is almost about to introduce its very own bill with regard to virtual assets. However, it is still under-development phase and requires more time as is being confirmed by country’s Finance Minister. Nirmala Sitharaman, Indian Finance Minister, had suggested earlier that the bill was almost complete. But prior to its becoming the law, it needs approval from the Indian Cabinet, she said. It is expected that the law would soon be available in India at any time.