Govt should've been alert about surge in bitcoin demand: SJM

Blaming technology for facilitating the siphoning of black money outside India, Swadeshi Jagaran Manch (SJM) — the economic wing of Rashtriya Swayamsevak Sangh (RSS) — raised concerns over the spike in demand for bitcoins after demonetization.

SJM national co-convener Ashwani Mahajan, while speaking at the launch of a book, On the Trail of the Black edited by Economic Advisory Council chairman Bibek Debroy, also expressed dismay over lack of estimates about the quantum of black money.

"Till date nobody knows the size and quantum of black money in India... We should have utilised technology. But through its misuse, black money was shipped out of the country. We should have been alert about that," Mahajan said.
"We should have also been vigilant of the way demand for bitcoins increased by 25 per cent after demonetization. We should have seen this, but did not," he said.

Mahajan also pointed at conflict of interest at various institutions, including regulators such as FSSAI, besides cautioning the government to look into the way technology was used to launder black money outside India.

Home Minister Rajnath Singh as well as NITI Aayog CEO Amitabh Kant were also present at the event. Kant underlined the need for simplification of government rules and forms, saying no government form needed to be more than one page, no government rules more than 2 pages, no government Act more than 3 pages saying "the more the number of pages, the more the corruption".

Debroy said that petty corruption arises due to monopoly as also due to lack of transparency.