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Crypto And Virtual Money
CIO Bulletin
25 July, 2024
In a bold move, India's government steps up efforts to curb drug trafficking by closely monitoring cryptocurrency transactions on the darknet.
India's Narcotics Control Bureau (NCB) is intensifying its crackdown on drug trafficking, with a new focus on tracking cryptocurrency payments used in illegal darknet activities. This initiative was highlighted during a recent Parliamentary session on July 24, where Nityanand Rai, the Minister of State for Home Affairs, outlined the country's strategies to curb the import and inter-state movement of narcotic drugs.
The NCB, India's primary drug enforcement and intelligence agency, has observed a fluctuating but growing use of cryptocurrencies in drug-related crimes over the past five years. Notably, there has been a steady increase in cases involving the darknet and cryptocurrencies since 2022.
Minister Rai introduced 13 action plans to combat the rising issue of drug trafficking and narco-terrorism in India, with two key strategies focusing specifically on the misuse of digital currencies. He emphasized the formation of a Special Task Force dedicated to monitoring suspicious transactions on the darknet, which aims to prevent the illegal use of cryptocurrencies in drug trade operations.
This initiative reflects India's proactive stance in adapting to new technologies and trends in criminal activities, ensuring that law enforcement agencies are equipped to tackle these modern challenges. The NCB's enhanced surveillance and action plans are part of a broader effort to secure the nation from the dangers posed by drug trafficking and its associated crimes.