Since the Pahalgam Assault, all the agencies of India have been trying on a war footing to root out terrorism. In this sequence, recently the Indian Monetary Wisdom Unit (FIU) has made shocking revelations about the relationship between Crypto and Terror Funding in its report handed over to the Government of India. The report has identified several suspected transactions associated with virtual digital assets and crypto exchanges. According to the report, these transactions have been used for Terror Investment, Promotion of separatist activities, cybercrime, drugs trafficking, catering batting and gambling.
What does the report say?
The FIU-India has prepared this report by “operational analysis” of suspected transactions reports, revealing serious issues related to financial and national security. This report has been shared with agencies like ED, CBI and Source of Revenue Tax Area so that further action can be taken. The report states that cryptocurrency is being used in Terror Investment, Child Sexual Abuse Material, Drugs Smuggling, Betting and Cybercrime.
Through VPN, a huge amount of money was transferred from foreign and unhosted exchanges by creating fake accounts on Indian crypto exchanges. Through this, money laundering of Terror Investment and Cybercrime was launched. In such a situation, Pakistan’s nutrition in India when Pakistan is taking new steps to increase the use of cryptocurrency, the meaning of this report increases further. Although After Pahalgam Assault, Pakistan’s dream of becoming a crypto hub seems to be broken,
What indicates FIU report
Since the Pahalgam Assault, all the investigating agencies of India have been trying to cut and cut the roots of terrorism. This report of FIU at such a time can be a part of this investigation. The revelations made in the report are clearly bringing out the relationship between cryptocurrency and Terror Investment. The demand for crypto regulation in India has become stronger than this. In such a situation, it will be interesting to see how India breaks this alliance of cryptocurrency and terror investment.
RBI also warns
The Reserve Bank of India (RBI) has also described the misuse of private crypto assets as a major threat to the country’s macro-economic and financial stability. RBI says that the increasing scope of this sector can harm the country’s economy without regulation. After this report, RBI needs to revise its policy regarding cryptocurrency in India. Although Former RBI Governor Shaktikanta Das continuously in favor of ban on crypto in India Are you
Suspicious activities in ‘sensitive’ areas
The FIU-IN report also reported that some people living in ‘sensitive’ areas are involved in suspicious activities through cryptocurrency, hawala and online gaming. The report also talked about the operation of many online Digital Virtual Asset Carrier Suppliers or Crypto exchanges in the report.
Pump and dump schemes and fake tokens
According to the report, ‘pump and dump’ schemes are also being run through fake coins and tokens, where people were hurt by implicating. At the same time, efforts have been revealed to run the Ilegal Forex apps and add suspicious people involved in Illugal activities.
Which cryptocurrency is on target?
FIU-Ind has described Bitcoin, Tron and StableCoins (such as USDT/TRC-20) as the most used tokens. They are being used because they have more acadens at the international level and their value remains stable.
Conclusion
Pahalgam Assault has shaken not only India but the whole world. In such a situation, when India is gearing up to perform this fight against terrorism. This report on the use of Crypto currency gives rise to new concerns. The Central Economic Intelligence Bureau also submitted a report to the government last year, recommending to build a regulator for the Crypto sector in the country. It will now be interesting to see what steps the government and financial agencies take to deal with this rising threat.
