Meta Description (130-155 Characters): The central government has directed Crypto Exchanges to keep a special watch on Digital Foreign Money Transactions from Jammu and Kashmir and border areas. The country’s financial intelligence unit FIU-Ed warned several Indian crypto platforms last week to strictly monitor the crypto transactions happening through Personal Wallets. Actually Crypto Wallets allows users to manage digital currency directly without any third party such as exchange or custodian. In such a situation, the government’s concern is that these wallets can be misused in money laundering, terror funding and border crimes. If you want to know that What is crypto walletSo click on the link and read it in detail.
Suspected crypto transactions feared in Jammu and Kashmir
FIU-IN has found that some suspect Crypto transactions are connected to the border areas of Jammu and Kashmir and India. It is difficult to trace the amount of private wallets associated with these areas. According to the report, many crypto exchanges have been asked to monitor these border transactions on priority before Suspicious Transaction Reviews (STRS).
Secret cryptocurrency threatens money laundering
Actually when some secret cryptocurrency Monero And if Crypto transactions occur through Zcash, it increases the possibility of money laundering. Monero and ZCash may not be on Indian Exchanges, but it is possible to buy them abroad through coins like USDT. You can understand this as an example, such as a person can buy USDT from the Indian exchange and then send it to a platform like Binance. Going there, it can turn it into a secret cryptocurrency. In such a situation, it becomes almost impossible for Indian investigative agencies to track such crypto transactions. This is the reason that in the last few months the Indian Crypto Exchanges has tightened the withdrawal process.
SEBI also alert on money laundering
The Securities and Exchange Board of India (SEBI) has also approached trustees of private equity and venture capital funds on Friday. It has been said on behalf of SEBI to take special care that there is no possibility of activities like money laundering, terrorist financing or border crime in their funding.
Conclusion
The Government of India and FIU-I are now eyeing the money laundering through Cryptocurrency. Vigilance is being taken especially about Jammu and Kashmir and border areas. This initiative of the government is an essential step towards promoting the safe and transparent use of Virtual Foreign Money. In such a situation, common users should also be conscious when using Crypto Wallets.
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