By Richard Hines
The Minister Shah, stated the current position of narcotics smuggling and federal security during a Wednesday high-profile provincial discussion.
Dark Web and Digital Currency Facilitates Narcotics Smuggling and Terrorism
According to an announcement made by the IANS broadcasting agency, Amit Anil Chandra Shah, India’s minister of home affairs noted that drug trafficking aided by digital currency and the dark web has skyrocketed, and so also has terrorism funding.
Shah’s statement which was supported by Narendra Modi, the nation’s Prime Minister’s assistant, was made during a Wednesday high-profile provincial discussion. The meeting was focused on federal security and drug pushing.
IANS news disclosed that over 13 tons of confiscated narcotics worth about 623 crore INR ($76 million) were intentionally damaged during the meeting held on Wednesday.
Between the period of 2006-2013 and 2014-2022, recorded drug trafficking cases increased by 152%. The former had recorded over 1,257 cases while the latter had about 3,172 cases registered. Similarly, the number of narcotics confiscated during that duration also increased.
Cryptocurrency Exchanges Under Scrutiny Over Drug-Related Transactions
In the early hours of Thursday, The Economic Times published that three exchanges are being probed over the suspicion that they have encouraged illicit narcotics transactions. These virtual asset protocols are currently being scrutinized by various investigative units, inclusive of the income tax unit and the enforcement directorate.
Trades worth over 28,000 crore has been tracked, most of which were executed through the probed exchanges. All findings have been forwarded to the various units. The income tax unit would be responsible for scrutinizing tax avoidance, while the enforcement directorate is to examine the money concealment aspect.
The report further highlighted that an anonymous senior official holder had disclosed the details to the ET. Only 7% of Indian population was estimated to be virtual currency holders. The digital space has seen major crypto adoption within and outside the Indian region since after the Covid pandemic.
Officeholders concerned with the matter have expressed their concerns about the unclear nature of the decentralized space that has no regulatory supervision.
Minister of Finance Nirmala Sitharaman opened up a substantial argument during a visit to the United States. According to her, there is a need for a worldwide digital currency regulation. That is one effective way to limit the dangers of money concealment, narcotics smuggling as well as terrorism funding, she explained.