Intelligence Agencies in India Voice Concerns about Illegal Bitcoin Usage
The Reserve Bank of India will be working along with the government to address concerns voiced by the country's intelligence agencies regarding potential misuse of Bitcoin and other virtual currencies. Bitcoin in India has been at the receiving end of a mixed response. The country’s central bank — Reserve Bank of India has grown to like the digital currency, whereas the intelligence agencies in the country are becoming more and more concerned about its potential illegal uses. The Bitcoin community in the country is rejoicing, following some of the latest developments in the sector. As more....
Related News
Officials from India claim to have had their ‘first’ run in with Dark Net Market (DNM) usage. The Hindustantimes just reported on how Indian Anti-Narcotics agencies are focusing in on these new markets and improving their surveillance methods. India’s Watchdog Probes DNM’s. India’s Narcotics Control Bureau (NCB) found two illegal drug smuggling....
Two weeks ago, the US Government made an important breakthrough in the ongoing war against cyber crime when intelligence agencies managed to shut down Darkode. This forum, which acts as a marketplace for malware, spyware, and hacking tools, has been a thorn in the eye of government officials for quite some time. But despite best efforts, Darkode has returned to the scene, and allegedly tightened their security. On July 15 2015, Darkode was officially taken offline, thanks to the combined efforts of various intelligence agencies around the world. An online marketplace where illegal malware....
The chief of the Government Communications Headquarters (GCHQ), one of the big three intelligence agencies in the U.K., has raised concerns regarding China and its digital renminbi. Sir Jeremy Fleming stated that the already existent Chinese CBDC could be used to collect information from users and, hypothetically, to control and filter global transactions.
UK Worried About Chinese CBDC Advancements
The chief of the Government Communications Headquarters (GCHQ), one of the biggest intelligence agencies in the U.K., has warned of possible negative effects on global transactions....
The Governor of Reserve Bank of India (RBI), Raghuram Rajan, has said that an "active market intelligence" mechanism on cryptocurrency is needed at present to ensure that any illegal transaction happening in the country becomes easily traceable for the law enforcement agencies. Rajan further disclosed that while RBI, at this stage, is not intervening in the digital currency market, yet it is watching it closely. Describing the digital currency market as "very very small" the governor of RBI also said that "our philosophy is that if it is small then let it develop, let us see how it works....
India’s finance secretary has confirmed that it is not illegal to buy or sell crypto assets in India. Regarding cryptocurrency regulation, “the government’s approach is to consult widely and also to look at what’s happening internationally,” he explained. Crypto Is Not Illegal in India, Official Confirms Following the announcement on cryptocurrency taxation by Indian Finance Minister Nirmala Sitharaman, Finance Secretary T. V. Somanathan clarified that crypto is not illegal in India. He was asked on Bloomberg Television Wednesday whether the proposed....