India explains need for tighter oversight of digital currencies – Reuters

Prime Minister Narendra Modi has warned an international forum that cryptocurrencies are being used to finance terrorism

Indian Prime Minister Narendra Modi has called for stricter regulation of digital currencies to prevent them from being used to fund terrorist groups. Speaking at the No Money for Terror Ministerial Conference on Counterterrorism Financing in New Delhi on Friday, Modi warned that “private currencies“presented a major security risk.

New types of technologies are being used for terrorist financing and recruitment“, he said, explaining that”dark net, private currencies and other challenges emerge” and “it is necessary to have a uniform understanding of new financial technologies.”

From a uniform understanding, a unified system of checks and balances and regulations can emerge“, Modi continued.

This was not Modi’s first attack on cryptocurrencies. Last year, he warned that Bitcoin and its ilk could “spoil our youth“if it’s over”in the wrong hands.” While India announced last year that it would ban “all private cryptocurrenciesand create an official digital currency, he opted earlier this year to instead tax crypto profits at a rate of 30%. An estimated 15-20 million crypto investors live in India.

India is far from the only country that has considered cracking down on decentralized digital currencies. Earlier this month, the EU announced changes to its anti-money laundering rules that would ban banks and crypto exchanges from trading private coins such as Monero, which unlike Bitcoin hides its blockchain data from the public eye. public view. Providers of crypto assets would also be required to verify the identity of customers even for occasional transactions worth less than €1,000 ($1,040) and inquire about the nature of larger transactions.

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