India Tracks Crypto Transactions on Darknet to Combat Drug Trafficking

cryptonews.com:

India’s Narcotics Control Bureau (NCB) has intensified its surveillance of cryptocurrency payments on the darknet in a bid to curb drug trafficking within its borders.

Nityanand Rai, the Minister of State for Home Affairs, revealed the government’s strategy to tackle the import and inter-state movement of narcotic drugs was disclosed during a recent Parliamentary discussion.

NCB data indicates a noticeable uptick in the utilization of cryptocurrencies in drug-related crimes over the past five years, particularly in cases involving the darknet.

During the session, Rai outlined a plan comprising 13 actionable points to address the escalating concerns of drug trafficking and narco-terrorism in the country, with a specific focus on combating the misuse of digital currencies.

“A Special Task Force on Darknet and Cryptocurrency has been constituted to monitor suspicious transactions related to drugs on the darknet,” he said.

In tandem with these efforts, the NCB has initiated training programs centered on digital forensics, darknet activities, and cryptocurrency to enhance its investigative capabilities in combating drug-related crimes more effectively.

Despite this targeted approach towards monitoring crypto transactions, the Indian government’s handling of the cryptocurrency landscape has been met with mixed reactions.

The absence of any mention of cryptocurrencies in Finance Minister Nirmala Sitharaman’s recent 2024 Union Budget speech has left existing tax regulations unaltered for another fiscal year.

Earlier in 2024, the Financial Intelligence Unit (FIU) under the Ministry of Finance cracked down on offshore exchanges like Binance for non-compliance with the country’s Anti-Money Laundering Act.

Binance, once a dominant player in