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The Minister of Foreign Affairs of India stated that if cryptocurrency is used for prohibited functions, such as “launching a cyber attack in India, launching an alternative attack on India, and trying to do all kinds of prohibited and unethical work, cryptocurrency should be blocked. Just like. Drug trafficking is the same.” At the same time, it is reported that the Indian government is revising the encryption bill that is listed as the current parliament’s concern.

Indian Minister of State for Foreign Affairs on cryptocurrency and crypto regulation

According to reports, Indian Foreign Minister Meenakshi Lekhi emphasized that if cryptocurrency is used as an illegal means to undermine India’s sovereignty and integrity, it must be blocked.

Lekhi is also the current Minister of State for Culture of India. She was elected to the sixteenth Lok Sabha in May 2014 from the Bharatiya Janata Party (BJP). She was re-faced in May 2019.

At the Sixth International Technology Summit organized by the Ministry of Foreign Affairs and Carnegie India last week, the IANS publication quoted Lekhi as saying:

If cryptocurrency wants to launch a cyber attack in India, launch an alternative attack on India, try to do different kinds of prohibition and unethical work, such as drug trafficking, I want to stop all of this.

“I believe the Ministry of Finance and the Ministry of Information Technology will study these aspects in depth,” she added.

The minister continued: “Cryptocurrency platforms and exchanges are owned by a group of people who are trying to avoid taxation, who bring cash out of the country instead of bringing profits to the country when they transfer this wealth to anywhere.”

At the same time, it is reported that the Indian government is making some amendments to the cryptocurrency bill, which is listed as a concern for the current session of the lower house of the lower house of the Indian parliament.

Indian Prime Minister Narendra Modi (Narendra Modi) presides over some meetings on encryption legislation in India and can make decisions on encryption regulation. He recently mentioned that cryptocurrency should be used to empower democracy rather than destroy it.

Recent reports indicate that the government is participating in the regulation of crypto assets, but the use of cryptocurrencies for payments is prohibited. However, the Financial Institutions (RBI) Concerned by the Indian Banking Industry has raised major issues regarding cryptocurrencies and mentioned in its latest central meeting that cryptocurrencies should be completely illegal, and some bans do not work.

Clark

Technical director.



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