Indian lawmakers say that cryptocurrencies must be blocked if used for illegal purposes-Regulate Bitcoin News


The Minister of Foreign Affairs of India stated that if cryptocurrency is used for illegal purposes, such as “launching a cyber attack in India, launching other attacks on India, or engaging in other types of illegal and unethical work, such as drug trafficking.” At the same time, it was reported. , The Indian government is revising the encryption bill that will be considered at this session of the parliament.

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

According to reports, Indian Minister of State for External Affairs Meenakshi Lekhi emphasized that if cryptocurrency is used as an illegal means to damage India’s sovereignty and integrity, it needs to be blocked.

Lekhi is also the current Minister of State for Culture of India. She was elected to the 16th Lok Sabha in May 2014 from the Bharatiya Janata Party (BJP). She was re-welcomed to the 17th Lok Sabha in May 2019.

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

If cryptocurrency will be used to launch cyber attacks in India, launch other attacks on India, and perform other types of illegal and unethical work, such as drug trafficking, I need 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 try to avoid taxes. They take money out of the country without benefiting the country where they create wealth.”

At the same time, it is reported that the Indian government Make some changes The cryptocurrency bill to be considered by the lower house of the lower house of the Indian parliament at this session.

Indian Prime Minister Narendra Modi (Narendra Modi) chaired some conferences on cryptocurrency legislation in India and will take final decision Regarding encryption supervision.He recently stated that cryptocurrency should be used Empower democracy Without destroying it.

Recent reports indicate that the government is planning to regulate crypto assets but prohibits the use of cryptocurrencies for payments.However, the Reserve Bank of India (RBI), the central bank, expressed its main concerns about cryptocurrencies and stated at a recent Central Committee meeting that cryptocurrencies Must be completely banned, Emphasizing that part of the prohibition is not feasible.

What do you think of this congressman’s comment? Please let us know in the comments section below.

Kevin Helms

As a student of Austrian economics, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects, and the intersection of economics and cryptography.

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