Even as Parliament awaits the introduction of a bill to regulate cryptocurrencies in the ongoing winter session, the Parliamentary Committee on Home Affairs has recommended the use of digital currency for drug sales and purchases on the darknet. But has expressed concern.
Darknet markets are e-commerce sites designed to remain out of reach of regular search engines. They are popular for illegal transactions and trading, as buyers and sellers are largely untraceable.
In a report tabled on Friday, the committee headed by MP Anand Sharma recommended the home ministry to set up a cyber wing under the Narcotics Control Bureau for effective detection and investigation of drug trafficking through cryptocurrencies and darknets. To set up a cyber wing with an Intelligence Fusion Centre. ,
“The Committee notes the steps taken by the Narcotics Control Bureau (NCB) on the national and international front to check drug trafficking in the country. expresses its concern.
Technology is being leveraged by drug traffickers to maintain anonymity, which makes it difficult to track the movement of drugs,” the parliamentary committee said.
“The Committee has recommended that the MHA may advise the NCB at the earliest to set up a Cyber Wing with Intelligence Fusion Center for effective detection and investigation of drug trafficking cases involving cryptocurrencies and darknets. In this regard, The committee may be apprised of the progress made.”
The Ministry of Home Affairs in its reply apprised the Committee of the action taken by the Government in this regard. “It is submitted that the proposal for restructuring and expansion of NCB including setting up of a dedicated cyber-wing is under consideration of the Ministry of Home Affairs in consultation with the Ministry of Finance (Department of Expenditure),” the reply said.
cryptocurrency And the Official Digital Currency Regulation Bill, 2021 has been listed for passage in the ongoing winter session of Parliament.
According to the details available on the Lok Sabha’s website, the bill seeks to “create a facilitating framework for the creation of an official digital currency to be issued by the Reserve Bank of India.” It also seeks to ban all private cryptocurrencies in India, however, it allows “certain exceptions to promote cryptocurrency and the technology underlying its use”.
Currently, there is no regulation or any restriction on the use of cryptocurrencies in the country.
Private digital currencies and cryptocurrencies have gained popularity over the past decade. But regulators and governments around the world are skeptical about these currencies and are apprehensive about the risks associated with them. Nations are also ramping up agencies and laws to ensure that cryptocurrencies are not used for criminal activities.
The United States recently announced the formation of a National Cryptocurrency Enforcement Team (NCET). “This team will deal with the complex investigation and trial of crimes committed by criminal misuse of cryptocurrencies, specifically virtual currency exchange, mixing and tumbling services, and money laundering infrastructure actors,” the US government said.
Interpol, too, has flagged the growing use of technologies that give anonymity to such operations, making them liable to misuse by criminal organizations.
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