Indian Minister Reveals Crypto Regulatory Measures to Tame Terrorism
Brian Njuguna Nov 12, 2019 06:37
G. Kishan Reddy, India’s Union Minister of State (MoS) for Home Affairs disclosed that the nation would incorporate the standards of the Paris-based Financial Action Task Force (FATF) to deter terrorism by cutting off funding sources, especially cryptocurrencies.
Terrorism has emerged to be one of the biggest predicaments across the globe. India is, therefore, not oblivious to this reality as it has revealed stringent measures intended at curbing this menace.
On Nov 8, at the “No Money for Terror” conference being held in Melbourne, Australia, G. Kishan Reddy, India’s Union Minister of State (MoS) for Home Affairs disclosed that the nation would incorporate the standards of the Paris-based Financial Action Task Force (FATF) to deter terrorism.
Expressly, FATF is an anti-terror finance watchdog that was established in 1989 to combat money laundering through liberal policies. It will, therefore, be used in taming terrorism by cutting off funding sources, especially cryptocurrencies.
Reddy affirmed: "Virtual assets, especially cryptocurrencies, offer certain unique advantages to criminals because of their pseudonymous nature, encryption, global reach, and low-cost."
He also added: "The government of India is fully committed to implementing FATF standards and establishing effective Anti-Money Laundering and Countering Financing of Terrorism regimes to dismantle and disrupt the terror-financing networks."
India has been at the forefront of unraveling terrorist activities in the cyber world. Reddy stipulated that investigations had shown that the Islamic State, a terrorist organization, had utilized the Dark Web and encrypted platforms to recruit and radicalize members.
Image via Shutterstock
Image source: Shutterstock
