Indian leader Says Crypto should Be Blocked if Used for Prohibited Functions

By Clark

India’s minister of state for external affairs says that cryptocurrencies should be blocked if they’re used for prohibited functions, like “to launch cyber-attacks in India, to launch alternative attacks on India, to try and do different kinds of prohibited and unethical work like drug traffic.” Meanwhile, the Indian government is reportedly creating changes to the crypto bill that’s listed to be concerned within the current session of parliament.

Indian Minister of State for External Affairs on Cryptocurrency and Crypto Regulation

Indian Minister of State for External Affairs Meenakshi Lekhi has reportedly stressed that cryptocurrencies have to be compelled to be blocked if they’re used for prohibited means to damage India’s sovereignty and integrity.

Lekhi is additionally India’s current minister of state for culture. She was elected to the sixteenth Lok Sabha in May 2014 from the Bharatiya Janata Party (BJP). She was reelected to the seventeenth Lok Sabha in May 2019.

Speaking at the sixth international Technology Summit, conjointly organized by the Ministry of External Affairs and Carnegie India last week, Lekhi was quoted by IANS publication as saying:

If cryptocurrency wants to launch cyberattacks in India, to launch alternative attacks on India, to try and do different kinds of prohibited and unethical work like drug traffic, I would like to prevent all that.

“I am positive the finance ministry and IT ministry would have looked deeply into these aspects,” she supplementary.

The minister continued: “The cryptocurrency platforms and exchanges are  owned by a group of individuals who are attempting to avoid tax, taking the cash out of the country while not giving profit to the country wherever they turn out this wealth.”

Meanwhile, the Indian government is reportedly creating some changes to the cryptocurrency bill that’s listed to be concerned within the current session of Lok Sabha, the lower house of India’s parliament.

Indian Prime Minister Narendra Modi has chaired some conferences on crypto legislation in India and can be taking a decision on crypto regulation. He recently mentioned that cryptocurrency ought to be wont to empower democracy and not undermine it.

Recent reports indicate that the govt is attending to regulate crypto assets however ban the employment of cryptocurrencies for payments. However, the financial institution, the banking concern of India (RBI), has voiced major issues concerning cryptocurrency and aforementioned at its most up-to-date central meeting that cryptocurrency should be totally illegal, action that a partial ban won’t work.