August 30 2019
Networks of criminal gangs are reportedly increasingly reliance on cryptocurrency for money laundering and drugs smuggling, the Special Investigation Team (SIT) on black money is learnt to have told the government. It has also recommended that no regulation is required for the virtual form of currencies as the prosecution in such cases remain pending for years.
The government had recently said that while there is no blanket ban on trading in cryptocurrency in the country, it was ready with a draft bill “Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019” for having a single law instead of a plethora of rules depending upon the crime. The SIT on black money is of the view that even strict regulations would remain on paper as all these transactions are carried out in utmost secrecy.
