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Indian Legislator Says Crypto Must Be Banned If Used For Illegal Purposes – Regulation – Crypto News

India’s foreign minister says cryptocurrencies must be blocked if they are used for illegal purposes such as “to launch cyberattacks in India, launch other attacks on India, to do other types of illegal and unethical work such as drugs”. Trade.” In the meantime, the Indian government is reportedly making changes to the crypto law, which is due to be debated in the current parliamentary session.

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

Indian Foreign Minister Meenakshi Lekhi has reportedly stressed the need to block cryptocurrencies if they are used for illegal means to violate India’s sovereignty and integrity.

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

At the sixth Global Technology Summit jointly organized by the State Department and Carnegie India last week, Lekhi was quoted by the IANS publication as saying:

If cryptocurrency is to be used to launch cyberattacks in India, to launch other attacks on India, to do other types of illegal and unethical work like drug trafficking, I have to stop all of that.

“I’m sure the Treasury Department and the IT Department would have looked into these issues in depth,” she added.

The minister continued, “The cryptocurrency platforms and exchanges are owned by a number of people who are trying to avoid taxes and take the money out of the country without benefiting the country where they produce that wealth.”

Meanwhile, the Indian government is alleged make some changes on the cryptocurrency law, which is to be dealt with in the current session of Lok Sabha, the lower house of the Indian parliament.

Indian Prime Minister Narendra Modi has chaired a number of meetings on crypto legislation in India and will be one final decision for crypto regulation. He recently said that cryptocurrency should be used to Strengthen democracy and does not undermine it.

Recent reports suggest the government plans to regulate crypto assets but ban the use of cryptocurrencies for payments. However, the central bank, the Reserve Bank of India (RBI), has raised major concerns about cryptocurrency and said at their most recent board meeting that cryptocurrency must be banned completelystressing that a partial ban will not work.

What do you think of the comments made by this Member of Parliament? Let us know in the comment section below.

Kevin Helms

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

Photo credits: Shutterstock, Pixabay, Wiki Commons

Source: Crypto News Austria

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