Dark Net Shows How the Web of Terror is Spreading Through Cryptocurrency: Intel Sources | Exclusive

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A survey of the dark net shows that cryptocurrency is being used to fund terror activities, according to top intelligence sources. However, it is tough to hide in India as the oversight mechanism is alert, they added. Sources said: “The tasks or terror activities are usually assigned from a country where crypto oversight mechanism is not very strong. Various terror groups are using these crypto exchanges for easy transactions to transfer money instantly.” ALSO READ | Exclusive | Cryptocurrency, Crowdfunding by Terrorists on Agenda at India Hosted ‘No Money for Terror’ Conference “In Islamic State (IS or ISIS) related cases, it was seen that small amount was transferred through crypto exchange,” sources added. According to them, the terror operatives are efficient with technology. “However, without realising that they are entering a major danger zone, they indulge in such activities and come under the scanner,” sources said. “Moreover, in case of narcotics smuggling, too, at least 90% of the payments are being done through cryptocurrency,” they said. “It is comparatively small in scale, but there are many firewalls that protect them. Decentralisation and anonymity features of cryptocurrency make them a preferred mode,” said sources, adding, “Bitcoin is a potential means of financing terrorism, but it does not currently play an important role.” INDIA RAISED THE ISSUE AT G20 At the G20 summit that concluded last month, in a big win, India managed to convince the participating countries that cryptocurrency must be on the agenda. Following India’s convincing arguments, most countries agreed, after initial reluctance by a few. It was argued that cryptocurrency is an inevitable choice for many and has gained popularity. The vast world of internet, however, allows free and unfettered use of cryptocurrency. There have been reports of its misuse and even involvement in criminal activities and acts of terror. ALSO READ | Crypto on Mind & G20 Agenda: India Convinces Others of Need for Global Framework on Digital Currency India has been working on a crypto regulation law and has suggested monitoring through the Reserve Bank of India (RBI) and a similar regulatory mechanism. While trading in cryptocurrency is allowed, the Indian government has imposed a 30% tax on it. However, it does not have legal tender and can’t be used for banking purposes.

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