Cryptocurrency has an uncertain and unstable future in India as there are no regulations to control it. The government is indeed making efforts to create an outline for its regulation but it is yet to be finalized and approved by the higher authorities. The digital currency has been accepted by many countries but there is a whole lot of work to be done in the Indian context. There lies a fear of cyber threat and illegal flow of money which can be used in terror funding. The terrorist organizations have been figuring out ways to move money for threatening the security.
According to the Economic Times, it is stated that at one point of time anyone could take out money or perform transaction sans surveillance. It is further mentioned that the digitalization and linking of identity proofs have made information traceable in the network. However, cryptocurrency is something which will return privacy and anonymity to the users which work best in case of illegal activities.
How Is Cryptocurrency Used In Terror Funding?
It caught attention in 2016 when one of the terror groups tried to raise funds in social media through cryptocurrency. However, that was being done in middle-east and not in Asia. But, their connections lies everywhere and this is certainly the most advanced ways of terror funding. This works best for them as it offers complete ambiguity and non-traceability to the user. Also, any amount can be transferred within a fraction of seconds anywhere in the world.
Indian government doesn’t support cryptocurrency and have not been accepted in the payment system. Currently, it is facing the ban from the Reserve Bank of India and the crypto traders have filed a petition in the Supreme Court against it. Indian government probably is preparing a plan of action to combat such grievous concerns. It is expected that the government will reveal its plan of cryptocurrency regulation by the end of September 2018.
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