Crypto Raises Serious Concerns For Government: Subhash Chandra Garg
âCrypto was not created in India. Our people are now buying these digital coins through various exchanges and applications (several of them are listed on foreign shores) without understanding the inherent risks. Billions of dollars of wealth are being transferred. abroad without any capital gain We have so many regulations on foreign currency trading and here we have no regulations on crypto exchanges which is a huge political concern, âGarg told IANS .
Garg led the Interdepartmental Committee (IMC) that drafted the cryptocurrency bill titled “Cryptocurrency Ban and Regulation of the Official Digital Currency Bill, 2019”.
The government aims to table the crypto bill in the winter session of parliament from November 29, as serious concerns are now expressed over the misuse of digital coins on the Dark Web for acts terrorists and drug trafficking by militant organizations, money laundering and hawala. – transaction-based – posing a serious threat to national security and a great challenge for security agencies in India.
When Prime Minister Narendra Modi chaired a high-level meeting on the subject on Saturday, concerns were expressed about the lack of transparency in the industry, as this can lead to the financing of terrorism through money laundering.
The government is also not happy with crypto players like CoinSwitch Kuber, CoinDCX and WazirX who place ‘irresponsible’ ads on all platforms, especially during IPL 2020 and ICC Men’s T20 World Cup matches. .