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India tracks cryptocurrency transactions in Darknet to combat drug trafficking

As part of this initiative, law enforcement agencies are using advanced analytics and blockchain monitoring tools.

Date: 2024-07-26 Author: Marek Stiller
India tracks cryptocurrency transactions in Darknet to combat drug trafficking

India’s Narcotics Control Bureau (NCB) has stepped up surveillance of cryptocurrency payments on the darknet to curb drug trafficking within its borders.

Nityanand Rai, Minister of State for Home Affairs, revealed that the government’s strategy to combat the import and interstate movement of drugs was revealed during a recent parliamentary discussion.

NCB data shows a noticeable increase in the use of cryptocurrencies in drug-related crimes over the past five years, particularly in darknet-related cases.

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Rai unveils plan to combat drug trafficking

During the session, Rai presented a plan with 13 points that can be implemented to address growing concerns about drug trafficking and narcoterrorism in the country, with a special focus on combating the misuse of digital currencies.

“A Special Task Force on the Darknet and Cryptocurrencies has been established to monitor suspicious drug transactions on the darknet,” – he said.

Along with these efforts, the NCB has initiated training programs focused on digital forensics, darknet operations and cryptocurrencies to enhance its investigative capabilities to more effectively combat drug-related crimes.

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Despite this targeted approach to monitoring cryptocurrency transactions, the Indian government’s handling of the cryptocurrency landscape has been met with mixed reactions.

The lack of any mention of cryptocurrencies in Finance Minister Nirmala Sitharaman ‘s recent Budget 2024 speech meant that existing tax laws remained unchanged for the next fiscal year.

In early 2024, the Financial Intelligence Unit (FIU) under the Ministry of Finance cracked down on offshore exchanges such as Binance for failing to comply with the country’s Anti-Money Laundering Law.

Binance, once a dominant player on the Indian cryptocurrency trading scene, has been fined for resuming operations, marking a regulatory shift in the Indian cryptocurrency market. Despite these regulatory hurdles, Binance has expressed its intention to re-enter the Indian market, pending approval from Indian financial authorities.

India trains authorities on cryptocurrency

India revealed last year that it had offered officials from various cybercrime and police departments training in cryptocurrency forensics and investigations during the 2022-2023 fiscal year. The training was designed to equip law enforcement officials with the skills needed to combat cryptocurrency-related crimes.

Under the NCB, 141 officers received training specifically focused on darknet investigations, cryptocurrencies, and workshops on digital footprints, open source intelligence gathering and social media analysis.

The training came after a survey by blockchain intelligence firm TRM Labs found that 99% of law enforcement agencies need more training on cryptocurrencies.

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Marek Stiller
Marek Stiller
Founder of the "Cryptocurrency for Beginners" channel on YouTube. He collaborates with Łukasz to form the Arena Trading group, while at the same time being passionate about blockchain technology. His knowledge and experience in the cryptocurrency industry help beginner investors better understand this dynamic market.
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