Key takeaways:
- The NCB of India is keeping a close eye on crypto transactions made on the darknet as part of its continuous efforts to stop drug trafficking in the nation.
- NCB is now offering a number of training courses in crypto, darknet, and digital forensics.
The Narcotics Control Bureau (NCB) of India is keeping a close eye on crypto transactions made on the darknet as part of its continuous efforts to stop drug trafficking in the nation.
The minister of state for home affairs, Nityanand Rai, disclosed India’s present plan to lessen the import and interstate transit of narcotic narcotics during a Parliamentary debate on July 24.
The usage of crypto in drug offenses has fluctuated over the past five years, according to statistics from NCB, India’s leading narcotics law enforcement and intelligence organization. On the other hand, since 2022, there has been a consistent rise in the quantity of drug seizures involving darknet and crypto cases.
Rai presented 13 action plans, two of which focused on the improper usage of crypto, to combat the escalating issues of drug trafficking and narco-terrorism in India. He stated:
“A Special Task Force on Darknet and Crypto Currency has been constituted to monitor suspicious transactions related to drugs on Darknet.”
Furthermore, NCB is now offering a number of training courses in crypto, darknet, and digital forensics.
Data from the National Crime Records Bureau (NCRB) show that, between 2020 and 2022, Punjab had the highest number of drug trafficking cases in India.
In the 2024 Union Budget statement, Indian Finance Minister Nirmala Sitharaman left the current tax laws in place for an additional year by omitting any mention of crypto on July 23.
In January 2024, the Financial Intelligence Unit of the Indian Ministry of Finance suspended Binance and a number of other offshore crypto exchanges for violating the nation’s Anti-Money Laundering Act.
The Indian government did, however, provide the exchange with the chance to continue operating as long as it paid a $2 million penalty for the violation.
After receiving permission from the Indian financial authority, Binance—which previously held a majority stake in over 90% of the country’s crypto trading volume—plans to re-enter the Indian market.
