“Narcotics management Bureau and Central Board of Indirect Taxes and Customs have excavated the payment of approx Rs.2.2 large integer through cryptocurrency in eleven cases connected to Drug Trafficking”, said Minister of State for Finance Pankaj Choudhary. Well, it’s a matter of concern that, on April 1st Government had been an obligatory tax on Crypto whereas on the 4th this case has been in limelight. This is the primary cause of traffic within which Crytpo has been used.
Does the Question arise Why Fraudsters has used Cryptocurrency to accomplish their Intentions?
Cryptocurrencies will create it easier for fraudsters to obscure the supply of the criminal issues and are more and more changing into the popular currency of cybercriminals, from getting illicit product victimization Bitcoin as a payment technique to ransomware attacks wherever payments by Bitcoin are demanded. This trend is additional prevailing as a result of a cryptocurrency offering a mixture of namelessness, easy use, and also the ability to avoid international borders and rules, in essence, to launder the illegal issue.
This case can become a giant Hurdle within the manner of legitimation of Cryptocurrency. The political concern moreover as media can raise numerous “Debate”.But there’s no need for any polemic DISCUSSION, as we tend to be a newbie in the Crypto setting we tend to even didn’t legalize it therefore there’s no need for UNECCESARY dialogue.
Rather than raising problems, we should always Focus on it however we will Train our Officers to face this kind of Frauds in the Future.” The Government is taking steps like conducting training for the sector officers on cyber and rhetorical technologies and on the gathering of proof through electronic means that to see such usage”, a statement by Mr. Pankaj Choudhary.
The minister additionally listed regular liasioning with technical specialists, coordination with foreign drug enforcement agencies, and help to states for procuring instrumentality, as well as surveillance systems as steps taken by the government to see the usage of cryptocurrency in traffic.
We can say that this case can facilitate upraising the amount of training and experience in Cyber security. Our officers can act with Latest Technologies that must for our Cyber security. We will be ready to catch scammers and fraudsters. But, somehow it will have an effect on the method of legitimation of cryptocurrency rather than specialize in the downside we tend to should specialize in its solutions. We are an individual Being and we learn from our failures, that’s why we should investigate the case first and that penalize the scammers at the moment, we tend to just focus on our up-gradation so that we don’t need to face this issue once more in Future.