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India’s Foreign Minister notes that crypto assets should be blocked if they are used for illegal purposes. Among these goals, the minister calls “launching cyberattacks in India, conducting other attacks on India, carrying out other types of illegal and unethical activities, for example, related to drugs or human trafficking.”
Indian Foreign Minister Meenakshi Lehi, as reported by news.bitcoin, stressed at the 6th Global Technology Summit that crypto assets should be blocked if they are suddenly used for illegal purposes to damage the sovereignty and integrity of India.
The Minister also noted: “Cryptocurrency platforms and exchanges are owned by a group of people who try to avoid paying taxes by taking money out of the country without benefiting the country where they generate this wealth.”
Meanwhile, as you know, the country’s leadership is making some changes to the draft law on crypto-assets, which will be considered at the current session of the country’s parliament.
Prime Minister Narendra Modi has held a series of meetings on crypto legislation in India and will be making the final decision on regulating the sector. He recently noted that digital assets should be used to empower democracy, not undermine it.
Judging by recent documents, the country’s leadership wants to regulate digital assets, but at the same time prohibit the use of them for payments.
However, the country’s central bank, the Reserve Bank of India (RBI), expresses grave concerns about digital assets and says the cryptocurrency should be banned entirely, stressing that a partial ban will not work.
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