Indian Authorities Set Up Cryptocurrency Forensics Unit to Fight Drug Trafficking
Date: 2024-07-26 Author: Henry Casey Categories: IN WORLD
Indian authorities have announced the creation of a new cryptocurrency forensics unit that will specialize in tracking cryptocurrency transactions on the dark web related to the trafficking of illegal substances. The move is aimed at strengthening the fight against drug trafficking and curbing illegal transactions using digital assets.
The new unit, set up under the Narcotics Control Bureau (NCB), will focus on tracking cryptocurrency transactions used to pay for drugs. It will focus on transactions on the dark web, where the anonymity and decentralization of cryptocurrencies make them attractive to criminals.
Training Programs for Law Enforcement Agencies
To effectively combat cryptocurrency crimes, NCB has developed training programs on digital forensics, darknet, and digital assets. The programs have been attended by officers from other law enforcement departments of the Ministry of Home Affairs (MHA) and representatives of the cryptocurrency market. These programs are aimed at upskilling the officers and equipping them with the necessary skills to deal with modern digital threats.
Since the formation of the crypto unit in July, it has already detected about a hundred cases of digital assets being used to pay drug dealers and couriers. This speaks volumes about the effectiveness of the new task force and the importance of such specialized units in the fight against drug crime.
Collaboration with Cryptocurrency Platforms
Earlier, former Finance Minister Pankaj Chaudhary said that 28 major Virtual Asset Service Providers (VASPs) in India are assisting law enforcement agencies in combating criminal activities and illegal transactions in cryptocurrencies. Such collaborations can significantly improve the tracking and suppression of illegal transactions, which ultimately helps in the fight against drug trafficking.
NCB is confident that the new cryptocurrency unit will allow law enforcement agencies to more effectively suppress the import and movement of drugs between states. In the long run, this should lead to a significant reduction in drug trafficking and an improvement in overall security in the country.
Thus, the establishment of a cryptocurrency forensics unit in India is an important step in the fight against drug crime and the use of digital assets for illegal purposes. This unit has already demonstrated high efficiency, and its activities will contribute to strengthening law and order and security in the country.
