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Indian Minister Reports Rising Use Of Crypto In Drug Smuggling

By  |  October 31, 2022

Those responsible for drug smuggling and terrorism in India are increasingly making use of the darknet and cryptocurrencies, Indian Home Minister Amit Shah reportedly said.

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    Shah made the remarks at a regional meeting on drug trafficking and national security, according to a Thursday (Oct. 27) report by news agency IANS posted by the Business Standard.

    The number of drug smuggling cases registered in the area between 2014 and 2022 was 152% higher than the number registered from 2006 to 2013, Shah said, according to the report.

    Read more: India Developing Tech-Driven Regulatory Framework For Crypto

    The remarks came as Indian authorities are reportedly investigating allegations of illegal drug transaction facilitation by three unidentified Indian crypto exchanges, The Economic Times reported Thursday.

    “Digital currency was used to buy and sell drugs and some of these companies facilitated it,” according to a senior government official quoted in the report.

    These alleged transactions took place over three years and were worth about $3.4 billion, CoinDesk reported Thursday.