Cryptocurrencies Worth About 2.2 Crore For Drug Trafficking: Government Informs Parliament

"Narcotics Control Bureau and Central Board of Indirect Taxes and Customs has unearthed the payment of approximately 2.2 crore through cryptocurrency in 11 cases linked to drug trafficking,' the government informs the Parliament.

The parliamentary committee has previously raised concerns about the increasing use of cryptocurrencies and other digital assets and the darknet for drug trafficking.

In a written reply to the Lok Sabha, Minister of State for Finance Pankaj Choudhary said the government is taking steps like conducting training for the field officers on cyber and forensic technologies and collecting evidence through electronic means to check such usage.

The minister also listed regular liaising with technical experts, coordination with foreign drug law enforcement agencies and assistance to states for procuring equipment, including electronic surveillance systems, like steps taken by the government to check cryptocurrency usage in drug trafficking.

In reply to a separate question on whether the government plans to announce any regulations on Metaverse/Web 3.0, Mr Choudhary said the technologies related to Metaverse/ Web 3.0 are still evolving.

"The government is cognizant of the emergence of new technologies and rapid proliferation of emerging technologies, such as Artificial Intelligence, Blockchain, Drone, Augmented Reality / Virtual Reality, Metaverse, Web 3.0 etc.," he added.