2024

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India’s Narcotics Control Bureau (NCB) is actively monitoring cryptocurrency payments on the darknet as part of its ongoing efforts to combat drug trafficking in the country.
During a Parliamentary discussion on July 24, Nityanand Rai, the minister of state for home affairs, <a href="https://www.mha.gov.in/MHA1/Par2017/pdfs/par2024-pdfs/RS24072024/236.pdf" target="_blank" rel="noopener nofollow">revealed</a> India’s current strategy to reduce the import and inter-state movement of narcotic drugs.
<h2 data-ct-non-breakable="true" id="countering-drug-trafficking-on-the-darknet">Countering drug trafficking on the darknet</h2>
According to data from NCB, the nodal drug law enforcement and intelligence agency of India, the use of cryptocurrencies in drug crimes has been inconsistent over the last five years. However, the number of cases of drug seizure involving darknet and cryptocurrencies has seen a steady increase since 2022.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/fd31f211-ccdd-4d24-8c3f-bf7411d50c19.png" alt="India cracks down on darknet drug deals using crypto tracking" title="">
 <figcaption style="text-align: center;">
 Total number of cases of drug seizure in India since 2020. Source: Ministry of Home Affairs, India
 </figcaption>
</figure>
Rai detailed 13 plans of action against the growing problem of drug trafficking and narco-terrorism in India, two of which targeted the misuse of cryptocurrencies. He said:
<blockquote data-ct-non-breakable="true">
 “A Special Task Force on Darknet and Crypto Currency has been constituted to monitor suspicious transactions related to drugs on Darknet.”
</blockquote>
<h2 data-ct-non-breakable="true" id="efforts-to-monitor-crypto-transactions">Efforts to monitor crypto transactions</h2>
Additionally, the NCB is currently facilitating various training programs on digital forensics, darknet and cryptocurrency.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/5d31c2e9-fd7c-4a63-bee9-97db8fb16c93.jpeg" alt="India cracks down on darknet drug deals using crypto tracking" title="">
 <figcaption style="text-align: center;">
 State-wise details of cases registered for drug trafficking: Source: National Crime Records Bureau, India
 </figcaption>
</figure>
According to the National Crime Records Bureau (NCRB) data, Punjab recorded the most number of drug trafficking cases in India between 2020 to 2022.
Related: <a href="https://cointelegraph.com/news/235m-wazirx-crypto-exchange-hack-india">$235M WazirX exchange hack has implications for India’s crypto industry</a>
Indian Finance Minister Nirmala Sitharaman’s 2024 Union Budget speech on July 23 <a href="https://cointelegraph.com/news/indian-finance-minister-ignores-crypto-industry-s-budget-tax-plea">failed to mention cryptocurrencies</a>, leaving the existing tax regulations unchanged for another year.&nbsp;
The Indian Ministry of Finance’s Financial Intelligence Unit&nbsp;<a href="https://cointelegraph.com/news/apple-india-binance-kraken-crypto-exchanges-delist-fiu-notice">blocked Binance and several other offshore crypto exchanges</a> in January 2024 for failing to adhere to the country’s Anti-Money Laundering Act. 
However, the Indian government gave the exchange an opportunity to resume its services, provided it paid a $2 million fine for noncompliance.
Binance reportedly accounted for more than 90% of Indian crypto trading volume before its ban but now plans to <a href="https://cointelegraph.com/news/binance-gets-fiu-approval-india-return">reenter the Indian market</a>&nbsp;after obtaining approval from the Indian financial regulator.
Magazine: <a href="https://cointelegraph.com/magazine/thorchain-founder-jp-thor-vampire-attack-defi/">THORChain founder and his plan to ‘vampire attack’ all of DeFi</a>

India cracks down on darknet drug deals using crypto tracking

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Cointelegraph

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