Amit Shah has denounced cryptocurrencies and the Metaverse as major threats to national security. He also compared the crypto sector as an alternative to Hwala, a P2P offline illicit money trading network.
Amit Anil Chandra Shah Indian politician who is currently the 31st delegate Minister of the Interior From 2019 and from Year 1 Minister Cooperation with India from 2021. From 2014 to 2020, he served as India’s 10th president. Bharatiya Janata Party (BJP), the current dominant ruling party in India.
At the G20 conference on Crime and Security in the Age of NFTs, AI, and the Metaverse on July 13, 2023, Shah said cryptocurrencies and the Metaverse are like dynamite and Farah.
Shah said that while we are introducing emerging technologies, we need to be careful here of those that pose a major threat to national security.
“The G20 has so far focused on digital transformation and data flows from an economic perspective, but now it is important to understand the crime and security aspects and find solutions,” said the Indian minister.
Furthermore, the Indian Minister put forward the idea that deploying a better and modern technological infrastructure, which can constantly alert security threats in real time, will bring progress to combat these kinds of major challenges. .
In early 2022, Prime Minister of India and one of the prominent leaders of the Bharatiya Janata Party, Narendra Modi, spoke about cryptocurrencies, stating that cryptocurrencies pose a risk to the younger generation and that the threat of cryptocurrencies should be banned. He said there was a need for global coordination.
In recent months under the G20 presidency, the Indian Finance Ministry has put forward the idea of a global cryptocurrency regulatory framework, as well as the idea of a total ban on cryptocurrencies.
It is only a matter of time if India joins forces with other countries to introduce a crypto regulatory framework or follows China’s ban on cryptocurrencies.
Also read: Indian Crypto Exchange BitBns Suspends Withdrawals (Fraud Warning)
