The Initiative
The Ministry of Home Affairs (MHA) in India is reported to be developing a crypto intelligence tool to address the growing concern of illegal activities surrounding cryptocurrencies in the country. The tool, known as the Cryptocurrency Intelligence and Analysis Tool (CIAT), is being spearheaded by the Indian Cyber Crime Coordination Centre, a division within the MHA dedicated to investigating and combating cybercrime.
Monitoring the Dark Net
CIAT will enable the MHA to monitor crypto wallet addresses on the dark net, providing a comprehensive record of transactions, including timestamps, dates, exchanges used, and services rendered. The tool will also alert officials to any irregular or unusual crypto activities that are detected.
Response to Rising Crime
This project is a direct response to the increase in crypto-related illegal activities in India. In one recent case, an Indian software engineer reportedly lost over $120,000 to a crypto fraud scheme after being advised by an individual he met online. In another incident, two suspects were arrested for their involvement in an alleged peer-to-peer (P2P) crypto scam.
India's Crypto Adoption
Crypto has seen a significant surge in adoption in India, with the country ranking first in the 2023 Global Crypto Adoption Index released by blockchain analytics firm Chainalysis. The report highlighted India's dominance in terms of decentralized finance value received and centralized service value received. Nigeria and Thailand closely followed India in the index.
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