Cryptocurrency used to finance terrorism: Modi

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NEW DELHI: Digital currencies need more regulation to stop terrorist financing, Indian Prime Minister Narendra Modi said Friday at a major international forum to combat the financing of extremist groups.

The global crypto market was rocked by the crash this month of FTX, a major exchange used for digital transactions. Once valued at $32 billion, FTX filed for bankruptcy last week.

India has struggled to rein in cryptocurrency trading after years of phenomenal growth, supported by a boom in local trading platforms and glittering celebrity endorsements.

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Modi said last year that Bitcoin is a danger to the younger generation and could “spoil our youth” if it ends up in “the wrong hands.”

On Friday, he went even further and told the delegates of the Conference on Combating the Financing of Terrorism that “private currencies” posed a serious security threat.

“New types of technology are being used to finance and recruit terrorists. The dark web, private currencies and other issues are emerging,” he said, emphasizing the need for a common understanding of new financial technologies.

“From a single understanding, a single system of checks, balances and regulation can emerge,” he said.

Delegates from dozens of countries arrived in the capital New Delhi for a two-day conference that follows a special session of the UN Counter-Terrorism Committee held in India last month.

Cryptocurrencies have been under intense scrutiny from Indian regulators since they first entered the local market nearly a decade ago.

Published in Rassvet, November 19, 2022

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