Amit Shah slammed Cryptocurrencies & Metaverse as a big national security threat. He also compared the crypto sector as an alternative to the P2P offline illegal money transaction network “Hwala”.
Amit Anil Chandra Shah is an Indian politician who is currently serving as the 31st Minister of Home Affairs since 2019 and the 1st Minister of Cooperation of India since 2021. Between 2014 to 2020, he served as the 10th President of the Bharatiya Janata Party (BJP), the current dominant ruling party of India.
On 13 July 2023, During the G20 Conference on Crime and Security in the Age of NFTs, AI & Metaverse, Mr. Shah said that cryptocurrencies & Metaverse are more similar to Dynamite & Hwala.
Mr Shah said that we are adopting the emerging technology but here we need to be careful against such things which are a big threat to the nation’s security.
“The G20 has so far focused on digital transformation and data flow from an economic perspective, but now it is important to understand the aspects of crime and security and find a solution,” the Indian minister said.
Furthermore, the Indian minister proposed the idea to bring advancement to fight against such types of big challenges with the adoption of better & modern tech infrastructure, which can always alert the security threats in real-time
Earlier in 2022 the Indian prime minister, & one of the prominent leaders of the BJP party, Narendra Modi talked about cryptocurrencies and said that cryptocurrencies are risky to the youth generation, so global coordination is required to prohibit the threats of cryptocurrencies.
During the last few months under the G20 presidency, the Indian finance ministry proposed the idea of a global crypto regulatory framework and also proposed the idea of a blanket ban on cryptocurrencies.
Now it is a matter of time, whether India will bring a crypto regulatory framework in cooperation with other countries or It will follow crypto ban measures just like China.