Indian MP Says Crypto Is Used For Bribes & Money Laundering

[Coinshots]

An MP from one of India's two leading parties has reiterated his criticism of cryptocurrency while supporting a CBDC

BJP MP Nishikant Dubey said in the Lok Sabha on Friday that crypto is used for paying bribes and laundering money, even as the lower house moved to pass proposals that would heavily tax these assets.

Dubey, the BJP MP from Godda, Jharkhand, said, “We have been talking about crypto since 2012-13, and all RBI governors during this time have said that crypto runs on the darknet (sic), that represents the future of hawala (money laundering), and that efforts should be made to stop it. In our standing committee report in 2013, we mentioned that cryptocurrencies were a looming threat to the world. But the UPA government didn't pay attention to it.”

He then mentioned the cryptocurrency bill, saying whether it legalised or banned crypto, “the situation that crypto has created worldwide is this. If you want to indulge in corruption, if you want to pay a bribe, you will do so in crypto. If you want to buy drugs, you will do it with crypto.”

He said crypto was a global issue and that governments around the world are worried, because “[they] know how much money they have printed, and this money is regulated by central banks… but with crypto, who owns it? Until today I haven't been able to find an answer to this.”

“There are various crypto exchanges now, and the government, the RBI, and the tax department are concerned about how much money has been put into crypto,” he added.

He also applauded the government’s stance on cryptocurrencies and praised the proposed 30% capital gains tax and 1% TDS announced during the Union Budget, and praised the RBI for pushing to introduce the digital rupee.

This isn’t the first time Dubey has spoken out against crypto. On December 6, PTI reported that he had sought a ban on cryptocurrencies, claiming that they were based on ‘dark net’ technology and would be used for drugs, prostitution and terrorism.

"The whole world is troubled by it. The RBI has been saying continuously that this should be completely banned," he said.


Source: https://www.coinshots.com/news/indian-mp-says-crypto-is-used-for-bribes-money-laundering

[pakhitheboss]

I was wondering how bribe and money laundering was done before 2009. As this MP from the ruling party forgot that to date mostly fiat currency is used for unlawful activities. This was the same party that ban a few denomination fiat currency in 2015 to stop Money laundering and destroy those black money. To date they do not have any figures suggesting that it was the right move.

[teosanru]

Forget about Maps They haven't been able to bring back the existing black money and red money which went away when there was no crypto which they promised to bring back. Moreover how would these MPs understand the trail of money flow which they are getting using crypto. Once KYC done with wallets you can easily track whether someone is receiving Cryptos or not because eventually you'll have to sell it in a bank only. 30% tax would instead motivate people to not pay tax and use black market tactics.

[pakhitheboss]

30% tax would instead motivate people to not pay tax and use black market tactics.

That is for sure 30 percent flat tax and no setoff loss simply means the government does not want crypto to thrive. They are simply looking at ways to stop people in indulging in cryptocurrency business. The world is slowly moving towards regulating cryptocurrency and our government is trying to implement a law that will cause a lot of issues for the community starting April and then in July this year when they implement 1 percent TDS.