How does the ED's seizure of Bitcoins relate to international crime activities
The Enforcement Directorate seizes Bitcoins worth ₹130.48 crore in connection with an international drug trafficking case, highlighting the role of digital currency in illicit activities.
- Bitcoin's decentralized nature makes it attractive for international crime activities such as drug trafficking, money laundering, and illegal arms trade.
- Transactions made with Bitcoins can be conducted anonymously, making it difficult for authorities to track the movement of funds across borders.
- The seizure of Bitcoins by the Enforcement Directorate in connection with an international drug trafficking case underscores the use of digital currency in facilitating cross-border illicit activities.
- This highlights the need for increased regulation and oversight of cryptocurrencies to prevent their misuse by criminal organizations operating globally.
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a year ago