Crypto needs to be blocked if used to harm the sovereignty and integrity of the country: Meenakshi Lekhi

The Centre reportedly wants India's crypto regulations to be in line with the global framework

December 16, 2021

Meenakshi Lekhi stresses blocking crypto if used for illegal purposes

On the sidelines of the much-awaited Crypto currency Bill 2021, Minister of State for External Affairs Meenakshi Lekhi said that the crypto currencies need to be blocked if used for illegal means to harm the sovereignty and integrity of the country.

Meenakshi Lekhi was speaking at the sixth iteration of the ‘Global Technology Summit‘ organized by Carnegie India on Wednesday.

Lekhi said, “If crypto currency is going to be used to launch cyber-attacks in India, to launch other attacks on India, to do other kinds of illegal and unethical work like drug trafficking, I need to stop all that.”

During the discussion, titled ‘The Future of Technology: Resilience and Partnerships’, Lekhi emphasized, “I am sure the Finance Ministry and IT Ministry would have looked deeply into these aspects. The crypto currency platforms and exchanges are owned by a set of people who are trying to avoid tax, taking the money out of the country without giving benefit to the country where they produce this wealth.”

“Even as we are thinking about at a national level, there should simultaneously be a global mechanism through which we are constantly monitoring the movement of technology, so that whether it is your crypto currency, whether it is a tech-driven payment system, data privacy…” she had said.

Earlier, the Finance Minister, Nirmala Sitharaman said that no country has found a one-point formula to regulate technology such as crypto currency, and a collective “global action” is the only way to regulate the evolving technologies, including the crypto currencies.

The Crypto currency and Regulation of Official Digital Currency Bill, 2021 may not be tabled in the Winter Session of Parliament as the government doesn’t want to rush on the law and it wants India’s crypto regulations to be in line with the global framework.

[With Inputs from IANS]

PGurus is now on Telegram. Click here to join our channel and stay updated with all the latest news and views

For all the latest updates, download PGurus App.