India said to mull monitoring digital currencies to track money laundering, terror funding

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India is considering tracking digital currencies like bitcoin through the central bank and capital markets regulator (Sebi) along with intelligence agencies to monitor money laundering and terrorist financing, people with the knowledge of the matter said.

A Union government panel is examining options such as banning, regulating or limited intervention for virtual currencies in India, an area that’s currently neither regulated nor recognized by the government, said the people who asked not to be identified as the discussions are not public.

Cryptocurrencies like bitcoin have attracted the attention of the authorities due to the exponential rise in their prices and market size. They’ve sparked concerns of money laundering, terrorist financing and drug trafficking.

Read the original article here: livemint.com


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