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Indian MP Says Crypto Is Used For Bribes & Money Laundering
An MP from one of India's two leading parties has reiterated his criticism of cryptocurrency while supporting a CBDC
Muskaan T.
10:48 25th Mar, 2022
Adoption

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.

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