Sex syndicates, arms dealers, drug traders in India’s Bitcoin bazaar

The digital currency Bitcoin is on the radar of India’s security and intelligence agencies with sex syndicates, arms and drugs traders and even terrorist groups preferring it as a medium of exchange over cold, hard cash.

The Centre has asked authorities to keep a close watch on the maverick payment tool with near anonymity built into its system that makes it ideal for criminals. The cryptocurrency allows illegal operations with the speed of the internet, but with the secrecy of a cash deal. Bitcoin, heralded as a new way to conduct a broad array of financial transactions, costs about `29,000 apiece and the price fluctuates every day. The home ministry has taken up the security issue with the finance ministry and RBI: in a secret communication it said the currency is being used for crimes, including drug trafficking, illegal arms trade and prostitution in India.

According to experts, Bitcoin and the dark web- where sites are hidden from search engines like Google- form a deadly cocktail as it is very tough to trace a user carrying out transactions through specific software.

“Bitcoin was introduced to the public in 2008 but due to its features it is now majorly used in criminal activities,” said

Read more ... source: TheBitcoinNews