Cryptocurrency crime forms one focus of a dedicated cybercrime lab launched by Indian authorities this week, Indian daily news outlet The Hindu reported on Feb. 19.
As part of efforts to step up the fight against internet-based adversaries, India's Union Home Minister Rajnath Singh inaugurated the cyber forensic lab and Cyber Protection Awareness and Detection Centre, which will be operated by police in Delhi.
Within the lab, there will be a special unit focused on cryptocurrency, following years of problems involving scammers using the emerging phenomenon to commit crime.
"We are now equipped with technology to recover data from damaged hard disks, cryptocurrency analysis, malware forensic and data can be retrieved from 33,000 kinds of mobile models available in the market," the Hindu quotes Delhi Police Commissioner Amulya Patnaik as saying.
The announcement comes as India continues to make slow progress on separating the actions of criminals from legitimate usage of cryptocurrency.
As Cointelegraph reported, the Reserve Bank of India enacted a ban on banks serving crypto businesses in July last year, a decision that has since been challenged in the country's highest court.
Earlier this month, a government research panel appeared to suggest Delhi was concerned about the potential impact of cryptocurrency on the stability of the rupee.
India Targets Cryptocurrency Crime ?s Part ?f Cyber Security Offensive
Published on Feb 19, 2019
by Cointele | Published on Coinage
Coinage
Recent News
View All
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.