Earlier this week, an explosives-filled SUV was parked outside ‘Antila’, the house of Asia’s richest man Mukesh Ambani living in Mumbai, India. As the investigation proceeds, Jaish-ul-Hind has claimed responsibility for this bomb threat and has demanded a ransom in crypto citing future threats if Ambani fails to pay them.
From a written draft written by the terror outfit, it is clear that they have demanded the payment to their Monero address. The ransom message first appeared on the Telegram app.
As it turns out, privacy coins like Monero have once again been on the radar of terror outfits. While the technology behind is really exemplary, some illicit players across the world have been taking undue benefit of it.
As a result, lawmakers have been increasingly focused to ban the use of privacy-based cryptocurrencies. Last year, even the U.S. Justice Department had raised concerns on Monero. In fact, the agency also announced a price reward of half-a-million dollars for anyone who breaks into the Monero code. However, no one yet has been able to make its way through Monero’s full-proof technology.
As it turns out, the terror outfit has even threatened to harm Ambani’s son and other family members.
India’s Concerns on Crypto Use
India’s central bank, securities regulator SEBI, and the government have been unanimously voicing concerns over the use of crypto over the last few months. One of the major reasons cited by authorities is the use of crypto for illicit activities.
Unfortunately, events like this provide altogether an additional reason for authorities to consider a crypto ban. However, events in isolation should not become the basis for a pan-country ban. Indian crypto user base has significantly grown over the last year.
The COVID-19 economic crisis has pushed more people closer to cryptocurrencies. However, India’s crypto market is still much smaller in size with only $1 billion in total crypto exposure. Despite being one of the world’s top-ten economies, India has been slow in crypto adoption even in comparison to other Asian peers. As per the latest reports, India is most likely proceeding ahead with a ban, however, upon the final disclosure, investors will get a 3-6 months time frame to liquidate their holdings.