India’s Home Minister Amit Shah has made a thought-provoking comparison between the threats posed by cryptocurrency and the metaverse to the dangers of dynamite explosions and hawala cases. Shah emphasized the need for a global strategy to address the growing vulnerabilities in widely used cyber networks. As part of its role in the G20 presidency, India is actively developing regulations to govern the global crypto sector.
During his address, Shah highlighted the emergence of new types of crimes that have become prominent in the era of Artificial Intelligence (AI) and Web3 elements like Non-Fungible Tokens (NFTs) and the metaverse. He noted that the security threats we face today have significantly evolved.
“The shift in our conventional security threats from ‘Dynamite to Metaverse’ and from ‘Hawala to Cryptocurrency’ is certainly a matter of concern for all nations. To tackle this, a common strategy has to be prepared,” stated Shah.
The minister shared a clip of his speech on Twitter, reaching an audience of 33.2 million followers.
In the upcoming week, India will host the third G20 Finance Ministers and Central Bank Governors (FMCBGs) meeting in Gandhinagar, Gujarat. This meeting will be attended and co-chaired by Finance Minister Nirmala Sitharaman and RBI governor Shaktikanta Das. India is expected to make progress on global crypto laws by December this year.
Meanwhile, Rajeev Chandrasekhar, the Minister of State for Electronics and Information Technology, recently acknowledged that cryptocurrency and Web3 represent the next generation of the internet. However, he emphasized the importance of establishing rules and regulations to ensure the safety and security of users.
In conclusion, Amit Shah’s address at the G20 meeting sheds light on the urgent need for a coordinated global approach to combat the evolving threats brought by cryptocurrency and the metaverse. India is taking proactive steps towards regulating the crypto sector on an international scale. The government recognizes the potential of these emerging technologies while prioritizing the protection of individuals and the overall security of nations.
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