At a time when crypto market is already facing crisis with the total market capitalization of digital assets has fallen this month below $800 billion, a level not seen since early 2021, Union Minister is warning an increase in the use of virtual assets like cryptocurrency.
"Additionally, there is an increase in the use of virtual assets like cryptocurrency. We need to understand the patterns of these darknet activities and find their solutions," Shah said.
The Home Minister was addressing the third 'No Money for Terror' Ministerial Conference and stressed on the need to build efficient operational systems against virtual asset channels. He said that despite fortifying the security architecture and financial systems, the terror groups are still successful in radicalizing youth and also raising funding for it.
Asserting that terrorism is, undoubtedly, the most serious threat to global peace and security, he said, "But I believe that financing of terrorism is more dangerous than terrorism itself because the 'means and methods' of terrorism are nurtured from such funding." "Furthermore, the financing of terrorism weakens the economy of countries of the world," he said addressing delegates at the conference hosted by the Ministry of Home Affairs here.