India’s Home Minister Amit Shah has compared the threat to crypto and the metaverse to be as dangerous as dynamite explosions or hawala crimes. Shah was speaking at the G20 summit where he said that a common approach is needed globally to deal with threats that now include threats to the most widely used and highly dependent networks. As part of its ongoing G20 leadership, India is working to issue regulations governing the crypto sector globally.
The Ministry of the Interior talks about the need to deal with the new types of crime that are making headlines in the age of Artificial Intelligence (AI) and Web3 products such as Non-Fungible Tokens (NFTs) and the metaverse.
Shah, in his speech, observed that there has been a noticeable change in the types of security threats that make it more difficult in the era we live in.
“The evolution of our common security threats from ‘Dynamite to Metaverse)’ and from ‘Hawala to Crypto currencies ‘ It is indeed a story of people of all nations. To deal with this, one strategy has to be prepared,” said Shah.
The minister also shared part of his speech on his Twitter handle, followed by 33.2 million.
The shift in our traditional security threats from ‘Dynamite to Metaverse’ and from ‘Hawala to Cryptocurrency’ is a matter of concern to all nations. In order to overcome this, a method must be developed.#G20India pic.twitter.com/JcyQMaoCpA
– Amit Shah (@AmitShah) July 13, 2023
Next week, India will host the third meeting of the G20 Finance Ministers and Central Bank Governors (FMCBGs) in Gandhinagar in Gujarat.
The meeting will be attended and chaired by finance minister Nirmala Sitaraman and RBI governor Shaktikanta Das.
By December this year, India is expected to have progress towards international crypto laws.
Meanwhile, Rajeev ChandrasekharThe Minister of State for Electronics and Information Technology, recently admitted that crypto and Web3 are the next generation of the Internet.
Having said this, the ministry added that laws and regulations are very much needed to regulate the crypto space so that it is safe for everyone to use and participate.