After G20, India is penetrating into the crypto industry and revolutionizing it with new tools. Now, Indian regulators have observed that crypto scams are rising across the globe and hence decided to do something to prevent it from happening in India. India is going to develop a tool capable of monitoring crypto transactions and to fight with crypto scams.
Indian Ministry of Home Affairs (MHA) recently reported launching a tool in a short time to deal with the scams and illegal crypto activities. The tool would be able to monitor the crypto transitions and track the irregular massive transactions. MHA has taken the initiative to cope with the rising crypto scams and illegal activities in the crypto industry.
MHA’s Objective of Developing CIAT
As per CNBC’s report, the Indian Ministry of Home Affairs (MHA) is going to be in combat with crypto scams by developing a new tool. MHA’s proposed new tool, CIAT (Cryptocurrency Intelligence and Analysis Tool) will address illegal crypto activities and scams. CIAT will monitor the crypto transactions and will keep the complete record and track of transactions.
CIAT will be supervised by the MHA’s Indian Cyber Crime Coordination Centre and hence this project will address overall cybercrime. With the launch of CIAT, MHA will monitor all wallet addresses and crypto transactions on the dark net. It will track complete transaction details i.e., dates, used exchanges, timestamps and other services and details of transactions.
CIAT, the Need of Hour?
Indian MHA has decided to work on the tool amid the crypto scams and rise and fall of the crypto market. This new tool is a response to such ongoing illegal activities. In the following month, an Indian crypto enthusiast lost $120,000 in a crypto scam. In July 2023, two suspects were also caught in a P2P crypto scam as well. So, MHA believes that developing such a tool is the need of the hour to battle with crypto scams.
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