Context: The government has approved amendments to the Mines and Minerals (Development And Regulation) Act allowing commercial mining of lithium and a few other minerals.

Proposed Amendments:

• Lifting ban: The amendment will lift the ban on commercial mining of six critical minerals which are Lithium,beryllium, titanium, niobium, tantalum and zirconium.
• Critical minerals: The government declared 30 minerals as critical for the country, including these six minerals. 
• Monetising assets: The proposed amendment will allow the Central government to auction these minerals while the royalty will go to states.

Need for amendment:

• Procurement of critical minerals: Government is focused on procuring critical minerals, especially lithium, which is useful for batteries, especially for electric vehicles.
• Mining by private entities: Currently, commercial mining of these critical minerals by private companies is prohibited. Only government agencies were allowed in exploration and mining operations.
• Energy Transition: So far, most of the exploration in the country has been focussed on bulk commodities like limestone, coal and iron ore. With new requirements in transition, there is a growing demand for critical minerals, prompting the government to focus on the exploration of deep-seated and critical minerals.
• Reducing import dependency: India is seeking to become a manufacturing hub and reduce import dependence of several minerals used in manufacturing. 
  • Currently, India is dependent on China and other countries to meet its requirement of critical minerals including Rare Earth Elements (REE), which are the building blocks of modern-day technologies.

What are critical minerals?

• Critical minerals are  those minerals  that are at risk of supply shortage, which may have a larger impact on the economy compared to that of other raw materials.

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Context: 

Recently, Sri Lanka said that it will back the resolution proposed by Pakistan at the UNHRC condemning the Sweden government’s action to allow the burning of the Quran.

About UNHRC:

• The Human Rights Council is an inter-governmental body within the United Nations system,  responsible for strengthening the promotion and protection of human rights around the world.
• Established: In 2006 by United Nations General Assembly resolution.
• Headquarters: Geneva, Switzerland.

Mandate:

• Human Rights Violation: It addresses situations of human rights violations and make recommendations on them.
• Discussion : It can discuss all thematic human rights issues and situations.

Membership of the Council:

• Members: The Council has 47 members elected for 3 years and are not eligible for immediate re-election after serving two consecutive terms.
• Voting: Direct and secret ballot.
• Membership is based on equitable geographical distribution:
  • African States: 13 seats
  • Asia-Pacific States: 13 seats
  • Latin American and Caribbean States: 8 seats
  • Western European and other States: 7 seats
  • Eastern European States: 6 seats
• India’s Membership in UNHRC:
  • India is re-elected for a sixth term to the UNHRC for the 2022-24 term.
• Leadership of the Council: The Council has a five-person Bureau, consisting of a president and four vice-presidents, each representing one of the five regional groups. They serve for a year each, in accordance with the Council’s annual cycle.
• Working of the Council: In 2007, the Council adopted an “institution-building package” that established its procedures and mechanisms.The mechanism are:
• Universal Periodic Review (UPR): The UPR is a mechanism that assesses the human rights situations in all UN member states on a regular basis.
• Advisory Committee: The Advisory Committee serves as the Council’s think tank, providing expertise and advice on thematic human rights issues.
• Complaint Procedure: The Complaint Procedure allows individuals and organisations to bring human rights violations to the attention of the Council.

News Source: The Hindu    

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Context: Minister of Ports, Shipping and Waterways, recently inaugurated the indigenous Differential Global Navigation Satellite System (DGNSS) called ‘SAGAR SAMPARK’.

About Sagar Sampark:

• It is a terrestrial based enhancement system that corrects the errors and inaccuracies in the Global Navigation Satellite System (GNSS) and provides more accurate positioning information.
• Aim: 
  • Ensuring safety: To help mariners in safe navigation and will reduce the risk of collisions, groundings, and accidents in the port and harbour areas. 
  • Aiding radio signals:To assist the Director General of Lighthouses and Lightships (DGLL) to provide radio aids to ships for marine navigation
• Significance: 
  • Minimising error: A GNSS receiver has the potential to achieve accuracies of up to 10 centimetres. Sagar Sampark will help mariners to error correction accuracy from 5 to 10 metres to less than 5 metres for 100 Nautical Miles from Indian coastlines. 
  • Augmenting correction: It will improve the accuracy of GPS positioning and reduce errors caused by atmospheric inferences, satellite clock drift, and other factors.
  • Enhancing Compliance: It will fulfil India’s  obligations towards International Maritime Organisation (IMO), Safety of Life at Sea (SOLAS) and International Association of Marine Aids to Navigation and Lighthouse Authorities (IALA).

News Source: pib

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Context: Geologists have said that sediments at Crawford Lake in Canada’s Ontario have provided evidence of the beginning of the Anthropocene epoch.

About Anthropocene epoch:

• It is a proposed geological epoch.
• Term coined by: Nobel Prize-winning chemist Paul Crutzen and biology professor Eugene Stoermer.
• What does it denote?:It denotes the present geological time interval, in which the Earth’s ecosystem has gone through radical changes due to human impact, especially since the onset of the Industrial Revolution.
• Unwelcome changes: It is associated with global warming, sea-level rise, ocean acidification, mass-scale soil erosion, the advent of deadly heat waves, deterioration of the biosphere and other detrimental changes in the environment.
• Estimated beginning of epoch: Members of the Anthropocene Working Group (AWG) have estimated that the new epoch started sometime between 1950 and 1954.
• Lack of consensus: There are disagreements within the scientific community regarding when it began, or has it already begun, or if they have enough evidence to prove its advent.

Crawford Lake in Canada and recent study 

• Site of examination: Crawford Lake was chosen for examination as its layers of sediment preserved the annual impact of human activities on the Earth’s soil, atmosphere and biology.
• Evidence: 
  • Advent: There are distinct and multiple signals starting around 1950 in the water body, which showed that the effects of humans overwhelm the Earth system.
  • Destructive humanising of Earth: The presence of plutonium (due to detonation of nuclear weapons) indicates when humanity became such a dominant force that it could leave a unique global ‘fingerprint’ on Earth.
• Inconclusive evidence: These findings don’t mean that they have proved the advent of the Anthropocene epoch

Earth’s geological time scale

• The geologic time scale is the “calendar” for events in Earth history. 
• Subdivision: It subdivides all time into named units of abstract time called—in descending order of duration— eons, eras, periods, epochs, and ages. 
• Methodology: The enumeration of those geologic time units is based on stratigraphy, which is the correlation and classification of rock strata. 
• Fossil markers:The fossil forms that occur in the rocks, however, provide the chief means of establishing a geologic time scale, with the timing of the emergence and disappearance of widespread species from the fossil record.

News Source: Indian Express 

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Context: Recently, NASA celebrated the anniversary of the James Webb telescope by sharing a new image of sun­like stars being born. The picture is of the Rho Ophiuchi cloud complex, the nearest stellar nursery to Earth.

Image credit: The Hindu 

About James Webb Telescope:

• The James Webb Space Telescope  is an orbiting infrared observatory that will complement and extend the discoveries of the Hubble Space Telescope, with longer wavelength coverage and greatly improved sensitivity.
• Developed by:  NASA with the assistance of the European Space Agency and the Canadian Space Agency.
• Launched in :It was launched in  2021, with the mission duration of 5-10 years
• Location in space: It is placed at Lagrange point 2, approximately 1.5 million km beyond Earth’s orbit around the Sun.
• Size: Webb’s primary mirror is approximately 6.5 metres in diameter, giving it a significantly larger collecting area than the mirrors of the current generation of space telescopes.
• Wavelength: It will provide wavelength coverage from 0.6 to 28 microns (the infrared part of the electromagnetic spectrum).
• Objectives: 
  • Search for the first galaxies and luminous objects formed after the Big Bang.
  • Determine how galaxies evolved from their formation until now.
  • Observe the formation of stars from the first stages to the formation of planetary systems.
  • Measure the physical and chemical properties of planetary systems, including our own Solar System, and investigate the potential for life in those systems.

News Source: BBC

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Context: In a recently concluded NATO summit held at Vilnius, Lithuania , members strengthened their commitment to defence and  investment. They also agreed to bring Ukraine closer to NATO, and deepen partnerships around the world.

About NATO:

• NATO is a transatlantic security alliance composed of thirty-one member countries.
• Established in: It was established in 1949 with the signing of the North Atlantic Treaty, also called as Washington Treaty.
• Headquarters: Brussels, Belgium.
• Objectives:  
  • Cooperation: To provide a unique link between these transatlantic countries, enabling them to consult and cooperate on political and military issues.
  • Limiting threat: To counter the threat of erstwhile Soviet Union’s possible expansion attempts in Europe.
• Underlying Principle: 
  • Principle of collective defence: NATO is committed to the principle that an attack against one or several of its members is considered as an attack against all. 
  • Membership criteria: NATO membership is open to “any other European state in a position to further the principles of this Treaty and to contribute to the security of the North Atlantic area.”
  • Members: Belgium, Canada, Denmark, France, Iceland, Italy, Luxembourg, the Netherlands, Norway, Portugal, the United Kingdom, the United States, Greece, Turkey, Germany, Spain, Czechia, Hungary, Poland, Bulgaria, Estonia, Latvia, Lithuania, Romania, Slovakia, Slovenia, Albania, Croatia, Montenegro,the most recent additions were North Macedonia in 2020 and Finland in 2023.

News Source: livemint

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Context: The Ministry of Social Justice and Empowerment introduced Atal Vayo Abhyuday Yojana (AVYAY) to empowering senior citizens in India

About  Atal Vayo Abhyuday Yojana:

• Amalgamation of earlier scheme: National Action Plan for Senior Citizens (NAPSrc) was revamped, renamed as Atal VayoAbhyuday Yojana (AVYAY) in 2021. It is an umbrella Scheme which includes Integrated Programme for Senior Citizens and Rashtriya Vayoshri Yojana.
• Objectives:
  • Enhance standard of living: To improve the quality of life of the Senior Citizens by providing basic amenities like shelter, food, medical care and entertainment opportunities.
  • Priceless addition:To recognize the invaluable contribution made by the elderly to society.
  • Curbing loneliness: To ensure their well-being and social inclusion by empowering and uplifting them.
  • Active engagement: To ensure their active participation and inclusion in all aspects of life.
• Nodal agency: Ministry Social Justice and Empowerment
• Implementing Agencies: State/ UT Governments /Panchayati Raj Institutions / local bodies and eligible Non-Governmental/Voluntary Organizations
• Approach: Assistance will be given to the Implementing Agencies for the following purposes:
  • Fulfilling requirements: Programmes catering to the basic needs of Senior Citizens particularly food, shelter and health care to the destitute elderly.
  • Building bridges:Programmes to build and strengthen intergenerational relationships particularly between children / youth and Senior Citizens, through Regional Resource and Training Centres (RRTCs).
  • Infusing dynamism: Programmes for encouraging Active and Productive Ageing, through  RRTCs.
  • Comprehensive care: Programmes for providing Institutional as well as Non-Institutional Care/ Services to Senior Citizens.
  • Increasing knowledge: Research, Advocacy and Awareness building programmes in the field of Ageing through RRTC.
  • Any other programmes in the best interest of Senior Citizens.

News Source: pib

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Context:

Recently, the Goods and Services Tax (GST) Council decided to levy a uniform 28 per cent tax on full face value for online gaming, casinos and horse-racing.

About Online Gaming:

• Online gaming refers to games that can only be played with an internet connection.
• This is a part of the sunrise industry with a growing demand for game access.
• Types of Online Gaming:
  • E-sports: Well organised electronic sports which include professional players).
  • Fantasy sports: Choosing real life sports players and winning points based on players’ performance.
  • Skill Based: Mental skill.
  • Chance Based: Based on random activity like roll of a dice) online games.

India’s Online Gaming Potential

• The Indian gaming market is expected to grow from $2.8 billion in 2022 to $5 billion in 2025, growing at a CAGR of 28-30%.
• The quantity of gamers in the nation is supposed to expand from 420 million in 2022 to 450 million by 2023, and it hit 500 million by 2025.
• E-sports has been a growing and emerging sub-segment in the country with close to 10-15 mn E-sports viewers in India in FY20 and projected to grow to 130+ mn viewers by FY257 .

Reason for Growth of Online Gaming In India

• Penetration of Smart Phone: According to the World Economic Forum (WEF), mobile devices are the primary driver of India’s gaming industry. India Currently has some 650 million smartphone users 
• Affordability and Availability of Internet: India is a data-rich market with cheaper mobile data as compared to global averages. India being a mobile first gaming market, is expected to benefit immensely from this growing internet penetration.
• Young Population: Gaming has a higher adoption amongst the younger population in India with the 18-30 age group highly engaged users of gaming
• Adoption of digital payment methods: Increase in penetration of digital payments instruments driven by demonetisation and the COVID-19 induced lockdown has reduced the friction for digital purchases in-game and has contributed to the rapid growth in online payments on gaming portals
• COVID-19 pandemic impact: Due to the restrictions and lockdown imposed by Covid 19, there were online schools and work-from-home and the growing popularity of digital payment contributed to increasing demand for online gaming.
• Recognition for esports as a standalone sub-segment: It has also been officially recognised by the Indian Olympic Association by establishing the Esports Federation of India as the leading governing body of Esports in the country.
• Increasing games with localised content: Most of the popular games in India like Teen Patti by Octro, Ludo King by Gametion and others provide options to play games in local languages like Hindi, Gujarati, Marathi etc., thus attempting to target a large local audience
• Growth in investments: Various global investment firms have made significant investments in the Indian game sector over the past 2-3 years, helping gaming companies achieve operating scale.

Benefits of Online Gaming:

• Convenience: Compared to traditional gaming methods, online gaming may be accessed from the comfort of one’s home or from any location with an internet connection.
• Inclusive: Online gaming makes participating in gaming activities that might otherwise be challenging or impossible for those with disabilities or those who have trouble leaving their homes more accessible.
• Revenue Generation: Through taxation and regulation, online gaming has the potential to bring in a sizable sum of money for the Indian government. 
  • According to a report by EY and FICCI, transaction-based games’ revenues grew 26% in India, with the number of paying gamers increasing by 17% from 80 million in 2020 to 95 million in 2021.
• Employment: It may open up employment prospects for Indian business owners, who may then construct and manage their own online gaming platforms.

 Concerns Associated with Online Gaming:

• Betting and gambling: Online games based on the traditional ludo, arguably the most popular online game in India, have run into controversy, and allegations of betting and gambling.
• Unintentional or unauthorised purchases within a game that could result in very large bills – adjusting the device settings and game purchasing settings such as removing credit card information can help to mitigate against this risk. 
• Exposure to inappropriate content: Exposure to problematic content such as violence, sexual content, gender or racial stereotypes, and exposure to inappropriate behavior from other players. 
• Cyberbullying and harassment through online gaming chat functions or message boards that can often be anonymous and targeted. 
• Behavioral Changes: Excessive playing encouraged by the way online, multi-player games are designed. Online games can become habit-forming as they are built specifically to entice users to return often.
• Viruses and Malware / Ransomware: Hackers may try to get kids to download infected files or encourage children/youth to visit infected websites on gaming forums. 
• Privacy: Personal information may be shared with third parties. Some gaming platforms may encourage users to link their gaming accounts with other social network platforms.
• Offshore gambling websites: Most of the betting in India is done on cricket matches, through websites like Betaway, Bet365 and DafaBet. These websites are headquartered in tax havens like Malta, Cyprus and Gibraltar but are accessible to Indian users.

 Regulation of Online Gaming in India:

• Seventh Schedule: Constitution of India empowers State governments to legislate on matters relating to betting and gambling vide Entry 34 and Sports vide Entry 33 of the State List of the Seventh Schedule.
  • However, the State cannot legislate on games of skill as it is only concerned with betting, gambling and sports, which fall under the ambit of games of chance.
• Courts on Online Gaming: According to various Court’s judgement, betting on games of skill is legal, while betting on games of chance is not.
  • Playing online games and sports of skills forms part of article 19 (1) (g) and Article 21 of the constitution.
  • States only have the power to make laws and regulate gambling, and betting on the activity of gambling.
• Legal Entity:  Any online gaming platform – domestic or foreign– offering real money online games to Indian users will need to be a legal entity incorporated under Indian law.
• Reporting Entity: These platforms will also be treated as ‘reporting entities under the Prevention of Money Laundering Act, of 2002.
• Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Amendment Rules, 2023: It is a comprehensive framework for Online Gaming Eco-system.
  • Definition of Online Games: The new rules define an ‘online game’ as “a game that is offered on the internet and is accessible by a user through a computer resource or an intermediary
  • Self Regulatory Body (SRB): It requires real money gaming platforms to register with a self-regulatory body (SRB) that will determine whether or not the game is “permissible”.
  • Games Banned: The new rules for online gaming prohibit any game that involves betting and wagering.
  • Role of intermediaries: Obligatory for intermediaries to not host, publish or share any online game that can cause harm or hasn’t been verified as permissible.No advertisement or promotion of non-permissible games allowed on their platform. 

Government Initiatives to Promote Safe Online Gaming in India:

• Digital Gaming Research Initiative: The government has started a digital gaming research initiative to support the Indian digital gaming research space and industry. 
  • The Science and Engineering Research Board (SERB) of the Department of Science and Technology has identified three main directions for its Digital Gaming Research Initiative:
    1. R&D in learning and leisure gaming platforms, 
    2. immersive game prototypes with an emphasis on Indian culture and values.
    3. Collaborative technical design process, which was made by SERB Game Labs.
• AVGC Promotion Task Force: The Ministry of Information and Broadcasting has established the Animation, Visual Effects, Gaming and Comic (AVGC) Promotion Task Force. 
  • The government recognizes that the Indian AVGC industry has the ability to carry the “Make in India” and “Brand India” banners. 

 Online Gaming Regulation Globally:

• China: It has placed strict limits on the time young people may spend playing online games. Online gaming in the country is now only available to people younger than 18 from 8 p.m. to 9 p.m. on Fridays, Saturdays, Sundays and public holidays.
• USA: In the U.S., Internet casino gaming remains illegal in every state that doesn’t explicitly legalise the games.
• Germany’s Youth Protection laws: It aimed at violent games pushed developers to replace realistic red blood with a green version.
• Australia: It has sought to ban games for including depictions of everything from assault to marijuana use.

Way Forward: 

• Uniformity in Laws: Proper gaming regulation for all parties involved is urgently needed, otherwise the centre should be given the authority to enact rules and regulations using either the residuary powers under article 248 of the power under article 252.
• Coordination and Cooperation: To fully realise the potential of the online gaming industry, the State and Union Governments should work together to set appropriate guidelines in conjunction with industry stakeholders.
• Monitoring: To standardise regulations and maintain uniformity in the laws across India, there has to be one regulatory authority overseeing the whole online gambling sector.
• Parent Responsibility: Parents need to be accountable for their children’s gaming habits and time spent online.
• Safeguarding Children: Implement an age rating system that restricts minors to go on without their parents’ permission. This issue could be solved by using OTP verification on Aadhaar. 
• Awareness: Gaming businesses should aggressively inform players about possible risks and how to spot circumstances where cheating and abuse are likely to occur. 
• Transparency: Participants’ anonymity should be removed, and a strong grievance management mechanism should be developed. 

 Conclusion:

• The Indian gaming industry is now poised to become one of the fastest-growing sectors in the global gaming industry. With one of the largest youth populations in the world, India is expected to be one of the leading markets in the gaming industry.
• Future growth in the Indian gaming industry will be brought about as a result of rapid digitalisation and change, rising internet usage, and increasing smartphone penetration. 
• There will be creation of new features, and players will be able to enjoy more lifelike, vibrant, and captivating experiences. Gaming experiences will continue advancing and eventually help the Indian gaming industry achieve remarkable heights.

News Source: Indian Express

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Context:

• The G20 conference on crime and security has started which will deliberate on ways to make significant progress to improve law and order in the age of cryptocurrency and darknet.

Key Highlights:

• Strict measures: Currency listing and trading exchanges are implementing stricter measures to enhance transparency, ensure reliability, and prevent illicit activities. 
• Potential for misuse: The potential for misuse of crypto tokens in blockchain transactions remains a significant concern. A UN report noted nearly 20% of serious criminal attacks now involved cryptocurrency funding, crypto tokens.

What is Cryptocurrency?

• Cryptocurrency is a bank-independent digital currency that uses a decentralised technology called blockchain to record and verify transactions in a digital ledger without any third-party interference or central authority monitoring the deal
• The transactions are facilitated by cryptography, and a virtual wallet is used for sending and receiving money to ensure the safety and anonymity of transactions.Some of the examples of crypto currency are Bitcoin, Etherum, Ripple and Litecoin.

How Does Cryptocurrency Work?

• Public Blockchain Ledger:
  • Distributed access: Blockchain in the context of cryptocurrency is a digital ledger whose access is distributed among authorised users. 
  • Transaction details: This ledger records transactions related to a range of assets, like money, house, or even intellectual property. 
  • Shared access:The access is shared between its users and any information shared is transparent, immediate, and “immutable”. Immutable means anything that blockchain records is there for good and cannot be modified or tampered with – even by an administrator.
• Private Ledgers and Permissioned ledgers:
  • Not all cryptocurrencies use public blockchain ledgers. There are also private and permissioned ledgers. 
  • Private ledgers are exclusively accessible to a specific group of users, while permissioned ledgers are a combination of public and private blockchains, granting access to anyone with permission from the administrators.

Benefits Of Cryptocurrency:

• Decentralisation: The biggest advantage of cryptocurrency is that it’s not owned by a single financial or government entity. This eradicates the monopoly of money and ensures cryptocurrency value isn’t dictated by a central bank or authority.
• Lower transaction fees: The fee for transacting in cryptocurrency are very nominal and sometimes zero. This is because third parties and intermediaries, such as VISA and PayPal, are eliminated in the process. 
• Higher efficiency: Cross-border transactions using cryptocurrencies are accelerated without challenging foreign exchange procedures, increasing their efficiency and lowering their cost.
• Accessibility: Cryptocurrencies boost the accessibility of financial services as they operate on decentralised networks and can be accessed by anyone with an internet connection and crypto wallet. 
• Transparency: While cryptocurrency transactions are anonymous, the data recorded on a public blockchain ledger, such as the Bitcoin and Ethereum blockchain, is publicly available for anyone to view. Every cryptocurrency user gets access to a public key, which can be used to identify an investor.
• Inflation Protection: Due to its limited supply, cryptocurrency is often seen as a way to protect against inflation. Cryptocurrencies use the mechanism to cap supply acting as a safeguard against inflation. 

Challenges of cryptocurrency:

• Volatility: Cryptocurrency prices can often fluctuate. While this volatility can lead to quick profits, it can also cause significant financial losses for investors.For example, recently in 2021 Bitcoin value dropped by 30%.
• Lack of regulation: The absence of control and regulation in the cryptocurrency market increases the risk of cryptocurrency scams and market manipulation. 
• Hidden Parallel economy: What began as an attempt to create a hidden network to conceal sensitive communication from ordinary internet users has expanded into a full-fledged darknet, routing and encrypting data in a hidden parallel online world not accessible via standard browsers and not indexed by search engines. 
• Illicit activities: Commerce facilities have allowed the development of marketplaces for illicit offerings like drugs, firearms and ammunition, hacking tools and services as well as sale of credit card information and counterfeit documents.
• Security risks: Although blockchain technology offers a robust security architecture, security lapses and hacking attempts are on the rise in the cryptocurrency ecosystem. Cybercriminals have attacked cryptocurrency exchanges and digital wallets, causing significant financial losses for both people and businesses. 
• Irreversible transactions: Bitcoin transactions are irreversible, it’s difficult to recover funds once they have been stolen.
• Risk of losing coins: If the private key is lost or stolen, it is impossible to demonstrate another proof of ownership or to recover the cryptocurrency tokens.
• Excessive cost of production: Depending on its type, mining cryptocurrency may require a large supply of electricity and other resources resulting in local pollution, noise and other consequences such as increased greenhouse gas emissions for communities living near the mining sites.
• Increase of Cyber Criminals: Criminal investigations in this realm have become increasingly difficult because of the convergence of cryptocurrencies and the darknet involving large-scale cryptocurrency theft or operations funded by cryptocurrencies.

Cryptocurrency regulation in India:

•  Payment Regulation: Cryptocurrencies as a payment medium in India are not regulated by any central authority. There are no rules and regulations or any guidelines laid down for settling disputes while dealing with cryptocurrency. So, trading in cryptocurrency is done at investors’ risk.
• Crypto Tax: In the Union budget for the fiscal year 2022-23, the Government of India announced its plan to implement a 30% tax deduction on the transfer of virtual currency or cryptocurrency assets.
• SC banning RBI circular: The Supreme Court of India lifted the curb on cryptocurrency imposed by RBI, which restricted banks and financial institutions from providing access to banking services to those engaged in transactions in crypto assets.

Arguments in favour of regulating cryptocurrency in India. 

• Curbing illegal activities: Regulation will help prevent illegal activities such as money laundering and terrorist financing. This is important not only to ensure the safety of the financial system but also to protect the interests of consumers. 
• Clarity on status of cryptocurrency: Regulation will provide clarity on the status of cryptocurrency and make it easier for businesses to operate in this space. This will also help to create a level playing field for all players in the market.
• Taxing cryptocurrency transactions: Regulation will allow the government to tax cryptocurrency transactions, which will help increase the country’s revenue. This is particularly important in India, where the government is facing a revenue shortfall due to the ongoing economic crisis. 
• Safe and responsible use: Regulation will provide a framework for the safe and responsible use of cryptocurrency, which will help to increase consumer confidence in this new asset class.

Arguments against regulating cryptocurrency in India:

• Stifling Innovation: Regulation could stifle innovation and make it difficult for new players to enter the market. This could also make it more difficult for individuals to access new investment opportunities. 
• Difficult to regulate anonymous transactions: Enforcement Regulation could be difficult to enforce, as cryptocurrency transactions can be made anonymously and are not subject to the same level of control as traditional financial transactions.
• Risk of underground trading: There is a risk that regulation could drive cryptocurrency trading underground, where it would be even more difficult to monitor and regulate. This would not only increase the risk of illegal activities but also make it more difficult for the government to protect consumers.

Way Forward:

• Joint Collaboration across borders: Geographic limits provide barriers. Jurisdictional concerns cause roadblocks. The level of collaboration observed in the private sector is required which works within and across country borders. 
• Proactive Engagement: The cryptocurrency market players need to proactively engage with law enforcement. Joint efforts of multiple law enforcement agencies around the world achieved some success. They could identify individual actors or marketplaces in some cases.
• Sharing of information: Alongside Open-Source Intelligence methods, the sharing of information, data analytics, specialised tools and skills are necessary to investigate crimes that involve crypto and the dark web.
• Capacity Building: Enforcement agencies must augment capabilities, embrace tools and methods and harness skills available in the private sector.
• Connecting Dots: They should look for ways to connect the dots that would reveal activities on the darknet. 
• Darknet Domain Specialisation: The key to success would be specialised political, policy and operational understanding of darknet networks, services, cryptocurrency investigations, and information gathering, as advised by UNODC.

News Source: TOI

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