Understanding Digital Money as A New Modus of Money Laundering: Legal Introspection in India

Tissy Annie Thomas

Digitisation has revolutionised the daily interactions of individuals, business organisations and the State authorities among themselves. Cryptocurrency is a product of this digitisation which has taken the world by storm. Cryptocurrencies offer anonymity and decentralisation- a total turnaround from the conventional centralised financial systems. Therefore, every discussion on or around cryptocurrencies begins on the premise that they have been designed to bypass the centralised financial mechanism of the State. Every technological development has its boon and bane. Similarly, while cryptocurrency is a lucrative technology, there is a need to regulate the same, especially in view of the money laundering activities facilitated by the said means. Therefore, this paper shall analyse how digital money, particularly cryptocurrency, has become a means of money laundering and the regulatory shortcomings concerning cryptocurrency in India. This paper aims to recommend precautionary measures based on the findings of this analysis.

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