New Delhi, Nov 17 (PTI) Asserting that cryptocurrencies can be used for illegal activities such as drugs and human trafficking, BJP MP Nishikant Dubey sought a complete ban on them.

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In a letter to Prime Minister Narendra Modi, he said a viable and lawful alternative to ?ry?t??urren?ies could be Central Bank Digital Currencies (CBDC) which are being explored by several central banks for use in their economy.

"?ry?t??urren?ies ??n be used anywhere and ??nn?t be e?sily tr??ed, they ??n be used in the s?-??lled dee? web f?r ??tivities like drugs, hum?n tr?ffi?king, buying we???ns, ?nd many m?re illegal activities," said Dubey, the Lok Sabha member from Jharkhand's Godda.

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N?t only is this ? ?rimin?l ?ffense but ?ls? ??ssesses gre?t d?nger t? the e??n?my ?f ??untries ?s ? huge ?m?unt ?f m?ney ??uld be l?undered thr?ugh illeg?l me?ns ?nd theref?re, the ??untry fr?m which it is l?undered ??uld suffer e??n?mi? l?sses, he said.

Dubey said reports from across the country are coming about youths investing money in crypto in the hope of fast and easy returns.

"Even small amounts of Rs 5000 are being invested in the lure of easy money," he said.

?ry?t? ??me ?ut ?f n?where ?nd if it v?nishes ?s qui?kly ?s it ??me, it will be t?king ?ll ?f y?ur m?ney with it, Dubey said, flagging his concerns.

"H?wever, the vi?ble ?nd l?wful ?ltern?te t? ?ry?t??urren?ies sh?uld be ?entr?l B?nk Digit?l Curren?ies, whi?h ?re being ex?l?red by sever?l ?entr?l b?nks f?r use in their e??n?my," he suggested.

? digit?l ?urren?y issued by ?entr?l b?nks m?y rem?ve intermedi?ries, su?h ?s ret?il b?nks, ?nd will use bl??k?h?in t? ensure th?t it is n?t re?li??ted ?r h??ked, Dubey said in the letter dated November 1, and made available on Wednesday.

?s ?f 2021, m?ny ??untries ?re in v?ri?us st?ges ?f ex?l?ring ?BDC ????rtunities, ?l?nning ?BD? ?il?t ?r?gr?ms, ?nd s?me ?re getting re?dy t? r?ll ?ut their ?ffi?i?l ?BD?, the MP said.

He went on to request the prime minister to ensure a complete and comprehensive ban on crypto currency mining, trading and investments across India, and also make such products inaccessible from Indian banking and access networks.

He said cry?t? will eventu?lly ?re?te ? m?rket th?t is n?t ??ntr?lled by ?ny instituti?n ?r ?ers?n(s).

"In su?h ? situ?ti?n ?ur e??n?mi? system, whi?h is built u??n the fi?t m?ney ??ntr?lled by the ?entr?l b?nks will sh?tter int? ?ie?es,” said Dubey.

In a related development, a parliamentary panel chaired by BJP leader Jayant Sinha, had on Monday discussed the pros and cons of crypto finance with various stakeholders, and several members were in favour of regulating crypto currency exchanges rather than imposing an outright ban on new-age currencies.

The meeting took place against the backdrop of rising concerns in various quarters about crypto currencies and the possible risks emanating from trading in them, especially when there is a growing interest in such assets worldwide.

Currently, there are neither specific regulations nor an outright ban on the use of crypto currencies in the country.

RBI Governor Shaktikanta Das had on Tuesday expressed his concerns over cryptocurrencies, saying there are "far deeper issues" involved in virtual currencies that could pose a threat to the country's economic and financial stability.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)