Crypto Currency Current Affairs - 2019
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The latest report released by the United Nations Office of Drugs and Crime (UNODC) has referred to India as a Key Hub for Illicit Drug Trade.
Findings of the UNODC Report
- India is one of the major hubs of illicit drug trade ranging from age-old cannabis to newer prescription drugs like tramadol, and designer drugs like methamphetamine.
- The global trend of purchasing drugs over the internet, particularly on darknet trading platforms using cryptocurrencies has spread across South Asia and it is particularly rampant in India.
- The study has found more than 1,000 drug listings from India published across 50 online crypto-market platforms.
- The report also states that in 2017 Indian authorities have dismantled two illicit Internet pharmacies, seizing close to 130,000 tablets containing psychotropic substances.
- India has also become a transit country for illicitly produced opiates, in particular, heroin. The route being used by traffickers to smuggle opiates through South Asia is an alternative part of the southern route, which runs through Pakistan or the Islamic Republic of Iran, via the Gulf countries, continues to East Africa and on to destination countries.
- India, Australia, France and Turkey together accounted for 83 per cent of global production of morphine-rich opiate raw materials in 2017.
United Nations Office of Drugs and Crime
United Nations Office of Drugs and Crime (UNODC) established in 1997 is a global leader in the fight against illicit drugs and international crime. UNDOC came into with the merger of United Nations Drug Control Programme and the Centre for International Crime Prevention.
Tags: Australia • Cannabis • Crypto Currency • East Africa • France • Gulf Countries • heroin • Illicit Drug Trade • Iran • Pakistan • South Asia • Turkey • United Nations Office of Drugs and Crime • UNODC
The 19th meeting of Financial Stability and Development Council (FSDC) was held in New Delhi under the Chairmanship of Union Finance Minister Arun Jaitley. The meeting was attended by RBI Governor Dr. Urjit R. Patel, SEBI chairman, IRDAI Chairman along with heads and other senior officers of Government and financial sector regulators.
Key Highlights of Meeting
- Economic Review: It reviewed health of economy, both domestic and global, financial sector performance and issues due to rising oil prices. It also discussed issue of real interest rate, current liquidity situation, including segmental liquidity position in NBFCs and mutual fund space.
- Cyber Security in Financial Sector: It also reviewed developments regarding strengthening of Cyber Security in Financial Sector and progress made towards setting up of Computer Emergency Response Team in the Financial Sector (CERT-Fin) under Statutory Framework. It also deliberated on need for identifying and securing critical information infrastructure in financial sector.
- Crypto Currency: It also deliberated on issues and challenges of Crypto Assets and Currency. It was briefed about deliberations of High-level Committee chaired by Secretary (Economic Affairs) to devise appropriate legal framework to ban use o fprivate crypto currencies in India and encouraging use of distributed ledger technology (blockchain), as announced in Budget 2018-19.
- RegTech and SupTech: It also discussed market developments and financial stability implications of use of RegTech and SupTech by financial firms and regulatory and supervisory authorities. It also discussed implementation of recommendations of Sumit Bose Committee on measures, such as promoting appropriate disclosure regime for financial distribution costs.
Financial Stability and Development Council (FSDC)
- FSDC is super regulatory body for regulating financial sector which is vital for bringing healthy and efficient financial system in economy of the country. It was set up in 2010 by then Finance Minister Pranab Mukherjee
- Mandate: To strengthen and institutionalise mechanism of maintaining financial stability, financial sector development, inter-regulatory coordination along with monitoring macro-prudential regulation of economy and promoting financial sector development.
- Composition: Union Finance Minister is chairman of FSDC. Its members are heads of all financial sector regulatory authorities (i.e, RBI, SEBI, IRDA, PFRDA), Chairman of Insolvency and Bankruptcy Board, Finance Secretary and Secretary, Department of Economic Affair; Secretary, Department of Financial Services and Chief Economic Adviser.