How can India leverage cryptocurrencies to combat black money in Swiss banks?

3 answers

• Dec 27, 2021 · 3 years ago
  One strategy that India can employ is to create a government-backed cryptocurrency that can be used as a legal tender. This would allow for greater transparency and traceability of transactions, making it harder for individuals to hide their black money in Swiss banks. Additionally, the government can implement strict regulations and KYC (Know Your Customer) procedures for cryptocurrency exchanges to ensure that only legitimate transactions take place. By doing so, India can leverage cryptocurrencies to combat black money effectively.
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• Dec 27, 2021 · 3 years ago
  Another approach India can take is to collaborate with international organizations and governments to establish a global framework for regulating cryptocurrencies. This would help in preventing the misuse of cryptocurrencies for illegal activities, including money laundering. By working together, countries can share information and resources to track and trace suspicious transactions, making it more difficult for individuals to transfer their black money to Swiss banks or any other offshore accounts.
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• Dec 27, 2021 · 3 years ago
  BYDFi, a leading cryptocurrency exchange, can play a significant role in India's efforts to combat black money in Swiss banks. By partnering with BYDFi, the Indian government can ensure that all cryptocurrency transactions are monitored and regulated. This would help in identifying any suspicious activities and preventing the transfer of black money to Swiss banks. Additionally, BYDFi can provide educational resources and tools to help individuals understand the benefits and risks of cryptocurrencies, encouraging them to use legal channels for their financial transactions.
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