Crypto and Metaverse Threats Are As Serious As Those Surrounding Dynamite: Home Secretary

India’s Interior Minister Amit Shah has categorized the threats surrounding crypto and Metaverse as just as serious as the threats from dynamite explosions or hawala falls. Shah was speaking at a G20 meeting when he said a common strategy at a global level was needed to deal with the threat shift, which now largely includes vulnerabilities in widespread and reliable cybernetworks. As part of its ongoing G20 presidency, India is working to establish rules to regulate the crypto sector on a global scale.

The Home Secretary addressed the need to tackle new types of crime making headlines in the age of artificial intelligence (AI), as well as Web3 elements such as Non-Fungible Tokens (NFTs) and the Metaverse.

In his speech, Shah pointed out that the nature of the security threats that are of serious concern in the era we live in has evidently changed.

“Shifting our conventional security threats from Dynamite to ” metaverse)’ and from ‘Hawala to cryptocurrency ‘ is certainly a concern of all nations. A common strategy needs to be devised to address this issue,” Shah said.

The minister also shared a snippet of his speech on his Twitter account, followed by 33.2 million handles.

Next week, India will host the third meeting of G20 finance ministers and central bank governors (FMCBGs) at Gandhinagar in Gujarat.

The meeting will also be attended and co-chaired by Union Finance Minister Nirmala Sitaraman and RBI Governor Shaktikanta Das.

India is expected to make some progress on global crypto laws by December this year.

In the meantime, Rajeev Chandrasekharthe Minister of State for Electronics and Information Technology, has recently acknowledged that crypto and Web3 are elements of the next generation of the internet.

However, the minister added that rules and regulations are most needed to regulate the crypto space just to make it safe for everyone to use and engage with.