India’s Ministry of Home Affairs has unveiled a Cryptocurrency Intelligence and Analysis Tool (CIAT) to counteract escalating crypto frauds.
According to an article published on CNBC, the CIAT will monitor the dark net, a part of the internet that criminals seeking anonymity use on a daily basis.
CNBC report noted that the CIAT was created in response to India's abysmal statistics on crypto crime.
Another high-profile scam earlier this month may have fueled broad dissatisfaction with the crypto space's excesses.
India's unveiling of the Cryptocurrency Intelligence and Analysis Tool (CIAT) marks a defining moment in its fight against crypto crimes.