IndiaCoin is an experimental cryptocurrency for training police & other enforcement officials.
Virtual currencies provide a powerful new tool for criminals, terrorist financiers and other sanctions evaders to move and store illicit funds, out of the reach of law enforcement and other authorities. (Source: Financial Action Task Force Report on Virtual Currencies).
The use of virtual currencies by criminals is well known. A classic example would be the use of bitcoin by users of the now shut-down Silk Road - an illegal online marketplace that facilitated the sale of hundreds of millions of dollars worth of drugs, guns, stolen financial information & more. All Silk Road transactions were conducted exclusively in bitcoin.
There are hundreds of virtual currencies in the world today. These are primarily divided into four categories - convertible, non-convertible, centralized and decentralised. The mathematics and technology behind these virtual currencies is very complex.
It is essential for police and other enforcement officials to have a strong knowledge of how cryptocurrencies work.
The high cost of bitcoin makes it expensive for training and experimentation. That's where IndiaCoin steps in - it's free!
To learn more about crypto-currencies, see:
Math Money: A simple introduction to crypto-currencies
Virtual Currencies Key Definitions and Potential AML/CFT Risks
- Money Laundering
- Organized Crime
- Rogue Bank
- Tax Evasion
- Terrorism Financing
Request for Access to IndiaCoin
Access to IndiaCoin is provided free-of-charge to serving officers of the police and other enforcement agencies. For details, visit: https://www.indiacoin.in/request.php