Cryptocurrencies allow a free movement of money across political boundaries, bypassing the traditional banking channels. Increased outflows through the decentralized crypto setup could put downward pressure on national fiat currency. Further, the system can be used for money laundering and terror funding, as India’s Finance Minister Nirmala Sitharaman noted early this year.
Source: https://www.coindesk.com/policy/2022/07/08/indias-law-enforcement-agency-probes-crypto-exchanges-for-forex-violations/?utm_medium=referral&utm_source=rss&utm_campaign=headlines