Related Quiz

What is the primary concern regarding the 'crypto hawala' network in Jammu and Kashmir?
The network is causing significant inflation within the local economy.
The network is being used to support terror activities and separatist elements.
The network is making it difficult for legitimate businesses to receive foreign investment.
The network is only accessible to individuals with advanced technical knowledge.
How does the 'crypto hawala' network attempt to bypass financial regulations?
By utilizing traditional banking channels to obscure transactions.
By registering all transactions with the Financial Intelligence Unit (FIU).
By using the anonymity of unregulated cryptocurrency and operating off the grid.
By only allowing transactions between registered Virtual Digital Asset Service Providers (VDA SPs).
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What is the role of 'mule accounts' in the crypto-hawala network?
They are used to purchase cryptocurrency from registered exchanges.
They act as parking accounts to layer transactions and obscure the financial trail.
They are used by the government to track all crypto transactions.
They are accounts used to pay commissions to the foreign handlers.
What measures are being implemented to regulate virtual digital asset service providers (VDA SPs)?
Mandatory liveness detection, geographical tracking, and a 'live selfie' requirement.
Complete banning of cryptocurrency transactions within the Union Territory.
Restricting VDA SPs to only trade in a single type of cryptocurrency.
Offering government subsidies to encourage more VDA SP registration.
Where do the officials state that wallet holders travel to sell crypto for cash?
Small towns where they would be less conspicuous.
Major cities like Delhi or Mumbai.
The Jammu and Kashmir capital, Srinagar.
Remote areas to meet with regulated financial institutions.
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