India's terrorists and their cryptocurrencies

Suthep Chaviwan

 It reported some armed tribal groups in Northeast India and the Sagaing Region of Myanmar to be Crypto Enthusiasts, and many of them in their militant outfits are holders of the bitcoin and Altcoins. (Altcoin refers to all cryptocurrencies other than Bitcoin). Cryptocurrencies are popular among armed ethnic persons both old and young. Some of them have more knowledge on crypto much better than those living in towns, the report said.

 They reported India the most populous democratic country in the world to have about 15 to 20 million users of cryptocurrencies. They are among the total global crypto population of the 150 to 200 million range.

 No report and evidence show that the armed organizations and individual cryptocurrency holders in Northeast India and the Sagaing Region of Myanmar have used crypto for their illegal purposes such as using cryptocurrency to purchase weapons and ammunition.

 Indian Government, through its Ministry of Home Affairs, officially calls the militant groups of the Northeast States and elsewhere in India other Indian official units scarcely used the Indian Insurgent groups (IIGs). The armed ethnic groups also do not use the word IIGs as they regard they are not rebels or terrorists, but freedom fighters whose aims are to deliberate their ancestral homelands from India occupy as they want to gain independence.

In Myanmar, the parallel government, the National United Government (NUG) led by the supporters of Myanmar's ousted leader Aung San Suu Kyi, is using the Tether (USDT) and recognized it as an official currency for local use in Myanmar after the group began fundraising for a campaign that seeks to topple the military regime.

 The NUG this month makes a public announcement for using the USDT stable coin to fund its operations as it works its way towards regaining power from the junta. But the Central Bank of Myanmar issued a decree which said all digital currencies were illegal.

Tether (USDT) is a fiat-backed Stablecoin, it is a cryptocurrency with a market cap: $73.02 billion and is hosted on the Ethereum blockchain. It is called a Stablecoin because they originally designed it to always be worth US$1.00, maintaining $1.00 in reserves for each tether issued.

In a separate report, an informal method of cash transaction known as Hundi is still being used by certain groups of people in Myanmar and India.

Myanmar immigrant workers in Thailand can send money to their relatives in Myanmar via this Hundi system which is operated solely on trust.

 With 'Hundi' operators, they can 'transfer' money to many parts of Myanmar, India and of the world within days, using 'contacts' based in these countries. 'Hundi', popular in the sub-continent and some parts of Far East Asia, is an informal method of cash transaction.

Migrant workers in Thailand including thousands of Myanmar fishers that work with fishery firms had transmitted their Hundi money to relatives in Myanmar safety, the report said.

 We can conceal Hundi money transactions at a certain level. It differs from cryptocurrency transactions which are public, traceable, and permanently stored in the crypto network and the addresses cannot remain fully anonymous. Anyone can see the balance and all transactions of any address since users usually have to reveal their identity to receive services or goods,

 In conclusion, it could be said that insurgency in Northeast India and Myanmar's Sagaing Region - at Naga Self Administrative Zone (Naga-SAZ) is known still do not use cryptocurrency for their militant activities, but their traditional Hundi is still used among them.
****
Disclaimer: This article is genuine and completed to the best of my knowledge. It is for informational purposes only, not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Suthep Chaviwan./Dec. 23. 21.