Since the pandemic swept India in 2020, an unprecedented influx has flooded into the unregulated, uncontrolled, uncertain and untested cryptocurrency domain/market.

Many applications, such as Bit BNS, WazirX, Binance, etc., allow Indians to buy and sell various types of cryptocurrencies by performing the KYC procedure, which usually requires PAN information and Aadhaar data.

It would not be a mistake to say that artificial intelligence is used for facial recognition in several applications, and many even lack this.

Concerns:

    What are the latest developments in the cryptocurrency space that are currently being used?

    Does a private organization request PAN and Aadhaar?

    In addition, there is a high probability that they are storing this sensitive data on a server outside of India.

    As far as I know, the government of India has not allowed private companies to request, store, distribute and use this important information, then how do these applications work?

    As the catastrophic consequences of the second wave prevail in India, and people in desperation have begun to publish their confidential information and photos of Adhaar and PAN on social networks, it becomes very easy for fraudsters to steal personal data and use it for their nefarious purposes.

I would like to know your opinion on this, and perhaps we can brainstorm on this topic, since many people in their greed trade cryptocurrency without any knowledge at all.

Thanks