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Cryptocurrencies: regulations and latest update | Forum

Topic location: Forum home » Support » General Questions
Martina Perez
Martina Perez Mar 22
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
emmery
emmery Mar 22
I think it is on the contrary good that the Indian market has started to develop so rapidly
rodolph
rodolph Mar 22
I have been watching the Indian market for a long time, and I have never seen such a significant jump as in 2021. I am very pleased that people are so interested and trying themselves in trading and cryptocurrencies, as it is really profitable and very promising. I am currently using the best forex trading platform in india service, as this market is very promising even for foreign entrepreneurs, and now everyone is trying to make money in this situation.
James
James Mar 23
There is very little left and I will be able to reach a new level of income with crypto trading bots. This is the option when I am not afraid to try new things, because I am confident in the future result of the auction. The bot works perfectly, I have already seen for myself, and transactions are selected in such a way that assets are sold at the peak of the highest possible value.
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