Questions Upon Security
With the rise of the cryptocurrency industry, taking over the world with it, India has never been such an exemption ever. Statistics reveal that so far Indians have invested about $1 billion in the cryptocurrency industry. Moreover, 15 million people are said to be actively trading in the crypto market.
Upon the trade of cryptocurrencies, Bitcoin (BTC) has a significant volume from India. In addition to all this the recent Covid-19 crisis, made many lose their jobs and become unemployed. Amidst this seeking for ways to make income, the cryptocurrency industry has healed their wounds in an effective way. Moreover, recent simultaneous news regarding the legalization of cryptocurrency in India has set aside all negative skeptics on the industry. In addition to this, it indirectly leads to an increase in the investors proficiently.
Hence, this seems the most promising budding and growing era for the cryptocurrency industry in India. Yet, in all aspects, furthermore, questions arise, regarding the security provided by the industry. Will Indian exchanges be safe? Will the Indian crypto-wallets be safe? The safety and security of the crypto investments now put a big question mark!
Security as the Priority
The finance ministry of India and the Securities and Exchange Board of India together as a panel committee are working towards the reforms and regulations all to legalize the crypto industry in India. In addition, prominent cryptocurrency exchanges are also coming together to devise regulations too. This will be by the name Blockchain and Crypto Assets Council (BCAA).
Furthermore, the BCAA is said to take the recently implemented regulations of Singapore, which is efficiently successful as the model for India. All the exchanges are to undergo, based on the same codes. In addition, regular audits, official exchange account checking, revealing the funds, cross verifying the transfers, etc are all to be done. Also, high-risk and high transaction customer profiles are to be noted upon and screened crucially. In spite of all this, BCAA will team up with the Reserve Bank of India (RBI) and the Financial Intelligence Unit to track down suspicious transactions.
All such measures are set to provide a safe and secure cryptocurrency trade experience to India.
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