Since the pandemic has made its foothold in India in 2020, an unprecedented inflow has been pouring in the unregulated, unchecked, uncertain and untested domain / market of Cryptocurrency.
A lot of apps like Bit BNS, WazirX, Binance etc. are allowing Indians to buy and sell different types of cryptocurrencies by undertaking a KYC Exercise in which generally PAN information and Aadhaar details are being required.
It wouldn’t be wrong to say the AI is being used for facial recognition in a few apps and many are even lacking that as well.
What are the latest developments in the Cryptocurrency space that are currently employed?
Does a private Organization ask for PAN and Aadhaar?
Also, there is a good possibility that they store this sensitive data on a server outside India.
As far as I know, the Government of India has not allowed private companies to ask, store, disseminate and use this critical piece of information, then how are these apps operating?
As the disastrous consequences of second wave are prevailing in India and people in their desperation have started to put their sensitive information and photos of Aadhaar and PAN on socials, it becomes very easy for the scammers to steal identities and use them for their nefarious purposes.
I would like to know your mind about this, and maybe we can brainstorm on this topic as a lot of people in their greed are trading in Crypto without any knowledge whatsoever.