Cryptocurrency has the potential to revolutionize the financial industry by providing faster, cheaper, and more secure ways to transfer funds. As the use of cryptocurrency continues to grow, cybersecurity will play a crucial role in ensuring its success.
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Cyber security has become a necessity in today’s world where all the information is often stored online and easily available for anyone who wishes to access it. Recently, Facebook and Google made headlines in several newspapers with regards to how they practice the privacy of their data. It is important to protect your data, however, for organizations, it is also important to understand how to handle confidential and sensitive information shared by the users.
Create complex passwords with a mix of letters, numbers, and special characters. Avoid using easily guessable information like birthdays or names.
Add an extra layer of security by enabling 2FA wherever possible. This typically involves receiving a code on your mobile device in addition to entering your password.
Regularly update your operating system, antivirus software, and other applications. Updates often include security patches that help protect against vulnerabilities.
Social media is a great way to keep in touch with friends and family.Criminals and hackers can learn a lot of information about you by observing your public profile.
A lot of websites allow you to save your credit card information to make future buying faster and easier.There’s nothing to steal if your credit card isn’t saved on the site.
The growth of cryptocurrency from speculative investment to a new asset class has prompted governments around the world to explore ways to regulate it. As of January 2024, some governments have created frameworks to provide protection for users, while others bide their time.
1. As cryptocurrency has become a more significant factor in the global investment landscape, countries have taken different approaches to regulating the asset class.
2. The European Union became the first to adopt measures requiring crypto service providers to detect and stop illicit cryptocurrency uses.
3. The U.S is slowly approaching regulation, but users, issuers, businesses, and regulators are busy battling it out in the court system.
4. In other countries, cryptocurrency is subject to different classifications and tax treatment.
India remains on the fence regarding crypto regulation, neither legalizing nor penalizing its use. There is a bill in circulation that prohibits all private cryptocurrencies in India, but it has yet to be voted on. There is a 30% tax levied on all crypto investments and a 1% tax deduction at source (TDS) on crypto trades.
Overall, India continues to hesitate to ban crypto outright or to regulate it. The country's Finance Bill of 2022 defined virtual digital assets as property and outlined tax requirements for collecting taxes on income from them.
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