The report states that cryptocurrencies must retain all data about their users for no more than five years.
The new guidelines will come into effect by the end of June and details will be announced if there is a change.
The main purpose of this rule is to detect cyber incidents through CERT-in so that they can respond promptly to crypto cyber frauds within the next six hours. However, the scope of the data that IT businesses demand to store and deliver is extraordinary.
Cylinder price hike by 50 rupees!
According to CERT, companies will be prosecuted for data breaches, fake mobile applications, server infrastructure attacks and access to a user’s illegal social media accounts. In addition, companies that fail to release the required information could face up to a year in prison if convicted under Section 70B (7) of the Information Technology Act.
There have been several cyber scams in the name of crypto in India in recent times. This is mainly due to the fact that key officials in the cyber industry have been involved in crypto cyber fraud for some years and it has been detected.