#FactCheck - Viral Clip Not Harish Rana’s Farewell, Linked to Surat Woman’s Organ Donation

According to Statista, the number of users in India's digital assets market is expected to reach 107.30m users by 2025 (Impacts of Inflation on Financial Markets, August 2023). India's digital asset market has been experiencing exponential growth fueled by the increased adoption of cryptocurrencies and blockchain technology. This furthers the need for its regulation. Digital assets include cryptocurrencies, NFTs, asset-backed tokens, and tokenised real estate. 

India has defined Digital Assets under Section 47(A) of the Income Tax Act, 1961. The Finance Act 2022-23 has added the word 'virtual' to make it “Virtual Digital Assets”. A “virtual digital asset” is any information or code, number, or token, created through cryptographic methods or otherwise, by any name, giving a digital representation of value exchanged with or without consideration. A VDA should contain an inherent value and represent a store of value or unit of account, functional in any financial transaction or investment. These can be stored,  transferred, or traded in electronic format. 

Digital Asset Governance: Update and Future Outlook

Indian regulators have been conservative in their approach towards digital assets, with the Reserve Bank of India first issuing directions against cryptocurrency transactions in 2018. This ban was removed by the Supreme Court through a court order in 2020. The presentation of the Cryptocurrency and Regulation of Official Digital Currency Bill of 2021 is a fairly important milestone in its attempts to lay down the framework for issuing an official digital currency by the Reserve Bank of India. While some digital assets seem to have potential, like the Central Bank Digital Currencies (CBDCs) and blockchain-based financial applications, a blanket prohibition has been enforced on private cryptocurrencies.

However, in more recent trends, the landscape is changing as the RBI's CBDC is to provide a state-backed digital alternative to cash under a more structured regulatory framework. This move seeks to balance state control with innovation on investor safety and compliance, expecting to reduce risk and enhance security for investors by enacting strict anti-money laundering and know-your-customer laws. Highlighting these developments is important to examine how global regulatory trends influence India's digital asset policies.

Impact of Global Development on India’s Approach 

Global regulatory developments have an impact on Indian policies on digital assets. The European Union's Markets in Crypto-assets (MiCA) is to introduce a comprehensive regulatory framework for cryptocurrencies that could act as an inspiration for India. MiCA regulation covers crypto-assets that are not currently regulated by existing financial services legislation. Its particular focus on consumer protection and market integrity resonates with India in terms of investigating needs related to digital assets, including fraud and price volatility. Additionally, evolving policies in the US, such as regulating crypto exchanges and classifying certain tokens as securities, could also form the basis for India's regulatory posture.

Collaboration on the international level is also a chief contributing factor. India’s regular participation in global forums like the G20, facilitates an opportunity to align its regulations on digital assets with other countries, tending toward an even more standardised and predictable framework for cross-border transactions. This can significantly help India given that the nation  has a huge diaspora providing a critical inflow of remuneration.

CyberPeace Outlook

Though digital assets offer many opportunities to India, challenges also exist. Cryptocurrency volatility affects investors, posing concerns over fraud and illicit dealings. A balance between the need for innovation and investor protection is paramount to avoid killing the growth of India's digital asset ecosystem with overly restrictive regulations.

Financial inclusion, efficient cross-border payments with low transaction costs, and the opening of investment opportunities are a few opportunities offered by digital assets. For example, the tokenisation of real estate throws open real estate investment to smaller investors. To strengthen the opportunities while addressing challenges, some policy reforms and new frameworks might prove beneficial. 

CyberPeace Policy Recommendations

• Establish a regulatory sandbox for startups working in the area of blockchain and digital assets. This would allow them to test innovative solutions in a controlled environment with regulatory oversight minimising risks.
• Clear guidelines for the taxation of digital assets should be provided as they will ensure transparency, reduce ambiguity for investors, and promote compliance with tax regulations. Specific guidelines can be drawn from the EU's MiCA regulation.  
• Workshops, online resources, and campaigns are some examples of initiatives aimed at improving consumer awareness about digital assets, benefits and associated risks that should be implemented. Partnerships with global fintech firms will provide a great opportunity  to learn best practices.

Conclusion

India is positioned at a critical juncture with respect to the debate on digital assets. The challenge which lies ahead is one of balancing innovation with effective regulation. The introduction of the Central Bank Digital Currency (CBDC) and the development of new policies signal a willingness on the part of the regulators to embrace the digital future. In contrast, issues like volatility, fraud, and regulatory compliance continue to pose hurdles. By drawing insights from global frameworks and strengthening ties through international forums, India can pave the way for a secure and dynamic digital asset ecosystem. Embracing strategic measures such as regulatory sandboxes and transparent tax guidelines will not only protect investors but also unlock the immense potential of digital assets, propelling India into a new era of financial innovation and inclusivity.

References

• https://www.weforum.org/agenda/2024/10/different-countries-navigating-uncertainty-digital-asset-regulation-election-year/ 
• https://www.acfcs.org/eu-passes-landmark-crypto-regulation 
• https://www.indiabudget.gov.in/budget2022-23/doc/Finance_Bill.pdf 
• https://www.weforum.org/agenda/2024/10/different-countries-navigating-uncertainty-digital-asset-regulation-election-year/
• https://www3.weforum.org/docs/WEF_Digital_Assets_Regulation_2024.pdf 

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Introduction

The Telecommunications Act of 2023 was passed by Parliament in December, receiving the President's assent and being published in the official Gazette on December 24, 2023. The act is divided into 11 chapters 62 sections and 3 schedules. Sections 1, 2, 10-30, 42-44, 46, 47, 50-58, 61 and 62 already took effect on June 26, 2024. 

On July 04, 2024, the Centre issued a Gazetted Notification and sections 6-8, 48 and 59(b) were notified to be effective from July 05, 2024. The Act aims to amend and consolidate the laws related to telecommunication services, telecommunication networks, and spectrum assignment and it ‘repeals’ certain older colonial-era legislations like the Indian Telegraph Act 1885 and Indian Wireless Telegraph Act 1933. Due to the advancements in technology in the telecom sector, the new law is enacted. 

On 18 July 2024 Thursday, the telecom minister while launching the theme of Indian Mobile Congress (IMC), announced that all rules and provisions of the new Telecom Act would be notified within the next 180 days, hence making the Act operational at full capacity. 

Important definitions under Telecommunications Act, 2023

1. Authorisation: Section 2(d) entails “authorisation” means a permission, by whatever name called, granted under this Act for— (i) providing telecommunication services; (ii) establishing, operating, maintaining or expanding telecommunication networks; or (iii) possessing radio equipment.
2. Telecommunication: Section 2(p) entails “Telecommunication” means transmission, emission or reception of any messages, by wire, radio, optical or other electro-magnetic systems, whether or not such messages have been subjected to rearrangement, computation or other processes by any means in the course of their transmission, emission or reception.
3. Telecommunication Network: Section 2(s) entails “telecommunication network” means a system or series of systems of telecommunication equipment or infrastructure, including terrestrial or satellite networks or submarine networks, or a combination of such networks, used or intended to be used for providing telecommunication services, but does not include such telecommunication equipment as notified by the Central Government.
4. Telecommunication Service: Section 2(t) entails “telecommunication service” means any service for telecommunication.

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Measures for Cyber Security for the Telecommunication Network/Services

Section 22 of the Telecommunication Act, 2023 talks about the protection of telecommunication networks and telecommunication services. The section specifies that the centre may provide rules to ensure the cybersecurity of telecommunication networks and telecommunication services. Such measures may include the collection, analysis and dissemination of traffic data that is generated, transmitted, received or stored in telecommunication networks. ‘Traffic data’ can include any data generated, transmitted, received, or stored in telecommunication networks – such as type, duration, or time of a telecommunication. 

Section 22 further empowers the central government to declare any telecommunication network, or part thereof, as Critical Telecommunication Infrastructure. It may further provide for standards, security practices, upgradation requirements and procedures to be implemented for such Critical Telecommunication Infrastructure. 

CyberPeace Policy Wing Outlook:

The Telecommunication Act, 2023 marks a significant change & growth in the telecom sector by providing a robust regulatory framework, encouraging research and development, promoting infrastructure development, and measures for consumer protection. The Central Government is empowered to authorize individuals for (a) providing telecommunication services, (b) establishing, operating, maintaining, or expanding telecommunication networks, or (c) possessing radio equipment. Section 48 of the act provides no person shall possess or use any equipment that blocks telecommunication unless permitted by the Central Government. 

The Central Government will protect users by implementing different measures, such as the requirement of prior consent of users for receiving particular messages, keeping a 'Do Not Disturb' register to stop unwanted messages, the mechanism to enable users to report any malware or specified messages received, the preparation and maintenance of “Do Not Disturb” register, to ensure that users do not receive specified messages or class of specified messages without prior consent. The authorized entity providing telecommunication services will also be required to create an online platform for users for their grievances pertaining to telecommunication services. 

In certain limited circumstances such as national security measures, disaster management and public safety, the act contains provisions empowering the Government to take temporary possession of telecom services or networks from authorised entity; direct interception or disclosure of messages, with measures to be specified in rulemaking. This entails that the government gains additional controls in case of emergencies to ensure security and public order. However, this has to be balanced with appropriate measures protecting individual privacy rights and avoiding any unintended arbitrary actions. 

Taking into account the cyber security in the telecommunication sector, the government is empowered under the act to introduce standards for cyber security for telecommunication services and telecommunication networks; and encryption and data processing in telecommunication. 

The act also promotes the research and development and pilot projects under Digital Bharat Nidhi. The act also promotes the approach of digital by design by bringing online dispute resolution and other frameworks. Overall the approach of the government is noteworthy as they realise the need for updating the colonial era legislation considering the importance of technological advancements and keeping pace with the digital and technical revolution in the telecommunication sector. 

References:

1. The Telecommunications Act, 2023 https://acrobat.adobe.com/id/urn:aaid:sc:AP:88cb04ff-2cce-4663-ad41-88aafc81a416
2. https://pib.gov.in/PressReleasePage.aspx?PRID=2031057
3. https://pib.gov.in/PressReleaseIframePage.aspx?PRID=2027941
4. https://economictimes.indiatimes.com/industry/telecom/telecom-news/new-telecom-act-will-be-notified-in-180-days-bsnl-4g-rollout-is-monitored-on-a-daily-basis-scindia/articleshow/111851845.cms?from=mdr
5. https://www.azbpartners.com/wp-content/uploads/2024/06/Update-Staggered-Enforcement-of-Telecommunications-Act-2023.pdf
6. https://telecom.economictimes.indiatimes.com/blog/analysing-the-impact-of-telecommunications-act-2023-on-digital-india-mission/111828226

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Introduction

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Raksha Bandhan is a cherished festival which is celebrated every year on the full moon day of the Hindu month of Shravan. It is a festival that represents the love, care, and protection that siblings share. This year, Raksha Bandhan falls on 09th August 2025. On this day, sisters tie a sacred thread known as Rakhi on their brothers' wrists as a symbol of love and protection, and in return, brothers promise to safeguard them in all walks of life. The origin of this festival traces back to the Mahabharata, when lord Krishna injured his finger. To bandage the wound, Draupadi, also known as Panchali, tore a piece of her saree and tied it on Krishna's finger. Krishna was touched by her selfless gesture and promised to always protect her, a promise he fulfilled during Drapadi’s time of greatest need. 

Today, in the evolving world driven by technology in all aspects of life, the nature of threats has evolved. In this digital age, physical safety alone is no longer enough. Alongside the traditional vow, there is now a growing need for another promise, the promise of Cyber Raksha (Cyber Safety). As we celebrate the spirit of Raksha Bandhan, this year also take the pledge of offering and taking care of the Cyber Suraksha of your sibling. 

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Ek Vaada Cyber Raksha ka 

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All the brothers and sisters share the bond of mutual care and responsibility. In the evolving threats of cybercrimes, they must understand the vulnerabilities they might face and the cyber safety tips they should be aware of to protect themselves. You must promise to guide, protect each other from online dangers, and help understand the importance of digital safety.  Hence, this Raksha Bandhan, let’s also tie a knot of cyber awareness, responsibility, and digital protection,  because true raksha in today’s age is not only about protection in the offline world, it is about protection in both the offline and online world. 

CyberPeace has curated the following best practices for you to consider in your life and also to share with your sisters and brothers.

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Password Security

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‍It is most important to realise that cybercrooks mostly have their eyes on your passwords to target and gain access to your accounts or information. Scammers try multiple ways to get access to your passwords by way of various methods such as OTP frauds, Fake login pages (spoofing), Social engineering, Credential stuffing, Brute-force attacks, phishing, etc. 

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Quick Tips 

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• Use strong passwords.
• Regularly update passwords.
• Use separate passwords for different accounts.
• Use secure & trusted password managers.
• Use two-factor authentication for an extra layer of security.
• Make sure not to save passwords on random devices.

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Social Media Security

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‍There are endless cyber scams that take place through social media, such as identity theft, cyberbullying, cyber stalking, online harassment, data leaks, suspicious links leading to phishing and malware, exposure to inappropriate content, etc. It becomes important for netizens to protect their accounts, data, and online presence on social media platforms from the growing cyber threats.

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Quick Tips

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• Review app permissions and do not give any unnecessary app permissions.
• Keep your account private or customise your privacy settings as per your needs.
• Be cautious while interacting with strangers.
• Do not click on any suspicious or unknown links.
• Make sure to log out in case you have to log in to your social media on an unfamiliar device, and update your password to prevent unauthorised access.
• Always use Two-Factor authentication for your social media accounts.
• Avoid sharing too much of your personal information on the public story or public posts. This can be used by cybercriminals for social engineering.
• Use the report & block function to protect yourself from spam accounts and unwanted interactions.
• If you encounter any issue, report it to the ‘Platform’s reporting mechanism at the ‘Help Centre’.
• One can also reach out to the platform’s grievance officer.

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Device Security

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In today’s world, the interconnectedness is unavoidable, your devices, be it smartphones, tablets, laptops are not just tools, they are digital extensions of yourself. They contain your discussions, recollections, private information, and frequently your financial and professional information. Safeguarding your devices in the digital world can be equated with safeguarding your physical possessions against undesirable encroachments. Just like a sibling would never let anyone invade your privacy, you too must promise to keep your devices secured against malicious threats like malware, spyware, ransomware, and unauthorized access.

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Quick Tips

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• Update your apps, browsers, and operating systems frequently; these updates frequently contain security vulnerabilities.
• Install reliable anti-virus and anti-malware software, then perform routine device scans.
• Do not download files or apps from unidentified sources.
• Avoid using open or unprotected public Wi-Fi for private activities like email or banking. 
• Employ screen locks (passwords, biometrics, or PINs) to stop unwanted physical access.
• Enable remote wipe or ‘find my Device’ functions in case your device is lost or stolen.

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Digital Payments Security

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‍Rakshabandhan is all about giving, but let’s not make it easy for cyber fraudsters to take! Convenience can come at a great cost. It often comes with a danger of fraud, phishing, and money-stealing schemes, as evidenced by the rise in digital payments and UPI transactions. But by being cautious, one can avoid being defrauded.  Whether you’re gifting a sibling online or shopping for festive deals, promise yourself and your loved ones that you’ll transact wisely and safely.

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Quick Tips

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• Never give out your bank credentials, CVV, OTP, or UPI PIN to anyone, even if they seem trustworthy before extensively verifying their credentials.
• Before completing a transaction, confirm the account information or UPI ID.
• Refund or payment links sent by WhatsApp accounts or unknown numbers should not be clicked. 
• Use only trusted apps (like BHIM, PhonePe, Google Pay, etc.) downloaded from official app stores.

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Email Security

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Your email serves as a key to your digital kingdom and serves as more than just a tool for communication. Your email frequently connects everything, from banking to social networking. Scammers use phishing assaults, malware attachments, and impersonation frauds to target it first.  Just like a sibling watches your back, watch your inbox. Make a vow not to fall for the digital bait.

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Quick tips

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• Never open attachments or links in emails that seem strange or suspicious.
• Subject lines that evoke fear, such as “Account Suspended,” “Urgent Action Required” should be avoided. 
• Verify the sender’s email address at all times because scammers frequently use little misspellings to deceive you.
• Set up two-factor authentication and create a secure, one of a kind password for your email accounts.
• Avoid using unprotected Wi-Fi networks or public computers to check your email.
• Avoid responding to spam emails or unsubscribing through dubious links as this could give the attacker your address. 

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Common scams to watch out for

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Festive deals scams

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As the festive season sales surge in India, so does the risk of cyber scams. Cyber crooks exploit the victims and urge them to share OTPs under the guise of preventing fraudulent activity, sharing malicious links to get sensitive information. 

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Mis-disinformation 

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The spread of mis-disinformation has surged on social media platforms. It spreads like wildfire across the digital landscape, and the need for effective strategies to counteract these challenges has grown exponentially in a very short period. ‘Prebunking’ and ‘Debunking’ are two approaches for countering the growing spread of misinformation online.

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Deepfake and Voice cloning scams

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By using the Deepfake technology, cybercriminals manipulate audio and video content which looks very realistic but, in actuality, is fake. Voice cloning is also a part of deepfake. To create a voice clone of anyone's, audio can be deepfaked too, which closely resembles a real one but, in actuality, is a fake voice created through deepfake technology. 

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Juice Jacking

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Cybercriminals can hack your phone using or exploiting some public charging stations, such as at airports, Malls, hotel rooms, etc. When you plug your cell phone into a USB  power charger, you may be plugging into a hacker. Juice jacking poses a security threat commonly at places that provide free charging stations for mobile devices. 

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Suspicious links & downloads

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Suspicious links & downloads can lead you to a phishing site or install malware into your system, which can even lead to compromise your device, expose sensitive data, and cause financial losses.

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Conclusion

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This Rakhi, ensure your and your sibling’s online safety and security by being cybersafe and smart. You can seek assistance from the CyberPeace Helpline at helpline@cyberpeace.net

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