Staying Safe In Crypto: Keeping Your Digital Assets Secure And Protected

Back in April 2018, the Reserve Bank of India (RBI) had imposed a banking ban that barred banks and other financial institutions from facilitating any services in relation to cryptocurrencies. Recognising the impacts that stifling crypto innovation could have on the nation’s economy, India’s crypto industry banded together to fight the case, which culminated in a series of hearings in the Supreme Court. Needless to say, it was a momentous day when the Supreme Court quashed the RBI’s banking ban in early March this year, legalising cryptocurrency trading and allowing the public to freely buy and sell digital assets on exchanges linked to banks.

Since then, India has experienced something of a crypto boom, with a surge of interest and investments from major global players, paving the way for the nation’s burgeoning crypto landscape. However, while RBI’s banking ban has already been lifted, there still remains some lingering uncertainty and concerns surrounding the safety of cryptocurrencies in India, due in part to the lack of guidance from the central bank. With unclear regulations and unanswered questions, Indians who are looking to dip their toes into cryptocurrency trading are left wondering about its legal status or whether it is safe for them to do so.

Security in the Crypto Industry

Cryptocurrencies have come a long way since the first emergence of bitcoin. From the meteoric rise of its value to institutional ventures such as central bank digital currencies (CBDCs) and Facebook’s plans to launch Libra, its own cryptocurrency—the asset class has grown more prominent over the years, which makes it all the more important for it to be as safe as it can be.

Security in the crypto industry has also come a long way. For instance, organisations have made use of heavy encryption, whitelisting of addresses, tightening of operating procedures and numerous other methods to improve their security. The technological solutions offered by wallet providers are also increasingly robust. However, it is important to remember that as the technology grows more and more sophisticated, so do the hackers. As such, it is vital that the security protocols and infrastructure in the crypto ecosystem remain up-to-date in order for the industry to progress.

Establishing clear regulations and institutional standards for security could also be a way to help the market become healthier and more transparent and ensure that customers are protected—doing so will build trust and strengthen the overall reputation of the digital assets market. The crypto industry will not thrive without proper security practices and safeguards being put in place to protect the assets and interests of customers.

Crypto Trading Safety 101

While there is still plenty of work to be done in the realm of crypto security, here are some helpful considerations to keep in mind as a user in order to ensure that your funds remain safe and protected. If you are new to the crypto market, it would…