#FactCheck: Viral video blast of fuel tank in UAE Al Hariyah Port portray as Russia-Ukraine Conflict

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 

‍

Today, let us talk about one of the key features of our digital lives – security. The safer their online habits are, the safer their data and devices will be. A branded security will make their devices and Internet connections secure, but their carelessness or ignorance can make them targets for cybercrimes. On the other hand, they can themselves unwittingly get involved in dubious activities online. With children being very smart about passwords and browsing history clearing, parents are often left in the dark about their digital lives.

Fret not, parental controls are there at your service. These are digital tools often included with your OS or security software package, which helps you to remotely monitor and control your child’s online activities.

Where Can I find them?

Many devices come with pre-installed PC tools that you have to set up and run. Go to Settings-> Parental controls or Screentime and proceed from there. As I mentioned, they are also offered as a part of your comprehensive security software package.

Why and How to Use Parental Controls

Parental controls help monitor and limit your children's smartphone usage, ensuring they access only age-appropriate content. If your child is a minor, use of this tool is recommended, with the full knowledge of your child/ren. Let them know that just as you supervise them in public places for their safety, and guide them on rights and wrongs, you will use the tool to monitor and mentor them online, for their safety. Emphasize that you love them and trust them but are concerned about the various dubious and fake characters online as well as unsafe websites and only intend to supervise them. As they grow older and display greater responsibility and maturity levels, you may slowly reduce the levels of monitoring. This will help build a relationship of mutual trust and respect.

Step 1: Enable Parental Controls

• iOS: If your child has an iPhone, to set up the controls, go to Settings, select Screen Time, then select Content & Privacy Restrictions.
• Android: If the child has an Android phone, you can use the Google Family Link to manage apps, set screen time limits, and track device usage.
• Third-party apps: Consider security tools like McAfee, Kaspersky, Bark, Qustodio, or Norton Family for advanced features.

Check out what some of the security software apps have on offer:

‍

‍

If you prefer Norton, here are the details:

‍

McAfee Parental Controls suite offers the following features:

McAfee also outlines why Parental Controls matter:

‍

Lastly, let us take a look at what Quick Heal has on offer:

‍

STEP 2: Set up Admin Login

Needless to say, a parent should be the admin login, and it is a wise idea to set up a strong and unique password. You do not want your kids to outsmart you and change their accessibility settings, do you? Remember to create a password you will remember, for children are clever and will soon discover where you have jotted it down. 

STEP 3: Create Individual accounts for all users of the device

Let us say two minor kids, a grandparent and you, will be using the device. You will have to create separate accounts for each user. You can allow the children to choose their own passwords, it will give them a sense of privacy. The children or you may (or may not) need to help any Seniors set up their accounts.

Done? Good. Now let us proceed to the next step.

STEP 4: Set up access permissions by age

Let us first get grandparents and other seniors out of the way by giving them full access. when you enter their ages; your device will identify them as adults and guide you accordingly. 

Now for each child, follow the instructions to set up filters and blocks. This will again vary with age – more filters for the younger ones, while you can remove controls gradually as they grow older, and hence more mature and responsible. Set up screen Time (daily and weekends), game filtering and playtime, content filtering and blocking by words (e.g. block websites that contain violence/sex/abuse). Ask for activity reports on your device so that you can monitor them remotely This will help you to receive alerts if children connect with strangers or get involved in abusive actions.

Save the data and it has done! Simple, wasn’t it?

Additional Security

For further security, you may want to set up parental controls on the Home Wi-Fi Router, Gaming devices, and online streaming services you subscribe to.

Follow the same steps. Select settings, Admin sign-in, and find out what controls or screen time protection they offer. Choose the ones you wish to activate, especially for the time when adults are not at home.

Conclusion

Congratulations. You have successfully secured your child’s digital space and sanitized it. Discuss unsafe practices as a family, and make any digital rule breaches and irresponsible actions, or concerns, learning points for them. Let their takeaway be that parents will monitor and mentor them, but they too have to take ownership of their actions.

‍

Introduction

February marks the beginning of Valentine’s Week, the time when we transcend from the season of smog to the season of love. This is a time when young people are more active on social media and dating apps with the hope of finding a partner to celebrate the occasion. Dating Apps, in order to capitalise on this occasion, launch special offers and campaigns to attract new users and string on the current users with the aspiration of finding their ideal partner. However, with the growing popularity of online dating, the tactics of cybercriminals have also penetrated this sphere. Scammers are now becoming increasingly sophisticated in manipulating individuals on digital platforms, often engaging in scams, identity theft, and financial fraud under the guise of romance. As love fills the air, netizens must stay vigilant and cautious while searching for a connection online and not fall into a scammer’s trap. 

Here Are Some CyberPeace Tips To Avoid Romance Scams

• Recognize Red Flags of Romance Scams:- Online dating has made it easier to connect with people, but it has also become a tool for scammers to exploit the emotions of netizens for financial gain. They create fake profiles, build trust quickly, and then manipulate victims into sending money. Understanding their tactics can help you stay safe.
• Warning Signs of a Romance Scam:- If someone expresses strong feelings too soon, it’s a red flag. Scammers often claim to have fallen in love within days or weeks, despite never meeting in person. They use emotional pressure to create a false sense of connection.  Their messages might seem off. Scammers often copy-paste scripted responses, making conversations feel unnatural. Poor grammar, inconsistencies in their stories, or vague answers are warning signs. Asking for money is the biggest red flag. They might have an emergency, a visa issue, or an investment opportunity they want you to help with. No legitimate relationship starts with financial requests.
• Manipulative Tactics Used by Scammers:- Scammers use love bombing to gain trust. They flood you with compliments, calling you their soulmate or destiny. This is meant to make you emotionally attached. They often share fake sob stories. It could be anything ranging from losing a loved one, facing a medical emergency, or even being stuck in a foreign country. These are designed to make you feel sorry for them and more willing to help. Some of these scammers might even pretend to be wealthy, being investors or successful business owners, showing off their fabricated luxury lifestyle in order to appear credible. Eventually, they’ll try to lure you into a fake investment. They create a sense of urgency. Whether it’s sending money, investing, or sharing personal details, scammers will push you to act fast. This prevents you from thinking critically or verifying your claims.
• Financial Frauds Linked to Romance Scams:- Romance scams have often led to financial fraud. Victims may be tricked into sending money directly or get roped into elaborate schemes. One common scam is the disappearing date, where someone insists on dining at an expensive restaurant, only to vanish before the bill arrives. Crypto scams are another major concern. Scammers convince victims to invest in fake cryptocurrency platforms, promising huge returns. Once the money is sent, the scammer disappears, leaving the victim with nothing. 
• AI & Deepfake Risks in Online Dating:- Advancements in AI have made scams even more convincing. Scammers use AI-generated photos to create flawless, yet fake, profile pictures. These images often lack natural imperfections, making them hard to spot. Deepfake technology is also being used for video calls. Some scammers use pre-recorded AI-generated videos to fake live interactions. If a person’s expressions don’t match their words or their screen glitches oddly, it could be a deepfake.
• How to Stay Safe:-
  • Always verify the identities of those who contact you on these sites. A simple reverse image search can reveal if someone’s profile picture is stolen.
  • Avoid clicking suspicious links or downloading unknown apps sent by strangers. These can be used to steal your personal information.
  • Trust your instincts. If something feels off, it probably is. Stay alert and protect yourself from online romance scams.

Best Online Safety Practices

• Prioritize Social Media Privacy:- Review and update your privacy settings regularly. Think before you share and be mindful of who can see your posts/stories. Avoid oversharing personal details.
• Report Suspicious Activities:- Even if a scam attempt doesn’t succeed, report it. Indian Cyber Crime Coordination Centre (I4C) 'Report Suspect' feature allow users to flag potential threats, helping prevent cybercrimes.
• Think Before You Click or Download:- Avoid clicking on unknown links or downloading attachments from unverified sources. These can be traps leading to phishing scams or malware attacks.
• Protect Your Personal Information:- Be cautious with whom and how you share your sensitive details online. Cybercriminals exploit even the smallest data points to orchestrate fraud.

‍