India’s cryptocurrency fans might have to link their Aadhaar IDs with their wallets

India’s cryptocurrency fans might have to link their Aadhaar IDs with their wallets
India’s cryptocurrency fans might have to link their Aadhaar IDs with their wallets,
As India cozies up further with cryptocurrencies, it looks like enthusiasts will have to let the government get a ringside view of the action, as a proposal to link accounts on Bitcoin exchanges to users’ national IDs is in the works.

Ajeet Khurana, head of the Blockchain and Cryptocurrency Committee of the Internet and Mobile Association of India (IAMAI), told the Economic Times that the group (which counts seven cryptocurrency exchanges among its members) plans to submit a proposal to the government, in which the concerned agencies will be able to look up purchase data for all buyers and sellers on domestic exchanges and trace their activity through their Aadhaar ID or Permanent Account Numbers (PAN).

While the PAN has been around for several decades to enable citizens and foreign nationals to make monetary transactions in India, the country’s Aadhaar ID system is more recent and has been under fire over privacy surveillance concerns.

India’s cryptocurrency fans might have to link their Aadhaar IDs with their wallets