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The biggest event on Data Protection in India namely the Indian Data Protection Summit 2021 (IDPS 2021) got off to a flying start on November 17, 2021, as a virtual conference. Six hours of deliberations occurred between 2.30 pm IST to 8.30 pm IST with 3 panel discussions and 2 keynote sessions during the day.

The proceedings started with an introduction from Dr S P Arya, the honorary President of the National Governance Council of FDPPI. he introduced FDPPI, and its objectives.

It was followed by a key note address from Naavi, the Chairman of FDPPI presented his views on the challenges to be negotiated by the Law makers in finalizing the PDPB 2019. He specifically discussed the expected changes reported to be under consideration of the new JPC to the current version of PDPB. The revised version is expected to be presented on November 18th 2021 to the JPC once again for discussion. In his address Naavi discussed the pros and cons of adding Non personal Data protection issues into the PDPB 2019, the different approach taken by DEPA in developing a Consent architecture, the demands of certain institutions from exemption, etc. He highlighted that the conference would discuss issues such as new compliance framework and need for Data Valuation methodology to be developed etc.

This session was followed by two Panel Discussions.  Panel 1 discussed the new career opportunities that are developing in the area of Data Protection such as the Data Protection Officers and the Data auditors.

Mr Manish Sehgal, partner of Deloitte lead the discussions and was supported by  Neena Pahuja, Tripti Kumar, Anupama Mohan and Sameer Mathur, all of them from the industry.

The second panel discussion  discussed the issues of Privacy in Big Data and Digital Marketing industries and was lead by Ms Annie Mathew and supported by Kamal Karnatak, Bhimesh Karadi and Mahesh Balakrishnan from different segments of the industry.

This session was followed by a Keynote from Justice B N Srikrishna, who lucidly traced the development  of  the  concept  of  privacy from ancient India  to  the  current  days. He also discussed  the  current  status  of  the  PDPB  and  how it  may  shape  up  in  the  days  to  come.

He highlighted the concepts of Data Fiduciary and Consent Manager adopted in the Indian PDPB and how it is different from the concepts of GDPR.

Following this session, FDPPI announced its annual award for “Data Protection Champion” . The award is conferred for the sustained commitment towards Privacy demonstrated by the professional as determined by a search committee of FDPPI. It has no financial incentive and is not based on nominations.

Mr Srinivas is a well known Privacy professional with over 11 years of experience in implementing various privacy initiatives in Infosys and has a rare commitment towards Privacy unmatched even by privacy activists.

After the award ceremony, the third panel of the day discussed the Past, Present and Future of Data Protection law in India.

The panel was lead by Ms Meenalall of the Tata Steel and was supported by Advocate                        M G Kodandaram, Wg Cdr S K Prakash of CISCO, Manoj Kern of Prudent Insurance brokers and advocate Dr Mahendra Limaye.

The group had an extensive  discussion  of the legal aspects of Information Technology Act, the PDPB as well as many  sectoral regulations.

We now look forward to an equally engaging second day on November 18th.

Naavi

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The Karnataka Bitcoin scam has done a great service to highlight to the Government of India the dangers of procrastination on an issue like “Crypto Currencies”.

It has taught a lesson to the Government which was procrastinating on the decision on regulation or banning of  Bitcoin and emboldened the Bitcoin community to grow.

There is no doubt that the lobby that supports corruption in India is behind the enormous support that Bitcoin gets for its continuation under some excuse or other.

Corruption in India and Black money associated with it is so strong that even the most popular and powerful leader like Mr Modi stands defeated in front of Bitcoin.

It was not necessary for waiting for Mr Sachin Maamani to alert Mr Modi about Bitcoin. Naavi has repeatedly alerted and chided the Government and all the key decision makers including Mr Modi, Mr Shah, Mrs Nirmala Seetharaman, the late Arun Jaitely. But Bitcoin continued to grow from strength to strength and even companies who had migrated to Singapore during the brief period when RBI was firm in its decision to ban Bitcoin returned back with greater enthusiasm as they seemed to have the patronage of even the highest court of the land.

If now one Mr Sriki is teaching the Government a lesson that

“If you associate with the evil called Bitcoin, you will only reach hell”.

Naavi has already predicted that when Bitcoin scam gets busted, people will blame Mr Modi and this will have its adverse impact on his electoral chances.

However there is a small opportunity now before the Government in the form of the Crypto Currency Bill. It should be used to ban Crypto currencies in India once for all.

The bitcoin lobby wants the Government to recognize Bitcoin as a legit “Crypto Asset” which can be bought or sold at market prices like a commodity. It holds out the carrot of tax income on trade transactions.

The Government should not fall prey to the traps that the Bitcoin lobby will lay before them and in the name of “Progressive” legislation and supporting “Block chain” as an innovative technology, give any room for legitimizing Bitcoin transactions. By holding the carrot of tax on transactions, Bitcoin lobby wants us to forget that it wants the captital to be out of tax net.

The claim that there is KYC etc is a bogey. People can easily open anonymous wallet accounts and use foreign exchanges for buying and selling crypto currencies and the KYC promised by the Indian Bitcoin exchanges are not reliable.

The market capitalization of Bitcoin today is $1,240,001,020,865 ($ 124000 crores  or Rs 84,00,000 crores) The total market capitalization of all crypto currencies is more than 2 trillion dollars (200,000 crore dollars or Rs 140,00,000 crores). On the other hand the total money supply in India is of the order of 19,00,000 crores.

If Bitcoin is legitimized, then theoretically the money supply in India can grow from 19 lakh crores INR to 160 crore INR because every crypto currency becomes fungible with INR supply.  What this will do to the Inflationary situation is for the Government to consider.

If due to the recognition, all Bank depositors in India start converting their bank deposits and stocks to Bitcoins, then they will be able to conduct havala transactions and be proud members of the dark web economy. Drugs and illegal arms can be ordered through Amazon and criminals, terrorists and anti nationals will be all proud of the Government and perhaps even vote for BJP.

However the economy will wither, tax payers will look like fools and they will also blame Mr Modi for cheating them on the promise of eradicating black money and corruption.

This could be the beginning of the end of Mr Modi…unless, he  musters courage to take the bold but most essential decision to “Completely Ban” Bitcoins and all private crypto currencies forthwith and criminalize its transactions.

While many will raise the bogey that many foreign Governments have recognized Bitcoins and it will be a regressive step to ban Bitcoins, it is an opportunity for Mr Modi to take the global leadership in eliminating Digital Black Money called Crypto currencies.

I am sure some of the  foreign Governments as well as the Tech leaders from FaceBook, Twitter and even industrialists like the Tesla founder will try to persuade Mr Modi and celebrities from Bollywood would use their charm to ensure that Bitcoins are protected and even the Supreme Court will again be approached to defend the rights of Bitcoin industry,

If Mr Modi is independent and is a true leader, he should take the decision to Kill Bitcoin. The demonetization demon must be still haunting Mr Modi making him drag his feet before taking this digital demonetization decision… but I am waiting to hear the news of …the death of Crypto currencies in India.

(PS: This is my personal view and I am aware is not the popular view even amongst my friends. But despite the possibility of being ridiculed and disliked for this view, in the interest of the country I have to say what my heart and mind wants to say.)