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Cryptocurrencies: to be trusted or not.

Data awareness is a sensitive topic within the crypto community and fears regarding crypto will be disseminated by new efforts that educate people about data privacy and security.

The Information Commissioner’s Office (ICO) has started conducting a number of data awareness campaigns with the aim of building trust in cryptocurrencies. Data security breaches and privacy violations are the two most concerning issues underlying the faith in crypto market. Data privacy laws and EU’s Global Data Protection Requirement (GDPR) work to encourage people to the usage of cryptos and re-establish consumer confidence thus restoring faith in digitalization. Under the new data guidelines in the era of GDPR, ICOs are working to ensure compliance among the users of cryptocurrencies. Smaller businesses, despite having smaller budget, less brand equity and subject to draconian fines,  too garner trust and meet compliance targets. ICO Data Awareness efforts inevitably benefits the crypto industry.

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Tuesday, 21 January 2020
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