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In today’s newsletter:

• Neelkanth Mishra is new UIDAI part-time chairperson
• EU studying India's data law
• Now, layoffs at CoinDCX

P.S.  August 23: A day for India to make history on two fronts. Scroll down for more deets!

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A technocrat has returned to a leadership role in the Unique Identification Authority of India (UIDAI), the nodal body responsible for issuing Aadhaar numbers.

Neelkanth Mishra has been appointed as part-time chairperson of UIDAI. 

• He currently holds the position of Chief Economist and Head of Global Research at Axis Bank

This appointment marks a shift where the government is once again turning to technocrats, reminiscent of the time when UIDAI was led by Nandan Nilekani.

Prior to joining Axis Bank, Mishra worked for two decades at Credit Suisse. He also boasts a lengthy resume in the realm of government service. 

• He has advised numerous government committees and was a member of the economic advisory council to the 15th Finance Commission

The UIDAI board consists of a chairperson, two part-time members, and the CEO, who also serves as the member-secretary. 

Along with Mishra, the government appointed the two other part-time members today. 

• Prof Mausam, Associate Prof at the Computer Science Department of IIT-Delhi
  
  
• Nilesh Shah, Managing Director of Kotak Mahindra Asset Management Company 

Senior IAS officer Amit Agrawal assumed charge as UIDAI CEO on June 20. 

Go deeper

It is undisputed that the passage of India's data protection law, the Digital Personal Data Protection (DPDP) Act, is a sovereign matter. No other country has the right to comment or investigate it.

However, the European Union (EU) may need to review the DPDP Act because the region's data protection law requires that countries where EU citizens' data is transferred have adequate data protection practices.

The European Commission, the executive body of the EU, said that they are "analysing" India's DPDP Act.

• This was in response to our queries about whether there will be an impact on cross-border data transfer because of a few controversial provisions of India's data protection law

Also read: What the Digital Personal Data Protection Act means for you

The law grants the Indian government the "power to call for information," which allows the Centre to ask for personal information from platforms.

• There are also exemptions provided to government agencies from the provisions of the law, which has raised concerns

If India is deemed an unfavorable country to transfer data to because of certain provisions of the DPDP Act, experts have said that encryption requirements could be introduced for cross-border data transfers.

• The EU recently fined Meta €1.2 billion for failing to adequately protect European data from the US surveillance regime

Find out more

The prolonged crypto winter and India's tax policies continue to take a toll on local crypto exchanges.

Crypto unicorn CoinDCX has laid off 12% of its workforce in its second round of job cuts within a year.

• The company, which counts Steadview and B Capital among its backers, had earlier let go about 80-100 employees across its marketing, branding, and activation teams

This move comes amid a difficult time for crypto startups in India, particularly exchanges, who are grappling with regulatory uncertainties that have cast a shadow over the industry.

• Over the past year, trading volumes on these platforms have witnessed a staggering decline of 85 to 90%

This drastic shift has been attributed to a combination of factors, including high taxes and TDS charges, significantly impacting trading activities.

The company said that it will now focus on driving profitability and sustainable business.  

• The laid-off employees will be provided with severance pay and other assistance. More on that here

• Singapore is outpacing the rest of the world in the adoption of artificial intelligence skills, according to LinkedIn.
  
  
• A UN study found that AI is more likely to enhance jobs than to eliminate them, despite growing concerns about the technology's potential impact.

On August 23, India is set to make history on both the Moon and the chess board.

On the Moon, Chandrayaan-3 will attempt to soft land on the lunar south pole. This will be India's third lunar mission, and the first to land on the south pole.

Meanwhile, on Earth, 18-year-old Indian chess Grandmaster R Praggnanandhaa will face off against world No. 1 and former world champion Magnus Carlsen in the final of the FIDE World Cup. More on that here

Will India be able to make history on both fronts on August 23? We will have to wait and see. But one thing is for sure, it will be a day that no Indian will forget.

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