Q.3 As the government seeks to introduce the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, examine the need for regulation of the cryptocurrencies and challenges in its regulation. (10 Marks)

Mentor’s comment-
  • https://www.livemint.com/opinion/online-views/the-fate-of-cryptos-and-divergence-in-regulatory-views-11637860607641.html
  • In the intro, mention the approach taken to virtual currencies in announcements made by Beijing and European government.
  • In the body, mention the provision of the bill seeking to introduce CBDC and prohibition of cryptocurrencies. Next mention the challenges in prohibition such as decentralised nature and stifling the growth of blockchain technology etc.
  • Next, mention that Standing Committee on Finance, in conference with Blockchain and Crypto Assets Council, crypto exchange representatives and market experts, recently concluded that cryptocurrency ought not to be banned, but regulated instead.
  • Conclude by mentioning that there is need for the regulation and not the ban.
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project _osiris
project _osiris
10 months ago

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Shri Ram V.A
Shri Ram V.A
10 months ago

IMEe1E3EFVyRCt

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Rasmita Reema
Rasmita Reema
10 months ago

ID#0000481006

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