Mentor’s Comments-
- https://www.livemint.com/v/s/
www.livemint.com/opinion/ columns/crypto-lessons-make-a- case-for-principles-led-rbi- rules/amp-11638723937908.html? usqp=mq331AQKKAFQArABIIACAw% 3D%3D&_js_v=0.1 - In the intro mention the proposed act for the regulation of cryptocurrencies in India.
- In the body, mention lessons to remain ahead in technology driven world, regulation of lending apps etc.
- Conclude by mentioning the need for regulation to avoid harm to the public and avoid systemic risks
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Shubham
Decent attempt, introduction is good. After that you have mentioned some generic points which are fine but try to include India-specific points too.
For example, you can mention about dubious lending apps mushrooming in India, aggressive advertising by so-called crypto exchanges without informing the risks to the customer, lack of enabling clauses in the RBI/SEBI act which allow financial sector regulators to intervene whenever any intermediary tries to sell a financial service or any new innovative financial service poses the risk of disrupting financial stability, delay in enacting a data privacy law etc
Question is not just about advantages/disadvantages of crypto but more about the problems being faced in regulation..so focus on that part more.
Conclusion is fine.
Keep practicing.:)
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Bhanu
Nice attempt. Intro is good. Points mentioned in second part are also okay..but mention more points from India specific angle..aggressive advertising by so-called crypto exchanges without informing the risks to the customer(cryptos are neither currencies nor strictly “assets”, and that these trading platforms are not truly “exchanges”), lack of enabling clauses in the RBI/SEBI act which allow financial sector regulators to intervene whenever any intermediary tries to sell a financial service or any new innovative financial service poses the risk of disrupting financial stability, delay in enacting a data privacy law etc
Need for regulation part is good..in conclusion mention briefly some positives too like can’t miss out on technological innovation and then write the need to take the balanced approach.
Overall fine answer, just issues specific to India need to be mentioned.
Keep practicing. 🙂
@Staff
Ishan
Please mention reference ID for further reviews.
Your answer is good, introduction is nice. Content is also fine. You have mentioned sections for RBI and government that is good..some technical points have been also mentioned.
Some issues like dubious lending apps mushrooming in India, aggressive advertising by so-called crypto exchanges without informing the risks to the customer, lack of enabling clauses in the RBI/SEBI act which allow financial sector regulators to intervene whenever any intermediary tries to sell a financial service or any new innovative financial service poses the risk of disrupting financial stability, delay in enacting a data privacy law etc can also be mentioned.
Lessons learnt part is fine, penalizing trading is a bit harsh..you can avoid that.
Conclusion is fine.
Keep practicing. 🙂
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Muskan
Intro is fine, lessons are not just for incorporating in the bill but overall too, don’t limit it to the bill.
After that, you have deviated a bit from what has been asked. You have broadly mentioned the advantages/disadvantages..but that’s not what the question is asking..talk about the issues the RBI/government in regulating cryptos.
You can mention about dubious lending apps mushrooming in India, aggressive advertising by so-called crypto exchanges without informing the risks to the customer (cryptos are neither currencies nor strictly “assets”, and that these trading platforms are not truly “exchanges”), lack of enabling clauses in the RBI/SEBI act which allow financial sector regulators to intervene whenever any intermediary tries to sell a financial service or any new innovative financial service poses the risk of disrupting financial stability, delay in enacting a data privacy law etc
Then you can mention some positives (necessary for global integration, breaking monopoly of central bank etc) and come to the conclusion.
Go through the article tagged above.
Keep practicing. 🙂