What are the advantages and risks associated with the cryptocurrencies? Suggest the measures by the central bank for the regulation of the cryptocurrencies. 10 marks

Mentor’s comment-
  • https://www.livemint.com/opinion/online-views/the-need-to-regulate-cryptocurrencies-is-loud-and-clear-11610555985823.html
  • In the intro, give brief idea about the cryptocurrencies.
  • In the body, discuss the advantages- reduced transaction cost, increased financial inclusion, increased safety, aiding international remittances etc. In risks, mention money laundering, no tangible asset to back the value of cryptocurrency, risk of market manipulation etc. In the measures mention development of cryptocurrency in the regulatory sandbox, public discussion on the regulation etc.
  • Mention the importance of regulation without stifling the innovation.
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