UPSC Mains 2022: Explain What is Cryptocurrency & Impact – Asked In IAS Exam Today

NEW DELHI: IAS aspirants this year had to explain cryptocurrency and its impacts in the UPSE Main examination held on January 8, Saturday.

What is cryptocurrency? How does it affect global society? Has it been affecting Indian society also? (Answer in 250 words).

After the Supreme Court overturned the ban on digital currencies, the cryptocurrency mania has exploded in India. Despite being very unpredictable and dangerous, the high rate of return is tempting many people to invest in cryptocurrency. The enthusiasm is not restricted to metros; young people in tier-II and tier-III cities are also showing an interest.

As per reports, the government is exploring a proposal to recognise cryptocurrencies as financial assets while protecting small investors.  There are already 15 cryptocurrency trading platforms in India, with over 10 crore investors.

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