31 May India must not miss the cryptocurrency bus (Indian Express, GS-2,Governance)
Context:- Cryptocurrency is gaining new currency in the economy. India has banned crypto because it has been misused by miscreants such as Terrorist etc.
Current time line:-
- Satoshi nakomoto invented bitcoin
- Since 2008 its price is increasing
- Recently china had cracked down this currency
- Recent upsurge in the prices of bitcoin make them more attractive
Cons of bitcoin:-
- Anonymity
- Fragility
- extreme volatility
- Can be used in illicit activities
What is way forward:-
- Regulation rather than ban is way forward
- Anonymity can be exploited.
- to protect unsuspecting investors from excessive market volatility an
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Plutus IAS Current Affair Team Member
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