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“Cryptocurrency will lead the next phase of digital revolution. India must not miss the bus.” Elaborate.

Topic: Awareness in the fields of IT, Space, Computers, robotics, Nano-technology, biotechnology and issues relating to intellectual property rights.

5. “Cryptocurrency will lead the next phase of digital revolution. India must not miss the bus.” Elaborate. (250 words)

Reference:  Indian Express

Why the question:

The article highlights the need for coherent cryptocurrency policy and the need to avoid missing the benefits offered by the technology.

Key Demand of the question:

Discuss in detail the importance of adopting and regulating crypto currencies in India.

Directive:

Elaborate – Give a detailed account as to how and why it occurred, or what is the particular context. You must be defining key terms where ever appropriate, and substantiate with relevant associated facts.

Structure of the answer:

Introduction:

Start with growing dominance of crypto currency worldwide briefly.

Body:

The answer body must have the following aspects covered:

Present the positives of Cryptocurrency and block chain technology first.

Fears associated with regulation and use of Cryptocurrency.

Account for the Critique of government’s reluctance against Open Cryptocurrency.

Highlight the need for regulation – Regulation is definitely needed to prevent serious problems, to ensure that crypto currencies are not misused, and to protect unsuspecting investors from excessive market volatility and possible scams.  However, regulation needs to be clear, transparent, coherent and animated by a vision of what it seeks to achieve.

Conclusion:

Conclude with way forward.