Q.3 The bill for the regulation of cryptocurrencies must meet many important objectives. The universe of cryptocurrency overlaps with many domains. In light of this, examine the impact cryptocurrencies will have on various domains and suggest the way forward. (10 Marks)

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Staff @CD

Mentor’s comment-

https://indianexpress.com/article/opinion/columns/why-crypto-currency-legislations-needs-consideration-7669471/
In the intro, mention the introduction of the bill for the regulation of cryptocurrencies.
In the body, mention various levels which will be impacted by cryptos such as sovereignty, interactions with financial markets, value cryptocurrencies will bring to the entire economy. In the suggestions mention addressing issues such as challenges to sovereignty, and disruption in financial markets.
Conclude by mentioning the need to meet the objectives at various levels in the bill.

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6 responses to “Q.3 The bill for the regulation of cryptocurrencies must meet many important objectives. The universe of cryptocurrency overlaps with many domains. In light of this, examine the impact cryptocurrencies will have on various domains and suggest the way forward. (10 Marks)”

December 15, 2021

k.s.nandhini

Razorpay: I8GfoK9Ze5ifgl

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1. December 22, 2021
  
  Staff @CD
  
  Nandhini
  
  The bill has not yet been introduced in the parliament, so you can frame the intro better..objectives can be mentioned as ‘proposed objectives’.
  Points are fine. Use of diagram is good.
  Impacts part is also fine..include the disruption it can cause in financial system for example banks, can emerge as parallel monetary authority etc. Other points are good.
  Way forward and conclusion are good.
  Also, please try to upload scanned images or zoom the images and then upload, otherwise it becomes very difficult to read your answers.
  Keep practicing. 🙂
December 15, 2021

Rohit Johri

@staff – IVSFuASDoUbOAg

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1. December 22, 2021
  
  Staff @CD
  
  Rohit
  
  Decent attempt but try to incorporate more points..especially impacts on financial system..can emerge as a parallel monetary authority which will impact sovereignty of nations, impact on banking systems (for example, cannot be used to write off debts or used as collateral since they are not legal tenders now) etc
  Other points are fine.
  In intro instead of mentioning ‘digital currency’, use the term ‘digital asset’…crypto doesn’t fulfil requirements of currency yet.
  Also in the end mention a way forward(give separate subheading).
  Conclusion is fine.
  Keep writing. 🙂
December 16, 2021

muskan garg

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1. December 22, 2021
  
  Staff @CD
  
  Muskan
  
  Nice attempt. Content is good, you have written some good points.
  Also include the consumer perspective for example it is being extensively traded, many businesses even accept it as medium of exchange and some countries too making it legal.
  So these angles also should be kept in mind while bringing in the bill for regulation.
  A short way forward can be mentioned in the end where you can include the points mentioned in last para. Then conclude.
  Keep practicing. 🙂

Q.3 The bill for the regulation of cryptocurrencies must meet many important objectives. The universe of cryptocurrency overlaps with many domains. In light of this, examine the impact cryptocurrencies will have on various domains and suggest the way forward. (10 Marks)

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6 responses to “Q.3 The bill for the regulation of cryptocurrencies must meet many important objectives. The universe of cryptocurrency overlaps with many domains. In light of this, examine the impact cryptocurrencies will have on various domains and suggest the way forward. (10 Marks)”

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