1 Crore+ students have signed up on EduRev. Have you? Download the App |
What is Cryptocurrency? How does it affect global society? Has it been affecting Indian society also? (UPSC GS1 2021)
A cryptocurrency or crypto is a virtual currency secured by cryptography. It is designed to work as a medium of exchange, where individual ownership records are stored in a computerised database. The cryptocurrency works on blockchain technology and is free from control of government agencies. Cryptocurrency is a new emerging technology which is revolutionizing the way people make monetary transactions.
Crypto has affected global society in both positive and negative way as discussed below:
Effect of Crypto on Indian Society
Crypto is still in a nascent phase in India, with a huge uncertainty about its future. As RBI initially banned crypto trading in 2018, which was reversed by the Supreme court later. The following are the effect of crypto on Indian society
To make use of the revolutionary potential of underlying technology behind the cryptocurrency, while avoiding its negative consequences, a proper regulatory framework is required.
Topics Covered - Cryptocurrency
21 videos|72 docs
|
1. What is cryptocurrency and how does it differ from traditional currencies? |
2. How does blockchain technology ensure the security and transparency of cryptocurrency transactions? |
3. What are the advantages and disadvantages of using cryptocurrency? |
4. How are new cryptocurrencies created and what is the process of mining? |
5. What is the future outlook for cryptocurrency and its impact on the global economy? |
|
Explore Courses for UPSC exam
|