Mentor’s comment-
- https://www.livemint.com/
opinion/online-views/the-fate- of-cryptos-and-divergence-in- regulatory-views- 11637860607641.html - In the intro, mention the approach taken to virtual currencies in announcements made by Beijing and European government.
- In the body, mention the provision of the bill seeking to introduce CBDC and prohibition of cryptocurrencies. Next mention the challenges in prohibition such as decentralised nature and stifling the growth of blockchain technology etc.
- Next, mention that Standing Committee on Finance, in conference with Blockchain and Crypto Assets Council, crypto exchange representatives and market experts, recently concluded that cryptocurrency ought not to be banned, but regulated instead.
- Conclude by mentioning that there is need for the regulation and not the ban.
Id00000486418
Hello
Introduction is fine. Issues mentioned are also good. However, link with the developments taking place in India..that is the context of the question.
You can mention that RBI planning to launch digital currency, mention about the crypto bill, also mention that Standing Committee on Finance, in conference with Blockchain and Crypto Assets Council, crypto exchange representatives and market experts, recently concluded that cryptocurrency ought not to be banned, but regulated instead.
Also try to take a balanced view..regulation not banning is the way to go.
Mention some positive points too..banning it will mean missing out on technological development, safe and secure tech etc
Address the question from multiple angles..although you have given different subheadings here, it seems you are advocating for a blanket ban.
Keep writing. 🙂
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Shri Ram
Your attempt is decent, but mention current developments too regarding India. Introduction is good, issues with cryptos part is also fine; they are volatile not just because they are private but due to lack of intrinsic value, their newness and speculations around them. Other points are nice.
In current developments you can mention, RBI planning to launch digital currency, mention about the bill, also mention that Standing Committee on Finance, in conference with Blockchain and Crypto Assets Council, crypto exchange representatives and market experts, recently concluded that cryptocurrency ought not to be banned, but regulated instead.
You can also mention 1-2 advantages in the end(missing out on technological advancement if banned)..and advocate for regulation rather than ban.
Keep writing; take help of the article tagged above 🙂
4.5/10
ID#0000481006
Rasmita
Decent attempt. Intro is fine. Issues mentioned are also good, mention about volatility, speculative in nature, also its purported use in money laundering and terror financing due to lack of intermediaries.
Mention about Standing committee is good, SC judgement in favour of regulation can also be mentioned. At the same time, RBI planning to introduce digital currency of its own can be mentioned too.
In positive factors, mention technological aspect(blockchain), safe and secure – banning it will mean missing out.
Conclusion is fine.
Keep writing. 🙂