Cryptocurrency Question in IAS Competitive Exam - #indiaunited Writing Contest

Hives,

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Today, an image of the UPSC question paper has come out containing a question on cryptocurrency. Introducing this question in exams like UPSC isn't a big deal as the Indian government is planning to regulate cryptocurrency in our country. I have closely seen UPSC and one of its aspirants as well. So, I am eager to submit my entry as soon as I see the contest. Since I am an aspirant, I also want to glimpse how the answer writing of the UPSC question goes. I will respect the 250 (+- 15) words criteria and take a step beyond. I will write the answer in 10 minutes as for 250 words, 10 minutes duration is the norm that one must follow to complete the entire question set. And the answer must be in layman terms as we never know whether the professor is a subject expert or not.

Contest Link

Thanks to @steemflow Bhai and @bhattg Bhai for coming up with this contest, and I am all set with the timer. On your marks, get, set, go!

My Answer:

Cryptocurrency is the catchword of recent globalization. It aims to deliver the more efficient form of currency with the ease of transacting it over a modern layer of technologies that enables transparency, audibility, and the decentralized conformity of the transaction.

With the advent of modern technologies like Blockchain, WEB 3 cryptocurrency has recently seen its lime light. The global mass adoption by the businesses, enterprises and service sectors has shot its usability to the sky. In the traditional nature of the transaction, sending and receiving money outside the country borders is quite a cumbersome process. It is a feasible and reliable trade mode with the cryptocurrency after the banking system. Even the conventional transactions are not private. It is where cryptocurrency, accompanied by blockchain technology, delivers. It is the money of the future. Globally many countries are in the middle of its adoption; China plans to bring its digital currency. El Salvador becomes the first country to adopt Bitcoin as a legal tender currency.

Indian society has seen an economic, cultural shock with the advent of cryptocurrency. Polygon's Matic, WazirX and many other institutional projects find cryptocurrency, ICO a more reliable and hassle-free way of seed funding. The vital economic persons like Ambani, Tata of our country have also appraised the potential of blockchain and the concept of virtual currency.

The mass adoption of cryptocurrency is yet to take its final global shape. Talks of regulation and integration with the country's economy are on the table. As per the rapid growth and developments happening worldwide, cryptocurrency seems more than just a solution, but the future!

Thank you

The answer contains 265 words strictly respecting the criteria of 250 (+- 15) words.

A side note:- Word limit is the necessary element of UPSC answer writing. If any answer breaks the +- 15 words criteria (i.e. words count between 235 - 265), the professor who checks the answer becomes eligible to give 0 marks for not adhering to the answering standards. Extra words increase the time to review the answers; hence is immoral in UPSC.

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