UPSC Mains 2021 GS1 Q19 — Technology and Society
What is Cryptocurrency ? How does it affect global society ? Has it been affecting Indian society also ? (Answer in 250 words)
Question Decoded — examiner's intent
- Directive verbs
- What isHow does it affectHas it been affecting
- Scope keywords
- Cryptocurrencyglobal societyIndian society
- Implicit sub-parts
- The underlying technological mechanism (Blockchain) and decentralization principle.
- Macro-societal impacts including democratization of finance and the digital divide.
- Transnational risks such as cyber-crime, money laundering, and their social consequences.
- Specific Indian context: the impact on the tech-savvy youth, the unbanked population, and regulatory uncertainty.
- Common pitfalls
- Focusing too heavily on economic/financial technicalities instead of the 'Society' focus required by General Studies 1.
- Failing to distinguish between Cryptocurrency as a currency versus Blockchain as a technology.
- Ignoring the negative social externalities like gambling addiction among Indian youth or its use in the dark web.
- Giving a generic definition without mentioning its peer-to-peer and decentralized nature.
- Dimensions required
- Economic-SocietalLegal-EthicalDigital-DemographicSecurity-Globalist
- Marks allocation hint
Allocate 40-50 words for a crisp definition and the 'Global Society' section, focusing on decentralized finance. Reserve the bulk (approx. 150 words) for 'Indian Society', addressing specific local demographics, the rise of crypto-trading as a subculture, and the digital literacy gap. Use the remaining 50 words for a balanced conclusion regarding regulation versus innovation.
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