THE GIST of Editorial for UPSC Exams : 02 June 2020 (Cryptocurrencies mining possibilities(Indian Express))
Cryptocurrencies mining possibilities(Indian Express)
Mains Paper 3:Economy
Prelims level: Cryptocurrencies
Mains level: Implications of lowering the Cryptocurrencies mining fees
Context:
- Cryptocurrencies have again caught the public imagination over the past few months.
- Indian courts allowed cryptocurrency exchanges, while China launched a digital Yuan.
- A piece of news that probably skipped attention was Bitcoin halving the price for mining the cryptocurrency.
- The world’s oldest and most famous cryptocurrency reduced miner’s fees to $6.25.
- Up until May 11, a miner would get a reward of $12.50 for clearing every few blocks of transactions. As there are limited Bitcoins in circulation, and 80% of have already been mined, costs of mining have been rising.
Implication of lowering the fees:
- While lowering fees mean ....................................................................................................
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Conclusion:
- However, it would be for governments, which can link more services to blockchain networks. India needs to enter this race before it heats up.
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Prelims Questions:
Q.1)With reference to the Permanent Account Number (PAN), consider the
following statements:
1. The Union Finance Minister recently launched a facility for instant
allotment of online PAN (permanent account number) card (on near to real time
basis) on furnishing of Aadhaar details.
2. Permanent Account Number (PAN) is a ten-digit alphanumeric number issued by
the Income Tax Department.
Which of the statements given above is/are correct?
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Answer..................................
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