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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Mains Questions:
Q.1)What are the key implications of lowering the bitcoin mining fees?