UPSC Mains PYQs
General Studies I
What is Cryptocurrency? How does it affect global society? Has it been affecting Indian society also?
Last Updated
20th June, 2026
Date Published
20th June, 2026
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Introduction:
Cryptocurrency is a digital or virtual currency using cryptography and based on blockchain technology.
First introduced with Bitcoin in 2009, cryptocurrencies operate on decentralized networks, independent of central banks..
Body:
Impact on global society: Economic Integration + Decentralisation+Sovereignty and policy+Volatility and Macroeconomic Risk +Speculation and Wealth +Crime and illicit use + Digital Inequality
Impact on Indian Society: Regulatory uncertainty + New Economic Opportunities+Remittance efficiency + youth Speculation culture+Cybersecurity risks