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Thu 23rd of November 2017

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Japan Officially Recognises Bitcoin as Currency Starting April 2017
  • Japan has officially recognized bitcoin and digital currencies as legal money along the lines of other fiat currencies with effect from April 1, 2017.
  • The recognition comes after implementation of a new law amending Banking Act in Japan for legalizing these currencies. It will help in integration of digital currency into legal banking system through regulatory scrutiny.
  • The recognition means regulations governing banks and financial institutions will be applicable to crypto-currency and digital currencies exchange platforms.
  • They will be also required to comply with strict Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements, along with annual audits.
  • Other requirements include meeting the stated capital and cyber security requirements to ensure consumer protection.
  • It also makes these digital currencies as “property of value,” meaning that they can be used for payment in the broader marketplace and that it may be bought or sold.

 

 

 

 

 

Bitcoin

  • Bitcoin is a form of digital currency or virtual currency created and held electronically. No one controls it, that is, not regulated by any central bank or government.

  • They aren’t printed, like dollars or euros ‘ they’re produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems.

  • It is also called a “cryptocurrency” since it is decentralized and uses cryptography to prevent double-spending, a significant challenge inherent to digital currencies.

  • Bitcoin is a distributed peer-to-peer digital currency that functions without the inter-mediation of any central authority.

  •  It can also be traded on an open market and its exchange rate fluctuates much like a stock market i.e. based on the demand.

 

 

 

 

 

 

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Prelims Question of the Day

With reference to 'Natural Rate of Unemployment', consider the following statements.

1. It is the level of unemployment in an economy that is just consistent with a stable rate of Inflation.

2. It is the unemployment that prevails when all markets in the economy are in equilibrium.

 

(a)1 and 2

(b)2 only

(c)1 only

(d)None of the above

Mains Question of the Day

1.GS-No party in power can afford to ignore Directive Principles of State Policy. Comment.(200 Words)

2.Political Science - Explain the role of non state actors, like IMF, World Bank, European Union and MNCs, in modulating and transforming the broad dynamics of international relations. (250 Words).

3.SOCIOLOGY - What is the impact of Globalization on the structure and mobilization of the working class in India? (250 Words).

Sociology - Thinkers