Global regulation of cryptocurrencies Archives

UPSC DAILY CURRENT AFFAIRS (12TH SEPTEMBER, 2023) Women’s Reservation Bill Syllabus: GS2/Indian Polity In News The women’s reservation bill is likely to be tabled in the special session of Parliament. What is the Women’s Reservation Bill? The Constitution (One Hundred and Eighth Amendment) Bill, 2008 seeks to reserve one-third of all seats for women in the Lok Sabha and the state legislative assemblies. The allocation of reserved seats shall be determined by such authority as prescribed by Parliament. The bill proposes sub-reservation for SCs, STs and Anglo-Indians within the 33% quota. These reserved seats may be allotted by rotation to different constituencies in the state or union territory. Reservation of seats for women shall cease to exist 15 years after the commencement of this Amendment Act. Background 1989: It was former prime minister Rajiv Gandhi who first planted the seed of women reservation in elected bodies by introducing the Constitution Amendment Bill to provide one-third reservation for women in rural and urban local bodies. The Bill was passed in Lok Sabha but failed to get passed in Rajya Sabha. 1993: In 1992 and 1993, then prime minister P.V. Narasimha Rao reintroduced the Constitution Amendment Bills 72 and 73, which reserved one third (33%) of all seats and chairperson posts for women in rural and urban local bodies. The Bills were passed by both the houses and became the law of the nation. 1996: In 1996, then Deve Gowda-led United Front government for the first time introduced the 81st Constitution Amendment Bill in Lok Sabha for reservation of women in the Parliament. After the Bill failed to get approval in Lok Sabha, it was referred to a Joint Parliamentary Committee chaired by Geeta Mukherjee. The Mukherjee commttee presented its report in 1996. However, the Bill lapsed with the dissolution of the Lok Sabha. 1999-2003: The Atal Bihari Vajpayee-led NDA government pushed the WRB Bill in the 12th Lok Sabha in 1998. However, this time too, the Bill failed to get support, and lapsed again. 2008: The government tabled it in 2008, this time in Rajya Sabha to prevent it from lapsing again. Five of the seven recommendations made by the 1996 Geeta Mukherjee Committee were included in this version of the Bill. The Bill was eventually passed in the Rajya Sabha with 186-1 votes on March 9, 2010. 2014: However, the Bill was never taken up for consideration in the Lok Sabha and eventually lapsed in 2014. Bills introduced/ passed in Rajya Sabha do not lapse, hence the Women’s Reservation Bill is still very much active. Need for the Bill The current Lok Sabha has the highest-ever percentage of women MPs, at 14 percent, which is lower than the global average of 24 percent. There is the necessity of affirmative action to improve the condition of women. Some recent studies on panchayats have shown the positive effect of reservation on the empowerment of women and on the allocation of resources. The World Economic Forum’s Gender Gap Index has four dimensions – Economic Participation and Opportunity, Educational Attainment, Health and Survival, and Political Empowerment. There is also an argument that having a diverse group of people in powerful positions helps institutions view things from a variety of perspectives. TRIFED’s Artisanal Treasures Syllabus:GS1/ Art and Culture News The G20 Summit witnessed a showcase of India’s rich tribal heritage and craftsmanship, curated and presented by TRIFED (Tribal Cooperative Marketing Development Federation of India), Ministry of Tribal Affairs. Longpi Pottery Named after the village of Longpi in Manipur. The Tangkhul Naga tribes practice this exceptional pottery style. Unlike most pottery, Longpi does not resort to the potter’s wheel. All shaping is done with the hand and with the help of molds. The characteristic gray- black cooking pots, the stout kettles, quaint bowls, mugs and nut trays, at times with a handle of fine cane are trademarks of Longpi. Chhattisgarh Wind Flutes It is curated from the ‘Sulur’ bamboo by the Gond Tribe of Bastar in Chhattisgarh. Unlike traditional flutes, it produces melodies through a simple one-handed twirl.Craftsmanship involves meticulous bamboo selection, hole drilling, and surface etching with fish emblems, geometric lines, and triangles. Beyond music, the ‘Sulur’ serves utilitarian purposes, helping tribal men ward off animals and guide cattle through jungles. Gond Paintings The Gond tribe’s artistic brilliance shines through their intricate paintings, reflecting their deep connection to nature and tradition. They start with dots, calculating image volume, which they then connect to form outer shapes filled with vibrant colors. Gujarat Hangings The Gujarati Wall Hangings are crafted by the Bhil & Patelia Tribe in Dahod, Gujarat. The material used is cotton cloth and recycled materials along with mirror work, zari, stones, and beads. Araku Valley Coffee Araku Valley Arabica Coffee is from the picturesque Araku Valley in Andhra Pradesh. It is produced organically and boasts a distinguished reputation for its rich flavor, invigorating aroma, and unmatched purity. Sheep Wool Stoles Bodh, Bhutia and Gujjar Bakarwal tribes from Himachal Pradesh/Jammu & Kashmir exhibit their ingenuity with pure sheep wool, fashioning a diverse range of apparel, from jackets to shawls and stoles. Sheep wool threads are woven into intricate diamond, plain, and herringbone patterns.Originally they were made in monochromatic colors white, black, and gray, however dual-colored designs now dominate. Rajasthan Artistry Unveiled: Mosaic Lamps, Ambabari Metalwork, and Meenakari Crafts Glass Mosaic Pottery captures the mosaic art style, meticulously crafted into lamp shades and candle holders. When illuminated, they unleash a kaleidoscope of colors, adding vibrancy to any space. Meenakari is an art of decorating metal surfaces with vibrant mineral substances, a technique introduced by the Mughals. Delicate designs are etched onto metal, creating grooves for colors to nestle in. Each hue is fired individually, creating intricate, enamel-adorned pieces. Metal Ambabari Craft curated by the Meena Tribe, also embraces enameling, a meticulous process that elevates metal decoration. Today, it extends beyond gold to metals like silver and copper. Ancient Art of ‘Stitch Ship Method’ of Shipbuilding Syllabus: GS1/Art & Culture Context: India’s rich maritime tradition is set to come alive with the revival of the stitched ship. About: The Indian Navy, Ministry of Culture, and M/s Hodi Innovations, Goa collaborated to reconstruct an ancient stitched ship, reminiscent of the ships that once sailed the oceans on India’s ancient maritime trade routes. The Project was approved by the National Implementation Committee, chaired by the Hon’ble Home Minister of India. It is considered as a cultural and civilizational heritage and symbolised the rich shipbuilding legacy of India. Stitch Ship Method of Shipbuilding Using this age-old technique, the wooden planks will be shaped using the traditional steaming method to conform to the shape of the hull. The stitching work of the ship was undertaken by a team of traditional shipwrights, led by Shri. Babu Sankaran. Each plank will then be stitched to another using cords/ropes, sealed with a combination of coconut fibre, resin, and fish oil – akin to the ancient Indian shipbuilding practice. Significance India, throughout history, has had a strong maritime tradition, and the use of stitched ships played a vital role in trade, cultural exchange, and exploration. The stitched ship holds significant cultural value in India, given its historical importance and the preservation of traditional craftsmanship. These ships, constructed by stitching wooden planks together rather than using nails, offered flexibility and durability, making them less susceptible to damage from shoals and sandbars. Way Forward Once the ship is ready, a unique voyage will be undertaken by the Indian Navy along the traditional maritime trade routes using ancient navigation techniques. By sailing along ancient maritime routes using traditional navigational techniques, the project seeks to gain insights into the historical interactions across the Indian Ocean, which facilitated the flow of Indian culture, knowledge systems, traditions, technologies, and ideas. Maritime trade route between India and Europe GS Paper 1 Syllabus: Ancient History Context: The article is related to the recently launched India-Middle East-Europe Economic Corridor (IMEE-EC), from a historical point of view. Check the next article for IMEE-EC What is the Red Sea Route? The Red Sea route refers to an ancient maritime trade route that connected India with the Roman Empire through the Red Sea. This route facilitated the exchange of various goods, including luxuries like spices, ivory, pearls, gemstones, and pepper from India to the Roman Empire. About the Red Sea Route: AboutDetailsIndian Trade Contribution to the Roman Empire’s IncomeCustom taxes from Red Sea trade may have covered one-third of Roman incomeTrade Goods ExchangedLuxuries, spices, ivory, pearls, precious gemstones, pepper, wild animals, and moreImportance of Indian PepperPepper was India’s major export and was highly sought after in RomeImportance of the routeChinese silk reached Rome through India’s ports, emphasizing India’s historical importanceRecent excavations in places like Muziris and Berenike have contributed to understanding the tradeIndia’s centrality in trade and the spread of ideas during the 1st and 2nd centuries CE is recognized About Red Sea: The Red Sea is an inlet of the Indian Ocean located between Africa and Asia. It is one of the most saline bodies of water globally. Bordering countries include Egypt, Saudi Arabia, Yemen, Sudan, Eritrea, and Djibouti. It connects to the Indian Ocean in the south through the Bab el Mandeb Strait and the Gulf of Aden. In the north, it is bordered by the Sinai Peninsula, the Gulf of Aqaba, and the Gulf of Suez, leading to the Suez Canal. The Red Sea occupies a part of the Great Rift Valley, known as the Afro-Arabian Rift Valley. Why is it called “Red Sea”? The Red Sea is not red in appearance; it typically has blue-green water. One theory suggests that a cyanobacteria called Trichodesmium erythraeum, a red-colored algae, may occasionally turn the water reddish-brown during seasonal algal blooms. Another theory links the name to Asiatic languages that use colours to denote cardinal directions, with “red” possibly representing “south.” India-Middle East-Europe Economic Corridor (IMEE-EC) GS2/ GS3 Paper Syllabus: Multilateral Initiatives/ Impact of LPG Context: On the sidelines of the G20 Summit in New Delhi, an MoU was signed between India, the US, Saudi Arabia, the European Union, the UAE, France, Germany, and Italy to establish the India-Middle East-Europe Economic Corridor (IMEE-EC). What is IMEC? The India-Middle East-Europe Economic Corridor (IMEE-EC) is an infrastructure development project that aims to create connectivity through rail and shipping networks, energy cables, and data links. More about IMEC EC: India-Middle East-Europe Economic Corridor (IMEE-EC)Participating CountriesIndia, Saudi Arabia, UAE, France, Germany, Italy, USA, EUObjectivesIMEC seeks to boost trade, clean energy, and economic growth while providing an alternative to China’s Belt and Road Initiative (BRI)Part ofIt is part of the Partnership for Rail and Shipping Corridors Global Infrastructure Investment (PGII) and focuses on enhancing global trade and cooperation through critical infrastructure development.Corridor ComponentsRailway lines (make trade between India and Europe 40% faster). Electricity cable and a clean hydrogen pipeline to foster clean energy trade.High-speed data cable to link innovative digital ecosystems in the world and create business opportunitiesCorridor SegmentsEastern Corridor connecting India to the Arabian Gulf, Northern Corridor connecting Arabian Gulf to Europe Benefits for IndiaEnhancing food security, regional supply chains, trade accessibility, environmental considerations, economic cohesion, job creation, and reduces greenhouse gas emissions.Reliable cross-border ship-to-rail transit network connecting India, the UAE, Saudi Arabia, Jordan, Israel, and Europe.It offers India a crucial role in global commerce, digital communication, and energy networks vis-à-vis China’s BRIGeographical Advantage: It firmly positions India along the trade route spanning South East Asia to the Gulf, West Asia, and Europe. What is the PGII initiative? The PGII (Partnership for Global Infrastructure Investment) initiative (announced in 2021 during the G7 summit in the UK) is a collaborative effort by G7 countries to fund infrastructure projects in developing nations. It serves as an alternative to China’s Belt and Road Initiative (BRI) and aims to mobilize funds for critical infrastructure development, focusing on transparency, sustainability, and gender equality. PGII emphasizes loans over charity, benefiting both lending and receiving countries. Other initiatives under PGII announced previously are: PGII InitiativesDescriptionTrans-African CorridorIt will connect the port of Lobito in Angola with Katanga province in Congo and the copper belt in ZambiaClean Energy Projects in IndonesiaThe PGII announced clean energy projects in Indonesia to support sustainable energy sources and infrastructure development.Investments in India’s Health InfrastructureThe US government’s International Development Finance Corporation (DFC) pledged over $15 million to invest in India’s health infrastructure, including eye clinics and women’s hygiene products.EU’s Global Gateway ProgramThe European Union (EU) committed to activating 300 billion USD in investments for critical connectivity projects, with a focus on Africa and various regions around the world. About the BRI project: China began the Belt and Road Initiative in 2013 under its President Xi Jinping. It aims to revive the ancient trade routes crossing to and from China–from Rome in Europe to East Asia. Under this, the Chinese government helped in providing loans for infrastructure projects to various countries, and in many cases, Chinese companies were awarded contracts for carrying out the work. Issues with BRIDescriptionUnsustainable DebtsAccording to a 2019 World Bank report, among the 43 corridors, 12 could face a situation where debts were not sustainableEnvironmental ConcernsBRI projects have raised concerns about environmental degradation and their impact on ecosystems.CorruptionThere have been allegations of corruption in some BRI projects, affecting their credibility.Critics argue that the BRI lacks transparency in agreements and financing, making costs unclear.Territorial DisputesE.g., BRI included the China-Pakistan Economic Corridor, which connected Kashgar in China with the Gwadar port in Pakistan via Pakistan-occupied KashmirVarying BenefitsDifferent countries have varying opinions on the benefits of enhanced trade connectivity through BRI.G7 AlternativeThe G7’s PGII initiative aims to provide a more transparent and sustainable alternative to the BRI. India’s falling cotton production GS Paper 3 Syllabus: Cropping Pattern/ Agriculture Context: The article highlights the current issues with India’s cotton production. About Cotton: Cotton is a versatile crop known for its white fluffy fibre, oil-rich seeds, and protein-rich seed cake. It has various uses, including textiles, cooking oil, and livestock feed. Significance of Cotton in India: Triple Role: Cotton in India provides food, feed, and fibre, making it a crucial crop for agriculture and the textile sector. Cotton Components: After harvesting cotton (Kapas), the breakdown is approximately 36% fibre, 62% seeds, and 2% waste. Cottonseed is essential for vegetable oil and feed cake production. Market Contribution: Cottonseed oil is the third-largest domestically produced vegetable oil in India, following mustard and soyabean. It also ranks second in feed cake production, with soybeans leading. Textile Dominance: Cotton is the dominant fibre in India’s textile industry, accounting for about two-thirds of the total consumption. The impact of Bt technology on cotton production in India: Introduction to Bt Technology (2002): India adopted genetically modified (GM) cotton hybrids embedded with genes from Bacillus thuringiensis (Bt) bacterium, which were toxic to certain pests. Significant Boost in Production and Yield: Between 2000-01 and 2013-14, Bt cotton led to a remarkable increase in cotton production, from 140 lakh to 398 lakh bales, and a doubling of lint yields per hectare from 278 kg to 566 kg. Lint is the fluffy, white fibre of cotton that is used for textiles and fabric production. Subsequent Yield Decline: However, post-2013-14, cotton production and yields started declining, reaching about 343 lakh bales and 447 kg/hectare by 2022-23. Reasons for the decline of cotton Production in India: ReasonImpact on Cotton Production in IndiaDevelopment of Pink Bollworm (PBW) Resistance to Bt CottonInitially, Bt cotton protected against pests like the American bollworm and pink bollworm. But by 2014, pink bollworms developed resistance to Bt proteins, causing widespread infestations and yield reductions.Shift from Non-Bt Cotton CultivationDecreased diversity in cotton varieties increased the scale of infestation.Pest Infestation Discouraging FarmersFarmers in some states, like Punjab, avoid cotton cultivation.Ineffectiveness of Traditional InsecticidesConventional insecticides had limited efficacy against PBW larvae, affecting lint quality and yields. Solutions to control the Pink Bollworm (PBW): Mating Disruption as a Solution: “Mating disruption” uses synthetic versions of pheromones to confuse male PBW moths, preventing them from mating with females. Products like PBKnot and SPLAT were approved for this purpose. Government initiatives for the Cotton sector in India: Amended Technology Upgradation Fund Scheme (ATUFS) Market Access Initiative (MAI) Scheme SAMARTH (Scheme for Capacity Building in the Textile Sector) Mega Investment Textiles Parks (MITRA) Production Linked Incentive (PLI) Schemeto promote the production of MMF Apparel, MMF Fabrics and Products of Technical Textiles The textile sector in India: India is one of the largest consumers and producers of cotton and jute in the world. 95% of the world’s hand-woven fabric comes from India. It is the 2nd largest employment provider after agriculture. India is 2nd largest manufacturer of PPE and producer of polyester, silk and fibre in the world. Facts for Prelims (FFP) Shanti Swarup Bhatnagar Prize (SSB) 2022 Context: Twelve male scientists were awarded India’s top Shanti Swarup Bhatnagar Prize (SSB) for Science and Technology in 2022. The awards were announced at the inaugural session of the CSIR-NIScPR’s One Week One Lab Programme. However, no female scientists have been chosen for this year The awards were last announced in 2021 About the award and CSIR: Shanti Swarup Bhatnagar (SSB) PrizeShanti Swarup Bhatnagar (SSB) annual Prize for Science and Technology, established in 1957. Named after Dr. Shanti Swarup Bhatnagar, the founder-director of CSIR. Since its inception, only 19 women scientists have been the recipients of the SSB awardAbout CSIRCouncil of Scientific and Industrial Research was established by the Government of India in 1942 (HQ: New Delhi) as an autonomous body that has emerged as the largest research and development organisation in India and also among the world’s largest publicly funded R&D organisationsComprises 37 national laboratories, 39 outreach centers, 3 Innovation Complexes, and 5 units.The Ministry of Science and Technology operates autonomously under the Societies Registration Act, 1860.ScopeEncompasses various fields including physics, genomics, nanotechnology, mining, aeronautics, and more; Conduct scientific and industrial/applied research of national importanceStructurePresident: Prime Minister of India (Ex-officio); Vice President: Union Minister of Science and Technology (Ex-officio)InitiativesAddressing COVID-19 through technology verticals including diagnostics, drug repurposing, and more.Developing indigenous technologies like Head-Up-Display for aircraft, solar trees for clean power, and lithium-ion battery fabrication.Agriculture initiatives such as Bacterial Blight blight-resistant rice, white-fly resistant cotton variety, and more.Healthcare projects like Genomics and other omics technologies for medical decision support and Ksheer-scanner for milk adulteration detection.Food and nutrition efforts including Double-Fortified Salt to address anemia. Vidya Samiksha Kendras Context: The Ministry of Education is urging states to establish Vidya Samiksha Kendras (VSKs), which are data repositories under the National Digital Education Architecture. These centres will collect data from various educational schemes run by the Ministry of Education, including mid-day meal programs, teacher training, textbook content, school attendance, students’ learning outcomes, and performance grading. Currently, a central VSK centre is managed by Ernst and Young, and it operates on open-source C-Qube software. Data is manually input and accessible in downloadable Excel format, but the plan is to shift to automatic data integration using Application Programming Interface (API) integration. This aligns with the National Education Policy of 2020, aiming to make data open source. Significance: The goal is to analyse data from various sources for correlations and insights. For example, attendance patterns can be correlated with student drop-out rates or linked to the effectiveness of mid-day meal programs. VSKs are also intended to map school locations and population data to assess the Gross Access Ratio, aiding in the planning of new schools, industry clusters, skilling requirements, and higher education institutions based on demand and future scenarios. This initiative aims to improve educational data analytics and enhance decision-making in the education sector. Goa Roadmap and ‘Travel for LiFE’ program Context: During the G20 Leaders’ Summit in Delhi, the leaders endorsed the “Goa Roadmap” and the “Travel for Life” program, both aimed at boosting the tourism sector. InitiativeDescriptionGoa RoadmapAligned with India’s G20 Presidency theme – Emphasizes the pivotal role of tourism in sustainable socio-economic development and environmental stewardship – Focuses on five priorities: Green Tourism, Digitalization, Skills, Tourism MSMEs (Micro, Small, and Medium-sized Enterprises), and Destination ManagementG20 Tourism and SDG DashboardLaunched by the Ministry of Tourism in collaboration with the UNWTO (United Nations World Tourism Organization) – Serves as a global repository showcasing best practices and case studies on sustainable tourism from G20 nationsTourism for Tomorrow CompetitionTo be launched by the Ministry of Tourism – A national competition aimed at identifying and recognizing best practices aligned with the priorities of the Goa RoadmapTravel for LiFE ProgramInspired by the concept of “Lifestyle for Environment” (LiFE) promoted by India’s Prime Minister – Encourages tourists and tourist businesses to take simple actions benefiting the environment and climate – Promotes responsible and sustainable tourism – Recognizes both tourists and tourism businesses for their sustainable practices Global regulation of cryptocurrencies Context: The article highlights the differences in cryptocurrency regulations worldwide. What is cryptocurrency and how it is different from Central bank currencies? Cryptocurrency is a digital or virtual form of currency that uses cryptography for security. It operates on decentralized technology called blockchain, which records all transactions transparently. Unlike central bank currencies (fiat currencies), cryptocurrencies are not issued or regulated by a central authority like a government or central bank. They are decentralized, borderless, and typically have limited supply, making them immune to government manipulation and often subject to price volatility. The current regulatory framework for cryptocurrencies in India: In 2018, the Reserve Bank of India (RBI) banned Indian banks from engaging in cryptocurrency transactions. In 2020, the Supreme Court of India overturned the RBI’s ban on cryptocurrency transactions. In the 2022-23 Union budget, India proposed a 30% tax on income generated from digital asset transfers and a 1% Tax Deducted at Source (TDS) on cryptocurrency The major view of the IMF and the Financial Stability Board (FSB) paper on cryptocurrencies: Difficulty in Banning Cryptocurrencies: Banning cryptocurrencies may not be an effective option as it could lead to activities shifting to more crypto-friendly jurisdictions and push transactions outside a country’s oversight, raising financial risks. Regulation Over Ban: The paper suggests that supervising licensed crypto-asset issuers and service providers can help fill information gaps and facilitate the monitoring of cross-border crypto activities. Anti-money Laundering Standards: It recommends implementing the Financial Action Task Force’s standards to combat money laundering and terrorist financing related to cryptocurrencies. The G20 Leaders Declaration endorsed the FSB’s recommendations and welcomed the paper’s roadmap for a coordinated and comprehensive policy and regulatory framework. About FSB: The Financial Stability Board (founded in 2009; HQ: Basel, Switzerland) is an international body that monitors and makes recommendations about the global financial system. It was established after the G20 London summit (2009) as a successor to the Financial Stability Forum.

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