Question
Consider the following statements with reference to
Central Bank Digital Currency (CBDC): I. The digital fiat currency or CBDC can be transacted using wallets backed by blockchain. II. It is different from decentralized virtual currencies and crypto assets. III. According to the RBI, “CBDC is the legal tender issued by a public sector bank in a digital form. Which of the statements given above is/are not correct?Solution
Reserve Bank of India’s (RBI) digital rupee — the Central Bank Digital Currency (CBDC) — may be introduced in phases beginning with wholesale businesses in the current financial year. In her Budget speech on February 1, Finance Minister Nirmala Sitharaman had said that the central bank would launch the CBDC in the financial year 2022-23. According to the RBI, “CBDC is the legal tender issued by a central bank in a digital form. It is the same as a fiat currency and is exchangeable one-to-one with the fiat currency. Only its form is different”. The digital fiat currency or CBDC can be transacted using wallets backed by blockchain. Though the concept of CBDCs was directly inspired by Bitcoin, it is different from decentralised virtual currencies and crypto assets, which are not issued by the state and lack the ‘legal tender’ status.
I. Aimed at benefiting more than 40 lakh beneficiaries with real-time information from the convenience of their homes, the Health Ministry have revampe...
The study observed that the apex bank will continue to exit the extraordinary monetary accommodation which has been in force on the beginning of the pa...
When I was a candidate, the polls said that the majority of voters disagreed in my opposition to the death penalty.
...With its stunning coastline, dramatic deserts, and rugged mountains, California offering wide-open spaces for everything from scenic road trips to adren...
The laws need to be taken down into multiple sections, each to apply specific parts of the value chain and in accordance with the Outer Space Treaty
Directions: In each question, a part of the sentence is made bold. Below are given alternatives to the bold part at (A), (B), (C) and (D) wh...
In the following question, a part of the sentence is underlined. Below the sentence are three alternatives to the underlined part. Select the alternativ...
Mark is so focused on product details that he can't see the fortress for the trees when it comes to the overall needs of the company.
The core message is that the moments that embarrass is the ones that define us.
Several ministers have been expected to meet the people tomorrow.
