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DAILY NEWS ANALYSIS
05 March, 2020
2 Min Read
Syllabus subtopic: Awareness in the fields of IT, Space, Computers, Robotics, Nano-technology, Bio-technology and issues relating to Intellectual Property Rights.
Prelims and Mains focus: about cryptocurrencies: merits and demerits
News: In April 2018, the Reserve Bank of India (RBI) had barred regulated entities such as banks from dealing in bitcoins and other virtual currencies. The Supreme Court has now lifted the restriction.
What exactly are cryptocurrencies?
Do cryptocurrencies carry a lot of risk?
Are state-backed digital coins a better option?
Yes, as state-backed digital coins can combine the positives of digital and sovereign currencies. RBI has no plans to introduce digital coins, but China is likely to launch the Digital Currency Electronic Payment and Central Bank Digital Currency. Russia has been working on a state-backed cryptoruble. Sweden has its e-krona project.
Why is RBI worried about cryptos?
What is the future of such currencies?
Source: Livemint
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