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Posted on : 05 Mar 2020

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  • Cryptocurrencies are digital or virtual currencies in which encryption techniques are used to regulate the generation of their units and verify the transfer of funds, operating independently of a central bank.
  • The Reserve Bank of India had banned cryptocurrency trading in India as in a circular issued on April 6, 2018
  • Supreme Court has been hearing a plea by the Internet and Mobile Association of India (IMAI) objecting to the RBI ban. 

Article Related Questions

  1. Consider the following statements about virtual currencies and cryptocurrencies
    1. Subhash Chandra Garg was the head of the Cryptocurrency panel that proposed ban on private digital currencies in India.
    2. Supreme Court has lifted the RBI ban on trade in virtual currencies and cryptocurrencies.
    3. Bitcoin, Ethereum and Ripple's XRP are popular cryptocurrencies.
    Which of the given above statements is/are correct?

  2. 1.1 Only

    2.1 & 2

    3.1,2 and 3

    4.None of the above

    Right Ans : 1,2 and 3

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