At present, cryptocurrency is a highly widespread topic. In recent events, news related to cryptocurrency has been found almost everywhere. So in this article we cover all the important news related to cryptocurrency of 2020-21.
Question 1: Which UN organisation became the first UN organization to make transactions in cryptocurrency? Answer: UNICEF (United Nations Children’s Fund)
• The UNICEF has established UNICEF Cryptocurrency Fund, making UNICEF able to receive, hold as well as disburse donations via cryptocurrencies such as bitcoin and ether.
• The Ethereum Foundation will be first one to be contributing to UNICEF through Cryptocurrency Fund, in form of donations to three grantees of the UNICEF Innovation Fund.
Question 2: Which social media account of some of the world’s top businessmen, politicians and celebrities were hacked in an alleged Bitcoin scam?
• Billionaires Elon Musk, Jeff Bezos and Bill Gates are among many prominent US figures targeted by hackers on Twitter in an apparent Bitcoin scam
Question 3: Which country has banned the use of cryptocurrencies and crypto-assets, including Bitcoin to purchase goods and services?
Question 4: Which has become the first country in the world to make Bitcoin an official currency?
Answer: El Salvador
• El Salvador has purchased a total of 400 Bitcoins and will be buying more, as it will now treat the cryptocurrency as legal tender.
• The cryptocurrency will help the country to save around $400 million in fees that is levied by banks and financial institutions on the money sent home by expats.
Question 5: Which company has announced that it would add cryptocurrency to its network?Answer: Mastercard
♦ Note :-
• Mastercard will soon announce that any of the thousands of banks and millions of merchants on its payments network can soon integrate crypto into their products.
• That includes bitcoin wallets, credit and debit cards that earn rewards in crypto and enable digital assets to be spent, and loyalty programs where airline or hotel points can be converted into bitcoin.
Question 6: Which country will propose a law banning cryptocurrencies, fining anyone trading in the country or even holding such digital assets?
Question 7: Which cryptocurrency exchange of India has launched India’s first marketplace for Non-Fungible Tokens (NFT)?
♦ Note :-
• WazirX is the India’s largest crypto exchange, announced the country’s first NFT marketplace.
• The platform, which will be used to trade Non-Fungible Tokens (NFTs), is run on the Binance Smart Chain, a blockchain platform created by Binance.
• Binance. is one of the largest crypto exchanges in the world, which acquired WazirX back in 2019.
Question 8: Which country has added cryptocurrency firms to money laundering and terror financing rules? Answer: Turkey
Question 9: SpaceX has decided to accept which cryptocurrency as a payment to launch lunar mission next year?
• Founder of SpaceX, Elon Musk’s commercial rocket firm, will embark on a Moon voyage in 2022 carrying a so-called cubesat — a mini-satellite used for space research — from Geometric Energy Corp that’s been paid for entirely in Dogecoin.
Question 10: According to the report issued by the National Association of Software and Services Companies (Nasscom), in association with cryptocurrency platform WazirX, The tech industry facilitating cryptocurrencies in India will achieve a value of $241 million by which year?
Question 11: Which country will work with Bitt Inc as a technical partner in order to launch its own cryptocurrency, “eNaira”?
♦ Note :-
• Central Bank of Nigeria Governor Godwin Emefiele has said the eNaira would operate as a wallet against which customers can hold existing funds in their bank account.
Question 12: According to a report by blockchain data platform Chainalysis, what is the rank of India in terms of crypto adoption globally?
Question 13: Who is appointed as the first-ever brand ambassador of the Indian cryptocurrency exchange CoinDCX?
Answer: Amitabh Bachan
Question 14: Which of the following Indian Actors has been roped in as the brand ambassador of the CoinSwitch Kuber, a cryptocurrency platform?
Answer: Ranveer Singh
Question 15: Which of the following Indian Actors has become the latest celebrity to venture into the cryptocurrency space through the association with CoinDCX’s ‘Future Yahi Hai’ Campaign?
Answer: Ayushmann Khurrana
Question 16: The US-based cryptocurrency exchange Coinbase has decided to set up its base in which Indian city? Answer: Hyderabad
Question 17: In September 2021, the government of Which country declared all cryptocurrency transactions illegal ?
◘ What is Cryptocurrency
• A cryptocurrency is a digital or virtual currency, which is a collection of binary data that is secured by cryptography so that it can be designed and used as a medium of exchange.
• The details of each transaction or any other functions like creation of additional coins, verification of the transferred coin, ownership of individual coin are stored in a ledger.
• A ledger is a computerized database using strong cryptography to secure transaction records, to control the creation of additional coins, and to
• Each cryptocurrency works through distributed ledger technology, typically a blockchain, that serves as a public financial transaction database.
• Cryptocurrencies also known as fiat currencies, as they are not backed by or convertible into a commodity.
• Cryptocurrency does not exist in physical form (like paper money) and is typically not issued by a central authority.
• Cryptocurrencies typically use decentralized control as opposed to a central bank digital currency (CBDC).
• In 2009, the first decentralized cryptocurrency, bitcoin, was created by presumably pseudonymous developer Satoshi Nakamoto.
• El Salvador became the first country to accept Bitcoin as legal tender, after the Legislative Assembly had voted 62–22 to pass a bill submitted by President Nayib Bukele classifying the cryptocurrency as such
◘ Some Popular Example of Cryptocurrency
1. Bitcoin Cash (BCH)
2. Ethereum (ETH)
3. Litecoin (LTC)
4. Cardano (ADA)
5. Polkadot (DOT)
6. Dogecoin (DOGE)
7. Peercoin (PPC)
8. Namecoin (NMC)
Check Out All the Current Affairs 2021 related to Banking and Finance