BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Peru
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Estonia
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Japan
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Eduador
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Detailed explanation-1: -In 2000, Ecuador moved to ditch its stumbling currency for the U.S. dollar.
Detailed explanation-2: -The Bahamas became the first currency in the world to officially launch a digital currency. The digital currency, Sand Dollar was launched in October 2020 across the country. Nigeria was the second country in the world to launch CBDC after the Bahamas. It launched its digital currency named ‘eNaira’ in October 2022.
Detailed explanation-3: -Ecuador’s central bank, Banco Central del Ecuador (BCE), officially announced its own electronic currency known as dinero electrónico (DE) back in 2014. Key drivers of the DE program were increasing financial inclusion and reducing the need for the central bank to hold and distribute large amounts of fiat currency.
Detailed explanation-4: -10 countries have launched a CBDC, the first of which was the Bahamian Sand Dollar in 2020, and the latest was Jamaica’s JAM-DEX.
Detailed explanation-5: -The country’s central bank issued a statement clarifying that buying and selling bitcoins is not illegal, but using them as a payment method for goods and services is. Enforcement, however, has been lax, and Ecuadorians have shown little interest in dinero electrónico.