CURRENT AFFAIRS

Detailed explanation-1: -Two recent IMF reports on regulating the crypto ecosystem are especially timely amid the severe turmoil and disruption in many parts of the crypto market and the repeated cycles of boom and bust for the ecosystem around such digital assets. Our reports address the issues noted above at two levels.

Detailed explanation-2: -Quasi cash transactions represent the purchase of foreign currencies or items (including, but not limited to, casino chips, cryptocurrencies, money orders, lottery tickets and travellers cheques) which may be convertible to cash, and other such transactions as determined by us from time to time.

Detailed explanation-3: -Officials from the U.S., IMF, World Bank and the Bank for International Settlements argue that by adopting cryptocurrencies, nations could facilitate money laundering and undermine capital controls, while exposing their citizens to severe price volatility.

Detailed explanation-4: -Union Finance Minister Nirmala Sitharaman had earlier announced that the RBI will launch a CBDC in 2022-23, which is the first official statement from the Union government on the much-anticipated digital currency’s launch.