Q. With reference to “Bitcoin”, consider the following statements:
1. El Salvador is the first nation to adopt bit coin as legal currency.
2. RBI has legalized the use of bitcoin in India.
Which of the above statements is/are correct?

[A] 1 only

[B] 2 only

[C] Both 1 and 2

[D] Neither 1 nor 2

Answer: A
  • Statement 1 is correct: El Salvador has become the first country in the world to adopt Bitcoin as legal tender. 
  •  Statement 2 is incorrect: Currently it is not legalized in India. In India, the Government has floated the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021. The bill prohibits all private crypto currencies and lays down the regulatory framework for the launch of an official digital currency. 

 SourceBusiness Standard