UPSC Prelims PYQs – Money – Barter to Bitcoins (Economy)

1. With reference to Non-Fungible Token (NFTs), consider the following statements:

1. They enable the digital representation of physical assets.
2. They are unique cryptographic tokens that exist on a blockchain.
3. They can be traded or exchanged at equivalency and therefore can be used as a medium of commercial transactions.

Which of the statements given above are correct?

[UPSC Civil Services Exam – 2022 Prelims]

2. With reference to “Blockchain Technology” consider the following statements:

1. It is a public ledger that everyone can inspect, but which no single user controls.
2. The structure and design of blockchain is such that all the data in it are about cryptocurrency only
3. Applications that depend on basic features of blockchain can be developed without anybody’s permission.

Which of the statements given above is/are correct?

[UPSC Civil Services Exam – 2020 Prelims]

3. Which one of the following links all the ATMs in India?

[UPSC Civil Services Exam – 2018 Prelims]

4. Which one of the following statements correctly describes the meaning of legal tender money?

[UPSC Civil Services Exam – 2018 Prelims]

5. With reference to digital payments, consider the following statements:

1. BHIM app allows the user to transfer money to anyone with a UPI-enabled bank account.
2. While a chip-pin debit card has four factors of authentication, BHIM app has only two factors of authentication.

Which of the statements given above is/are correct?

[UPSC Civil Services Exam – 2018 Prelims]

6. Which one of the following best describes the term “Merchant Discount Rate” sometimes seen in news?

[UPSC Civil Services Exam – 2018 Prelims]

7. Consider the following statements:

1. National Payments Corporation of India (NPCI) helps in promoting the financial inclusion in the country
2. NPCI has launched RuPay, a card payment scheme.

Which of the statements given above is/are correct?

[UPSC Civil Services Exam – 2017 Prelims]

8. Which of the following is a most likely consequence of implementing the Unified Payments Interface (UPI)?

[UPSC Civil Services Exam – 2017 Prelims]

9. With reference to ‘Bitcoins’, sometimes seen in the news, which of the following statements is/are correct?

1. Bitcoins are tracked by the Central Banks of the countries.
2. Anyone with a Bitcoin address can send and receive Bitcoins from anyone else with a Bitcoin address.
3. Online payments can be sent without either side knowing the identity of the other.

Select the correct answer using the code given below.

[UPSC Civil Services Exam – 2016 Prelims]