Quiz based on Digital Rupee

The central bank issued currency notes in digital form under the name "digital rupee," also known as "Central Bank Digital Currency" (CBDC). It is identical to currency, but because it is digital, it is simpler, quicker, and less expensive. Also, it also offers all the advantages for transactions that other digital payment systems do.

Operationalisation of Central Bank Digital Currency – Retail (e₹-R) Pilothttps://t.co/Coh632lCwU

— ReserveBankOfIndia (@RBI) November 29, 2022

Take this quiz to evaluate your understanding of the Digital Rupee.

1. What is a digital rupee?

a) cryptocurrency

b)Digital form of legal tender 

c) Bonds

d) SIP

Ans. b

2. What is the full form of CBDC?

a) Central Bank Digital Currency

b) Chronic blistering dermatosis of childhood

c) Central Book of Digital Currency

d) Central Bank of Deposit Currency

Ans. a

3. What will be the orientation of digital currency?

a) Bitcoin process

b) Bond clearance

c) Ethereum

d) Blockchain technology

Ans. d

4. What will be the symbol to denote digital money?

a) e₹

b) e₹-W

c) ₹e

d) ₹eD

Ans. b

5. Who will issue digital currency?

a)RBI

b)SBI

c)GOI

d)All of the above

Ans. d

6. Who conducts the settlement of digital currency?

a)CCP

b) RCB

c)CCIL

d) R&L

Ans. c

7. Who can invest in digital money?

a) Investors 

b) secondary market transactions in government securities

c) Wholesale & retail customers

d)All of the above

Ans. d

8. What is the prime feature of digital currency?

a)wholesale transactions 

b)cross-border payments

c)Lower transaction cost

d)All of the above

Ans. d

9. What is meant by G-sec?

a)Tradeable instrument of Government 

b) Form of bonds

c)Treasury Bills

d)Notes

Ans. a

10. How many banks were part of the Digital Rupee Pilot test program?

a) 5

b) 7

c) 8

d) 9

Ans. d

What is Digital Rupee?

Differences between Digital Rupee and Cryptocurrency.