YouTuber Nas Daily in one of his videos named him as the Most Generous Billionaire who wanted to donate all his wealth to charity. But ten months later, ‘[1]’ is no longer a billionaire. He is alleged to have caused massive losses worth $1 billion to investors. Known by his initials, he is the co-founder and former CEO of FTX, one of the biggest cryptocurrency exchange which has recently filed for bankruptcy in the US.
Once a billionaire with an estimated wealth of $26 billion at peak, according to Bloomberg estimates, [1] has seen his wealth been entirely wiped out. [1] studied physics at Massachusetts Institute of Technology (MIT) and traded currencies, futures and exchange-traded funds before moving to crypto trading, setting up [2] in 2017.
[1] teamed up with Gary Wang, a former software engineer at Google and a fellow MIT graduate, to launch FTX in 2019. The company offered trading on crypto tokens and derivatives. At the start of 2022, investors valued FTX and its U.S. operations at $40 billion.
[1] transferred $10 billion in customer funds to his hedge fund, [2] without publicly disclosing it, many say this became the reason for collapse of his empire.
[Extracted, with edits and revisions, from “Who is [1], the co-founder of collapsed crypto firm FTX”, Hindustan Times]
RBI launched “Digital Rupee — Wholesale Segment”. This is a form of which of the following?
Correct Answer :
Central Bank Digital Currency
Solution :
The correct option is Central Bank Digital Currency.
Explanation:
The Reserve Bank of India (RBI) launched the pilot for the "Digital Rupee — Wholesale Segment" (e₹-W) on November 1, 2022. The Digital Rupee (e₹) is a sovereign currency issued by the Reserve Bank of India in alignment with its monetary policy and is classified as a Central Bank Digital Currency (CBDC).
Key details regarding CBDC / Digital Rupee:
1. Nature of CBDC: It is a digital form of fiat currency issued by a nation's central bank. Unlike private cryptocurrencies or virtual wallets, it holds legal tender status and is direct liability of the central bank.
2. Wholesale vs Retail: The Wholesale segment (e₹-W) is designed for interbank settlement and financial institutions to reduce transaction costs, whereas the Retail segment (e₹-R) is intended for use by the general public.
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