Consider the following statements about Bitcoins:

  1. Bitcoin is a virtual currency that enables payment in a decentralised peer-to-peer network
  2. In India, bitcoins are controlled and regulated by the RBI
  3. Bitcoins are listed on Indian stock exchanges and can be used for commodity trading

Which of the above statements is/are correct?

Answer: [C] Only 1

Second statement is incorrect because bitcoins are not under control of RBI. It floats on a common network. RBI has not legalised bitcoin as a legal tender but has also not declared it unauthorized. became the first e-commerce site in India to exclusively accept bitcoins as a payment method.

This question is a part of GKToday's Integrated IAS General Studies Module