Financial Innovation | MCQs

Explanation

El Salvador in 2021 become the first country in the world to officially classify Bitcoin as legal currency.

Additional information:

Bitcoin was invented by Satoshi Nakamoto in 2008

It was initially released: On 9 January 2009

Code: BTC, XBT

White paper: "Bitcoin: A Peer-to-Peer Electronic Cash System"

Symbols: BTC, ฿, ₿

Bitcoin: a virtual currency

Central African Republic became the first African country to legalize the digital currency bitcoin in May 2022

Explanation

In 2023, China became the first nation to implement a digital currency for international trade.

In October 2023, PetroChina, a major Chinese oil and gas company.

It is completed the first international crude oil trade using the digital yuan (e-CNY).

Explanation

In April 2024, Zimbabwe introduced a new gold-backed currency called ZiG to tackle inflation.

ZiG stands for "Zimbabwe Gold"

The ZiG replaces a Zimbabwean dollar, the RTGS, that had lost three-quarters of its value so far