The Central Drugs Standard Control Organisation (CDSCO) cleared the first anti-viral Covid-19 pill: Molnupiravir.
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The Centre plans to ban cryptocurrencies but introduce an official, digital currency.
While all cryptocurrencies could be considered digital currencies, not all digital currencies need to be official sovereign backed currencies.
Difference |
Digital Currency |
Virtual Currency |
Definition |
Digital currency is a digital format of fiat money. |
Cryptocurrencies are built on the blockchain.
Their creation and usage is maintained through a distributed ledger. They transmit value across a decentralised network of users. |
Issuing Authority |
Official digital currencies are issued by the central banks of a country. |
Crypto-currency is not under any single issuing authority. |
Centralisation |
Centralised |
De-centralised |
Encryption & underlying tech |
There is little encryption that happens in digital currency and no special cybersecurity measures. |
Blockchain is the underlying tech used. |
Storage |
Anyone with a regular online bank account can store and use digital currencies. This is a form of e-cash. |
As blockchain is used, they are stored in ‘wallets’ with a high degree of cyber security. |
Stability & fluctuation |
As fiat digital currencies are largely stable in value, they provide more stability than crypto-currencies does. |
As Crypto-currencies can wildly swing in value, they are known for their high degree of volatility and consequent risk. |
Transparency |
Less transparent
As the issuing authority decides how much information to be shared about the digital currency, its receiver or sender will receive information only related to that transaction. |
Highly transparent
The entire history of transactions between two parties can be seen as it is done on blockchain and cannot be changed. |
Cost of transaction |
The issuing authority or the centralised controller can levy transaction fees. |
Blockchain technology used in cryptocurrencies minimises such expenses as there is no commission for third parties. |
Legal framework |
In most countries, there is some kind of legal framework and protection. |
Except for El Salvador, which is using Bitcoin as legal tender, cryptos are still in unchartered territory with their legal status not clearly defined. |
Related Links
Reference
La Nina |
El Niño |
During a La Nina, SSTs are elevated beyond 27.5 degrees Celsius over the West Pacific. |
During a El Niño, SSTs are elevated over the East Pacific. |
When SSTs go up, it supports evaporation and cloud-building, triggering storms and heavy rain. |
When the SSTs cool, the exact reverse happens. It suppresses evaporation, cloud-building, storm formation and rain. |
Normally, a La Niña subdues the concurrent North-East monsoon in India. |
El Niño has been associated with drought years in India, with exceptions. |
Reference
The RBI has released the 24th Financial Stability Report (FSR).
Reference