ISLAMIC CURRENCY

Virtual currencies can only provide financial services to those who have a bank account

• TRUE

• FALSE

What is key security in the context of virtual currencies?

• Cryptographic protocols

• Blockchain technology

• Wallet security

• All the answers

What are the characteristics of virtual currency?

• Not backed by fiat currency

• Used and accepted by members of a particular virtual community

• Are not governed as "currency" by monetary authorities

• Created by monetary authorities and acknowledged as legal tender

The following are advantages of virtual currency except

• Decentralization

• Volatility

• Accessibility

• Lower transaction fees

ISRA stayed firm Tawaqquf on the legalities of virtual currency

• True

• False

Virtual currencies rely on blockchain technology to maintain a transparent and secure record of transactions.

• True

• False

Government of Japan recognized virtual currency as one of the payment method.

• True

• False

Which issue is related with the statement below?

"Virtual currencies are also vulnerable to theft and hacking, which can result in significant financial losses for individuals and businesses."

• Regulation

• Taxation

• Security

• Consumer protection