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MISSION BANKING 2023 English Language Quiz
English Language is a part of almost all major competitive exams in the country and is perhaps the most scoring section also. Aspirants who regularly practice questions have a good chance of scoring well in the English Language Section. So here we are providing you with the MISSION BANKING 2023 English Language Quiz to help you prepare better. This MISSION BANKING 2023 English Language Quiz includes all of the most recent pattern-based questions, as well as Previous Year Questions. This MISSION BANKING 2023 English Language Quiz is available to you at no cost. Candidates will be provided with a detailed explanation of each question in this MISSION BANKING 2023 English Language Quiz. Candidates must practice this MISSION BANKING 2023 English Language Quiz to achieve a good score in the English Language Section.
Directions (1-5): Read the following passage carefully and answer the questions given
below them. Certain words are given in bold to help you locate them while answering some of the questions.
The Reserve Bank of India’s (RBI’s) latest circular on cryptocurrencies has landed a decisive blow on the burgeoning market in the country, ending months of speculation about how crypto-assets would be regulated by the government. The notification forbids entities regulated by the RBI from dealing with, or providing services for facilitating trade in virtual currencies (VCs). The intention is to starve the market of liquidity and put further pressure on people whom the RBI had hitherto failed to persuade, with Indian cryptocurrency exchanges continuing to add users in the midst of rising valuations late last year. The market has since crashed and cooled, and many who invested have been burnt. But the question that remains is whether RBI’s role should be that of an adviser or a guardian.
The latest notification doesn’t explain the trigger for the central bank, but the December 2013 notification lays down the RBI’s concerns with crypto-assets. These are concerns about the security of electronic wallets and private keys, the lack of a centralized authority or underlying asset, the unregulated nature of bitcoin exchanges, and the use of virtual currencies to fund illicit and illegal activities. At other times, the RBI and the government have cautioned users about the speculative nature of these assets. Some of these concerns are more legitimate than others. The anxiety about the lack of a centralized authority or underlying asset betrays a fundamental misunderstanding of the bitcoin project. The blockchain serves as a protocol that ensures trust by virtue of being immutable and irreversible. The currency was invented precisely so that users don’t have to trust an intermediary in order to exchange assets of value. Sure, not being able to reverse a transaction comes with trade-offs, but its tamper-proof nature is what creates trust in the system.
The other concerns about security and the potential to support illegal activities can be addressed by regulating cryptocurrency exchanges. Most users don’t want to handle their private keys and store their assets at the exchange. This makes these exchanges a honeypot for hackers. The Mt Gox hack in 2014, and last month’s Coincheck hack, led to losses of almost $1 billion. Therefore, all exchanges must be made to follow industry best-practices in ensuring the security of users’ private keys, complying with know-your-customer rules, and reporting any unusual activity.
However, owing to the nature of cryptocurrencies, regulation will have its limits. Since virtual currencies are immutable and peer-to-peer, they cannot be stamped out unless they themselves cease to be valuable. Until now, VCs have proved to be too volatile to be a good unit of account or medium of exchange. Should the experiments with stable-value cryptocurrencies be successful, regulation can still make them an illegal medium of exchange.
But owing to their deflationary properties and the ability to send large sums of money halfway around the world, cryptocurrencies are potentially a good store of value, and an even better mode of final settlement. Developers are working to improve existing VCs, and new applications, such as micro-payments, banking the unbanked, privacy, etc. are being introduced. While the policy will dampen the rate of adoption, it is possible that VCs will continue to remain attractive. But this demand will be met at over-the-counter markets, instead of exchanges. Lastly, the arguments that justify banning cryptocurrency in order to control terror-financing hold no water because illicit actors can still move cryptocurrencies across borders and sell them here.
Other Asian economies have adopted varying philosophies while deciding how to regulate virtual currencies. China has decided to clamp down by banning exchanges and initial coin offerings (ICOs), even extending the ban to offshore platforms where existing owners could hitherto exchange their coins using a virtual private network. Japan, on the other hand, has adopted an enabling framework. In April 2017, bitcoin was recognized as legal tender in the country. The government has brought the exchanges under anti-money-laundering rules and is considering a recent proposal to regulate fund-raising through ICOs. Then there are countries like South Korea and Singapore, which have clarified that they will not ban cryptocurrencies, but will impose transparency rules while observing how the industry evolves.
Cryptocurrencies are high-risk assets and the job of conveying the risks has been well done through government notices and media coverage. The usual advice is to not invest more than one can afford to lose completely. But going beyond these directives, especially when the market is too small to pose any imminent threat to the economic stability of the country, is just patronizing. It’s ironic that cryptocurrencies were invented precisely to avoid these controls on one’s finances.
- Which of the following decisions has been made by RBI against cryptocurrency?
(a) to ensure security against cryptocurrency
(b) to increase the valuation of crypto currency
(c) to allow transparency in the crypto currency exchanges
(d) to ban the trade of crypto assets via entities regulated by RBI.
(e) to facilitate the trade in virtual currencies.
- How is it correct to say that investment in Crypto assets is a risk?
(I) It has speculative and unregulated nature.
(II) There is no centralized authority behind these assets.
(III) It can be used for some illegal activities
(IV) It is tamper-proof.
(a) Only (I)
(b) Only (I), (II) and (III)
(c) Only (II), (III) and (IV)
(d) Only (I), (II) and (IV)
(e) All are correct.
- What can be done in order to secure cryptocurrency business?
(I) New applications for improvement of cryptocurrency business should be introduced.
(II) There should be transparency within the system.
(III) All exchanges must be regulated in order to ensure security of user’s private keys.
(a) Only (I)
(b) Only (III)
(c) Both (I) and (III)
(d) Both (II) and (III)
(e) All are correct
- How different countries responded to adapting virtual currencies?
(a) by banning it completely
(b) by adopting its framework.
(c) by imposing transparency rules.
(d) both (b) and (c)
(e) All are correct
Directions (6-10): In the following questions eight (8) sentences are given which may or may not be in sequence. Read the sentence and rearrange themselves to make a coherent paragraph.
- Suicide victims like painters Vincent Van Gogh and Mark Rothko, novelists Virginia Woolf and Ernest Hemingway, and poets Anne Sexton and Sylvia Plath all offer prime examples.
- Indeed, the notion that creative genius might have some touch of madness goes back to Plato and Aristotle.
- Even ignoring those great creators who did not kill themselves in a fit of deep depression, it remains easy to list persons who endured well-documented psychopathology.
- Instances such as these have led many to suppose that creativity and psychopathology are intimately related.
- Creative geniuses who have succumbed to alcoholism or other addictions are also legion.
- But some recent psychologists argue that the whole idea is a pure hoax.
- After all, it is certainly no problem to come up with the names of creative geniuses who seem to have displayed no signs or symptoms of mental illness.
- Nash is hardly the only so-called mad genius in history.
- Which of the following would be the THIRD sentence after rearrangement?
(a) H
(b) A
(c) C
(d) E
(e) D
- Which of the following would be the FIRST sentence after rearrangement?
(a) H
(b) A
(c) C
(d) E
(e) D
Ans. a
Exp. The correct sequence is HACEDBFG [/su_spoiler]
- Which of the following would be the FOURTH sentence after rearrangement?
(a) A
(b) C
(c) E
(d) D
(e) B
- Which of the following would be the SEVENTH sentence after rearrangement?
(a) E
(b) D
(c) B
(d) F
(e) G
- Which of the following would be the LAST (EIGHTH) sentence after rearrangement?
(a) E
(b) D
(c) B
(d) F
(e) G
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