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Subject: Science and Technology

  • NASA’s Imaging X-Ray Polarimetry Explorer (IXPE) Mission

    NASA has launched a new mission named Imaging X-ray Polarimetry Explorer or IXPE.

    About IXPE

    • IXPE observatory is a joint effort of NASA and the Italian Space Agency.
    • The mission will study “the most extreme and mysterious objects in the universe – supernova remnants, supermassive black holes, and dozens of other high-energy objects.”
    • The mission’s primary length is two years and the observatory will be at 600 kilometers altitude, orbiting around Earth’s equator.
    • IXPE is expected to study about 40 celestial objects in its first year in space.

    What are the instruments onboard?

    • IXPE carries three state-of-the-art space telescopes.
    • Each of the three identical telescopes hosts one light-weight X-ray mirror and one detector unit.
    • These will help observe polarized X-rays from neutron stars and supermassive black holes.
    • By measuring the polarization of these X-rays, we can study where the light came from and understand the geometry and inner workings of the light source.
    • This new mission will complement other X-ray telescopes such as the Chandra X-ray Observatory and the European Space Agency’s X-ray observatory, XMM-Newton.

    Why is it important?

    The mission will help scientists answer questions such as:

    • How do black holes spin?
    • Was the black hole at the center of the Milky Way actively feeding on surrounding material in the past?
    • How do pulsars shine so brightly in X-rays?
    • What powers the jets of energetic particles that are ejected from the region around the supermassive black holes at the centers of galaxies?

     

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  • Laser Communications Relay Demonstration (LCRD)

    NASA has launched its new Laser Communications Relay Demonstration (LCRD) — the agency’s first-ever laser communications system.

    What is LCRD?

    • LCRD involves laser communications – also called optical communications which uses infrared light to send information.
    • LCRD is launched in a geosynchronous orbit, over 35,000km above Earth.
    • LCRD has two optical terminals – one to receive data from a user spacecraft, and the other to transmit data to ground stations.
    • The modems will translate the digital data into laser signals. This will then be transmitted via encoded beams of light.

    Benefits offered by LCRD

    • Currently, most NASA spacecraft use radio frequency communications to send data.
    • Optical communications will help increase the bandwidth 10 to 100 times more than radio frequency systems.
    • The LCRD will help the agency test optical communication in space.

    Laser vs Radio

    • Laser communications and radio waves use different wavelengths of light. It uses infrared light and has a shorter wavelength than radio waves.
    • This will help the transmission of more data in a short time.
    • Using infrared lasers, LCRD will send data to Earth at 1.2 gigabits-per-second (Gbps).
    • It would take roughly nine weeks to transmit a completed map of Mars back to Earth with current radio frequency systems. With lasers, we can accelerate that to about nine days, says NASA.

    Other advantages

    Optical communications systems are smaller in size, weight, and require less power compared with radio instruments.

    • A smaller size means more room for science instruments.
    • Less weight means a less expensive launch.
    • Less power means less drain on the spacecraft’s batteries.

     

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  • Arms Race towards Hypersonic Weapons

    China recently tested a nuclear-capable hypersonic missile while Russia announced that it had successfully test-launched a Tsirkon hypersonic cruise missile in early October.

    What are Hypersonic Weapons?

    • The speed of sound is Mach 1, and speeds upto Mach 5 are supersonic and speeds above Mach 5 are hypersonic.
    • They are manoeuvrable weapons that can fly at speeds in excess of Mach 5, five times the speed of sound.
    • A number of other countries – including Australia, India, France, Germany, and Japan—are developing hypersonic weapons technology.

    Features of HSWs

    • Trajectory: Ballistic Missiles are long-range missile that leaves the earth’s atmosphere before re-entry, pursuing a parabolic trajectory towards its target
    • Maneuverability: HSW travel within the atmosphere and can manoeuvre midway which combined with their high speeds make their detection and interception extremely difficult.
    • Stealth: Radars and air defences cannot intercept them till they are very close. They can penetrate most missile defences and further compress the timelines for response by a nation under attack.

    Types of Hypersonic Weapons

    There are two classes of hypersonic weapons:

    1. Hypersonic glide vehicles (HGV): They are launched from a rocket before gliding to a target.
    2. Hypersonic cruise missiles (HCM): They are powered by high-speed, air-breathing engines, or scramjets, after acquiring their target.

    Where does the US stand?

    • The US has active hypersonic development programs.
    • It is said to be lagging behind China and Russia because most US hypersonic weapons are not being designed for use with a nuclear warhead.
    • It is in process of developing prototypes to assist in the evaluation of potential weapon system concepts and mission sets.

    Hypersonic program in India

    • HSTDV program: India is developing an indigenous, dual-capable hypersonic cruise missile as part of its Hypersonic Technology Demonstrator Vehicle (HSTDV) program.
    • Capacity: India operates approximately 12 hypersonic wind tunnels and is capable of testing speeds of up to Mach 13.
    • In-operation: The DRDO has successfully tested a Mach 6 scramjet in June 2019 and September 2020 using the demonstrated scramjet engine technology.

    DRDO has validated many associated crucial technologies such as:

    1. Aerodynamic configuration for hypersonic maneuvers
    2. Use of scramjet propulsion for ignition and sustained combustion at the hypersonic flow
    3. Thermo-structural characterization of high-temperature materials
    4. Separation mechanism at hypersonic velocities has been validated

    Conclusion

    • There are rising tensions between the US, China and Russia worsening the geopolitical situation worldwide.
    • The focus for hypersonic weapons is only set to accelerate more countries to invest significant resources in their design and development.

    Back2Basics:

     

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  • Dhawan-1: India’s first privately developed Cryogenic Rocket

    Skyroot Aerospace successfully tested Dhawan-1 last month. It became the country’s first privately developed fully cryogenic rocket engine.

    Dhawan-1

    • The indigenous engine was developed using 3D printing with a superalloy.
    • It runs on two high-performance rocket propellants — liquid natural gas (LNG) and liquid oxygen (LoX).
    • This was after successfully designing and developing the solid propulsion rocket engine, the first private firm in the country to do so.

    Other projects by Skyroot

    • Skyroot is working simultaneously on different stages of both solid propulsion and liquid propulsion engines.
    • It is named after eminent scientists, like Kalam (Abdul Kalam) series for the former and Dhawan (Satish Dhawan).
    • The launch vehicles are named after Vikram Sarabhai.

     

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  • James Webb Space Telescope

    The James Webb Space Telescope, NASA’s largest space science telescope ever constructed, is scheduled to be sent into orbit in December.

    James Webb Space Telescope (JWST)

    • It is a space telescope being jointly developed by NASA, the European Space Agency (ESA), and the Canadian Space Agency (CSA).
    • It has taken 30 years and $10bn to develop, and is being described as one of the grand scientific endeavors of the 21st Century.

    What is the goal of this telescope?

    • The telescope will be able to see just about anything in the sky.
    • However, it has one overriding objective – to see the light coming from the very first stars to shine in the Universe.
    • These pioneer stars are thought to have switched on about 100-200 million years after the Big Bang, or a little over 13.5 billion years ago.
    • Webb will be picking out groupings of these stars.
    • They are so far away their light – even though it moves at 300,000km per second – will have taken billions of years to travel the cosmos.

    JWST mirror

    • One of the most important objects it will carry is a large mirror which will help collect light from the objects being observed.
    • The primary mirror is made of 18 hexagonal-shaped mirror segments — each 1.32 metre in diameter — stitched together in a honeycomb pattern.
    • The primary mirror is a technological marvel.
    • The lightweight mirrors, coatings, actuators and mechanisms, electronics, and thermal blankets when fully deployed form a single precise mirror that is truly remarkable.
    • Each mirror segment weighs approximately 20 kilograms and is made from beryllium.

    Why beryllium?

    • NASA explains that beryllium was used as it is both strong and light.
    • Beryllium is very strong for its weight and is good at holding its shape across a range of temperatures. Beryllium is a good conductor of electricity and heat and is not magnetic.
    • Because it is light and strong, beryllium is often used to build parts for supersonic airplanes and the Space Shuttle.
    • It added that special care was taken when working with beryllium because it is unhealthy to breathe in or swallow beryllium dust.

    So, it does not have gold?

    • After the beryllium mirror segments were polished a thin coating of gold was applied to it. Gold helps improve the mirror’s reflection of infrared light.
    • The gold was coated using a technique called vacuum vapour deposition.
    • The mirrors are kept inside a vacuum chamber and a small quantity of gold is vapourised and deposited on the mirror.
    • The thickness of the gold is just 100 nanometers. So less than 50 grams of gold was used for the entire mirror.
    • A thin layer of glass was also deposited on top of the gold layer to protect it from scratches.

     

     

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  • A launch window for India as a space start-up hub

    Context

    After the launch of Sputnik in 1957, space race is on again, but this time, private players are on the power field. This has huge implications for original equipment manufacturers (OEMs) in the space sector in India and is a promising venture for global investors.

    Insignificant share of India in space economy

    • 2% India’s share: The space economy is a $440 billion global sector, with India having less than 2% share in the sector.
    • While total early-stage investments in space technologies in FY21 were $68 billion, India was on the fourth place with investments in about 110 firms, totalling not more than $2 billion.

    Reasons for India’s insignificant private participation

    • Absence of a framework: The reason for the lack of independent private participation in space includes the absence of a framework to provide transparency and clarity in laws.
    • Brain drain: Another aspect to throw light on is the extensive brain drain in India, which has increased by 85% since 2005.
    • Policy bottlenecks: Brain drain can be linked to the bottlenecks in policies which create hindrances for private space ventures and founders to attract investors, making it virtually non-feasible to operate in India.

    Suggestions

    • The laws need to be broken down into multiple sections, each to address specific parts of the value chain and in accordance with the Outer Space Treaty.
    • Dividing into upstream and downstream: Dividing activities further into upstream and downstream space blocks will allow legislators to provide a solid foundation to products/services developed by the non-governmental and private sectors within the value chain.
    • Timeline on licensing: With the technicalities involved in the space business, timelines on licensing, issuance of authorisation and continuous supervision mechanism need to be defined into phases.
    • Insurance and indemnification clarity: Another crucial aspect of space law is insurance and indemnification clarity, particularly about who or which entity undertakes the liability in case of a mishap.
    • In several western countries with an evolved private space industry, there is a cap on liability and the financial damages that need to be paid.
    • Need to generate own IP: Currently, many of the private entities are involved in equipment and frame manufacturing, with either outsourced specifications or leased licences.
    • However, to create value, Indian space private companies need to generate their intellectual property for an independent product or service with ISRO neither being their sole or largest customer nor providing them IP and ensuring buy-backs.

    Possibilities for India and the government’s effort

    • India currently stands on the cusp of building a space ecosystem and with ISRO being the guiding body, India can now evolve as a space start-up hub for the world.
    • Already 350 plus start-ups such as AgniKul Cosmos, Skyroot Technologies, Dhruva Space and Pixxel have established firm grounds for home-grown technologies with a practical unit of economics.
    • Last year the Government of India created a new organisation known as IN-SPACe (Indian National Space Promotion and Authorisation Centre) which is a “single window nodal agency” established to boost the commercialisation of Indian space activities.
    • A supplement to the Indian Space Research Organisation (ISRO), the agency promotes the entry of the Non-Government Private Entities (NGPEs) in the Indian space sector.

    Consider the question “Examine the factors responsible for hindering the participation of the private sector in India’s space industry? Suggest the ways to increase the participation of private sector.”

    Conclusion

    To continue the growth engine, investors need to look up to the sector as the next “new-age” boom and ISRO needs to turn into an enabler from being a supporter. To ensure that the sky is not the limit, investor confidence needs to be pumped up and for the same, clear laws need to be defined.

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    Back2Basics: The Outer Space Treaty

    • The Outer Space Treaty was considered by the Legal Subcommittee in 1966 and agreement was reached in the General Assembly in the same year ( resolution 2222 (XXI)).
    • The Treaty was largely based on the Declaration of Legal Principles Governing the Activities of States in the Exploration and Use of Outer Space, which had been adopted by the General Assembly in its resolution 1962 (XVIII) in 1963, but added a few new provisions.
    • The Treaty was opened for signature by the three depository Governments (the Russian Federation, the United Kingdom and the United States of America) in January 1967, and it entered into force in October 1967.
    • The Outer Space Treaty provides the basic framework on international space law, including the following principles:
    • The exploration and use of outer space shall be carried out for the benefit and in the interests of all countries and shall be the province of all mankind;
    • Outer space shall be free for exploration and use by all States;
    • Outer space is not subject to national appropriation by claim of sovereignty, by means of use or occupation, or by any other means;
    • States shall not place nuclear weapons or other weapons of mass destruction in orbit or on celestial bodies or station them in outer space in any other manner;
    • The Moon and other celestial bodies shall be used exclusively for peaceful purposes;
    • Astronauts shall be regarded as the envoys of mankind;
    • States shall be responsible for national space activities whether carried out by governmental or non-governmental entities;
    • States shall be liable for damage caused by their space objects; and
    • States shall avoid harmful contamination of space and celestial bodies.

  • Ericsson Mobility Report on 5G Subscriptions

    India 5G subscriptions are set to reach 500 mn by 2027, said Ericsson in its report.

    Ericsson Mobility Report

    • The report has added that the total number of smartphone subscriptions is expected to be 810 million at the end of 2021.
    • It is projected to grow at a compounded annual growth rate of 7%, exceeding 1.2 billion by 2027.

    5G penetration in India

    • 5G telecom services are likely to account for 39% of mobile subscriptions or about 500 million subscriptions in India at the end of 2027.
    • 4G is expected to remain the dominant technology in India in 2027.
    • 4G subscriptions are expected to reduce from 68% of mobile subscriptions in 2021 to 55% in 2027 as subscribers migrate to 5G.
    • However, 4G subscriptions are forecast to drop from 790 million in 2021 to 710 million in 2027, showing an annual average decline of 2%.

    Back2Basics: 5G Technology

    • 5G or fifth generation is the latest upgrade in the long-term evolution (LTE) mobile broadband networks.
    • It mainly works in 3 bands, namely low, mid and high-frequency spectrum — all of which have their own uses as well as limitations.

    Three bands of 5G

    • The low band spectrum has shown great promise in terms of coverage and speed of internet and data exchange, the maximum speed is limited to 100 Mbps (Megabits per second).
    • This means that while telcos can use and install it for commercial cellphones users who may not have specific demands for very high-speed internet, the low band spectrum may not be optimal for specialised needs of the industry.
    • The mid-band spectrum, on the other hand, offers higher speeds compared to the low band but has limitations in terms of coverage area and penetration of signals.
    • Telcos and companies, which have taken the lead on 5G, have indicated that this band may be used by industries and specialized factory units for building captive networks that can be molded into the needs of that particular industry.
    • The high-band spectrum offers the highest speed of all the three bands, but has extremely limited coverage and signal penetration strength.
    • Internet speeds in the high-band spectrum of 5G have been tested to be as high as 20 Gbps (gigabits per second), while, in most cases, the maximum internet data speed in 4G has been recorded at 1 Gbps.

     

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  • What is a Tundra Satellite?

    Russia has successfully placed into orbit a military satellite believed to be part of the Kremlin’s early warning anti-missile system. This launch could be delivering a Tundra satellite.

    Tundra Satellite

    • The Tundra or EKS (Edinaya Kosmicheskaya Sistema) series of satellites is the next generation of Russian early-warning satellites.
    • The development of the EKS started in 2000.
    • These satellites carry a secure emergency communications payload to be used in case of a nuclear war.
    • They are launched on Soyuz-2-1b Fregat boosters into Molniya-orbits, inclined highly elliptical 12 h orbits.

    What are Tundra Orbits?

    • A Tundra orbit is a highly elliptical geosynchronous orbit with a high inclination (approximately 63.4°), an orbital period of one sidereal day.
    • A satellite placed in this orbit spends most of its time over a chosen area of the Earth, a phenomenon known as apogee dwell.
    • It makes satellites particularly well suited for communications satellites serving high latitude regions.
    • The ground track of a satellite in a Tundra orbit is a closed figure 8 with a smaller loop over either the northern or southern hemisphere.
    • This differentiates them from Molniya orbits designed to service high-latitude regions, which have the same inclination but half the period and do not hover over a single region.

    Back2Basics: Types of Orbits

    [1] Geostationary orbit (GEO)

    • Satellites in geostationary orbit (GEO) circle Earth above the equator from west to east following Earth’s rotation – taking 23 hours 56 minutes and 4 seconds – by travelling at exactly the same rate as Earth.
    • This makes satellites in GEO appear to be ‘stationary’ over a fixed position.
    • In order to perfectly match Earth’s rotation, the speed of GEO satellites should be about 3 km per second at an altitude of 35 786 km.
    • This is much farther from Earth’s surface compared to many satellites.
    • GEO is used by satellites that need to stay constantly above one particular place over Earth, such as telecommunication satellites.
    • Satellites in GEO cover a large range of Earth so as few as three equally-spaced satellites can provide near-global coverage.

    [2] Low Earth orbit (LEO)

    • A low Earth orbit (LEO) is, as the name suggests, an orbit that is relatively close to Earth’s surface.
    • It is normally at an altitude of less than 1000 km but could be as low as 160 km above Earth – which is low compared to other orbits, but still very far above Earth’s surface.
    • Unlike satellites in GEO that must always orbit along Earth’s equator, LEO satellites do not always have to follow a particular path around Earth in the same way – their plane can be tilted.
    • This means there are more available routes for satellites in LEO, which is one of the reasons why LEO is a very commonly used orbit.
    • It is most commonly used for satellite imaging, as being near the surface allows it to take images of higher resolution.
    • Satellites in this orbit travel at a speed of around 7.8 km per second; at this speed, a satellite takes approximately 90 minutes to circle Earth.

    [3] Medium Earth orbit (MEO)

    • Medium Earth orbit comprises a wide range of orbits anywhere between LEO and GEO.
    • It is similar to LEO in that it also does not need to take specific paths around Earth, and it is used by a variety of satellites with many different applications.
    • It is very commonly used by navigation satellites, like the European Galileo system of Europe.
    • It uses a constellation of multiple satellites to provide coverage across large parts of the world all at once.

    [4] Polar Orbit

    • Satellites in polar orbits usually travel past Earth from north to south rather than from west to east, passing roughly over Earth’s poles.
    • Satellites in a polar orbit do not have to pass the North and South Pole precisely; even a deviation within 20 to 30 degrees is still classed as a polar orbit.
    • Polar orbits are a type of low Earth orbit, as they are at low altitudes between 200 to 1000 km.

    [5] Sun-synchronous orbit (SSO)

    • SSO is a particular kind of polar orbit. Satellites in SSO, travelling over the polar regions, are synchronous with the Sun.
    • This means they are synchronised to always be in the same ‘fixed’ position relative to the Sun.
    • This means that the satellite always visits the same spot at the same local time.
    • Often, satellites in SSO are synchronised so that they are in constant dawn or dusk – this is because by constantly riding a sunset or sunrise, they will never have the Sun at an angle where the Earth shadows them.
    • A satellite in a Sun-synchronous orbit would usually be at an altitude of between 600 to 800 km. At 800 km, it will be travelling at a speed of approximately 7.5 km per second.

    [6] Transfer orbits and geostationary transfer orbit (GTO)

    • Transfer orbits are a special kind of orbit used to get from one orbit to another.
    • Often, the satellites are instead placed on a transfer orbit: an orbit where, by using relatively little energy from built-in motors, the satellite or spacecraft can move from one orbit to another.
    • This allows a satellite to reach, for example, a high-altitude orbit like GEO without actually needing the launch vehicle.
    • Reaching GEO in this way is an example of one of the most common transfer orbits, called the geostationary transfer orbit (GTO).

     

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  • What is Omicron Variant?

    A new lineage of SARS-CoV-2 has been designated as a Variant of Concern (VoC) by the World Health Organization (WHO) and has been named Omicron.

    Behind the name: Omicron

    • The WHO has been using Greek letters to refer to the most widely prevalent coronavirus variants, which otherwise carry long scientific names.
    • It had already used 12 letters of the Greek alphabet before the newest variant emerged in South Africa this week.
    • After Mu, the 12th named after a Greek letter, WHO selected the name Omicron, instead of Nu or Xi, the two letters between Mu and Omicron.
    • The WHO said Nu could have been confused with the word ‘new’ while Xi was not picked up following a convention.

    Why is the Omicron variant interesting?

    • The Omicron variant is interesting due to the fact that it has a large number of mutations compared to other prevalent variants circulating across the world.
    • This includes 32 mutations in the spike protein.
    • Many of these mutations lie in the receptor-binding domain of the spike protein, a key part of the protein required for binding to the human receptor proteins for entry into the cell.
    • It can thus play an important role in recognition by antibodies generated due to a previous infection or by vaccines.

    What do spike mutations do?

    • Many of the mutations in the spike protein have been previously suggested to cause resistance to antibodies as well as increased transmission.
    • Thus, there is a possibility that this variant could be more likely to re-infect people who have developed immunity against previous variants of the virus.
    • The behavior of the virus is not yet accurately predictable based on the evidence on individual mutations.

    Does the variant result in vaccine breakthrough infections?

    • Some of the initial individuals identified to be infected with the variant have been vaccinated for COVID-19 and therefore the variant can indeed cause vaccine breakthrough infections.
    • This should not be of concern, since the prevalent variants of concern including Delta have been shown to cause breakthrough infections.
    • Whether the variant causes more breakthrough infections than Delta is not currently known.

    How can we be prepared for the variant?

    • Enhanced surveillance and genome sequencing efforts are essential to detect and track the prevalence of the Omicron variant.
    • Rapid sharing of genome sequences of the virus and the epidemiological data linked with it to publicly available databases will help in developing a better understanding of the variant.
    • Existing public health and social measures need to be strengthened to control and prevent transmission.
    • Enhancing vaccination coverage across different regions along with access to testing, therapeutics and support will be essential for combating the new variant.
    • Equitable access to vaccines would be key to controlling the Omicron variant, and slowing down the emergence of any future variants.

     

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  • Cryptocurrencies regulation across the World

    The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 was listed for introduction in Parliament’s Winter Session.

    About the Bill

    • The bill aims to create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India”.
    • It seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses.

    How are cryptocurrencies regulated in countries around the world?

    The stance of countries and regulators has ranged from:

    1. A total ban on these financial assets Ex. China
    2. Allowing them to operate with some regulations
    3. Allowing virtual currency trading in the absence of any guidelines Ex. El Salvador
    • Governments and regulators remain divided on how to categorize it as a currency or asset — and how to control it from an operational point of view.
    • The evolution of the policy and regulatory response has been uncharacteristically discordant, with no apparent coordination in the responses of countries.

    Among the countries that haven’t issued detailed regulations, there are those that have recognized and defined these currencies.

    [A] CANADA

    • It defines virtual currency  under its Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations, as:

    (a) a digital representation of value that can be used for payment or investment purposes that is not a fiat currency and that can be readily exchanged for funds or for another virtual currency that can be readily exchanged for funds; or

    (b) a private key of a cryptographic system that enables a person or entity to have access to a digital representation of value referred to in paragraph (a).

    • The Canada Revenue Authority (CRA) generally treats cryptocurrency as a commodity for purposes of the country’s Income Tax Act.

    [B] ISRAEL

    • Israel in its Supervision of Financial Services Law includes virtual currencies in the definition of financial assets.
    • The Israeli securities regulator has ruled that cryptocurrency is a security subject, while the Israel Tax Authority defines cryptocurrency as an asset and demands 25% on capital gains.

    [C] GERMANY

    • In Germany, the Financial Supervisory Authority qualifies virtual currencies as “units of account” and therefore, “financial instruments”.
    • It considers Bitcoin to be a crypto token given that it does not fulfill typical functions of a currency.
    • However, citizens and legal entities can buy or trade crypto assets as long as they do it through exchanges and custodians licensed with the German Federal Financial Supervisory Authority.

    [D] UNITED KINGDOM

    • In the UK, Her Majesty’s Revenue & Customs, do not consider crypto assets to be currency or money.
    • It further notes that cryptocurrencies have a unique identity and cannot, therefore, be directly compared to any other form of investment activity or payment mechanism.

    [E] UNITED STATES

    • In US different states have different definitions and regulations for cryptocurrencies.
    • While the federal government does not recognize cryptocurrencies as legal tender, definitions issued by the states recognize the decentralized nature of virtual currencies.

    [F] THAILAND

    • In Thailand, digital asset businesses are required to apply for a license, monitor for unfair trading practices, and are considered “financial institutions” for anti-money laundering purposes.

    Conclusion

    • While most of these countries do not recognize cryptocurrencies as legal tender, they do recognize the value these digital units represent.
    • Almost all countries consider their functions as either a medium of exchange, unit of account, or a store of value (any asset that would normally retain purchasing power into the future).
    • Like India, several other countries have moved to launch a digital currency backed by their central bank.

     

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