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IBPS RRB Officers Scale I Exam Previous Paper (Reading Comprehension - 13th September 2015)

Friends, here we are sharing the Reading Comprehension Questions asked in English Section of  IBPS RRB Officers Scale I & II Exams held on 13th September 2015. Try to solve these on your own and check with the answers given at the end of the questions. Happy Reading :)

IBPS RRB Officers Previous Papers

Directions (1-10) : Read the following passage carefully and answer the given questions. Certain words/phrases have been given in bold to help you locate them while answering some of the questions. 

Virtual currencies are growing in popularity. While the collective value of Virtual currencies is still a fraction of the total U.S. Dollars in circulation, the use of virtual currencies as a payment mechanism of transfer of value is gaining momentum. Additionally, the number of entities (issuers, exchangers and intermediaries, to name just a few) that engage in virtual currency transactions is increasing and these entities often need access to traditional banking services.

Virtual currencies are digital representations of value that function as a medium of exchange, a unit of account and a store of value (buy now redeem later policy). In many cases, virtual currencies are "convertible" currencies; they are not legal lenders, but they have an equivalent value in real currency. Despite what seems to be a tremendous interest in virtual currencies their overall value is still extremely small relative to other payment mechanisms, such as cash, cheques and credit and debit cards. The virtual currency landscape includes many participants from the merchant that accepts the virtual currency, to the intermediary that exchanges the virtual currency on behalf of the merchant, to the exchange that actually converts the virtual currency to the real currency to the electronic wallet provider that holds the virtual currency on behalf of its owner. Accordingly, opportunities abound for community banks to, provide services to entities engaged in virtual currency activities. Eventually, it is also possible that community banks may find themselves holding virtual currency on their own balance sheets.
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IBPS RRB Officers Scale I Exam Previous Paper (Reading Comprehension - 13th September 2015)


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