Stablecoins | National Beekeeping & Honey Mission

Stablecoins

Syllabus: GS3/Economy

Context

• Rupee-backed stablecoins regulated by the Reserve Bank of India (RBI) could revolutionize payments, remittances, and cross-border transactions.

Rupee Stablecoins

• Stablecoins are cryptocurrencies designed to maintain a fixed value by being tied to a reserve asset — typically fiat currencies like the US dollar or Indian rupee.
• A rupee stablecoin aims to be pegged 1:1 to the Indian rupee, offering the benefits of crypto (speed, programmability, global reach) without the volatility.
• Stablecoins are built for utility, not investment unlike speculative crypto assets.

They can be used for:

• Instant domestic and international payments;
• Smart contract-based financial services;
• Reducing transaction costs in remittances;

Connect with the basics

• Cryptocurrency – It is a virtual currency used for financial transactions. It uses blockchain technology for various transactions.
• Blockchain – The blockchain is an incorruptible digital ledger of transactions that can be programmed to record virtually everything of value. Each list of records in a blockchain is called a block.
• Bitcoin – It is a type of Cryptocurrency that enables instant payments to anyone.

National Beekeeping & Honey Mission

Syllabus: GS3/Economy

In News

• India’s honey sector is undergoing a structured transformation as the National Beekeeping and Honey Mission (NBHM) continues to scale scientific beekeeping across the country.

National Beekeeping and Honey Mission (NBHM)

• It is a Central Sector Scheme
• Objective – to promote and develop scientific beekeeping and the production of quality honey and other beehive products.
• Implementation- National Bee Board (NBB).
• Significance – It was launched as a part of the “Sweet Revolution”, an ambitious initiative aimed at promoting apiculture.
• Major Indian states producing honey are: Uttar Pradesh (17%), West Bengal (16%), Punjab (14%), Bihar (12%) and Rajasthan (9%).