- January 12, 2022
- Posted by: OptimizeIAS Team
- Category: DPN Topics
Subject – Economy
Context – There is a strong need and role for digital currency: Sanjiv Bajaj
- Digital currency is a form of currency that is available only in digital or electronic form.
- It is also called digital money, electronic money, electronic currency, or cybercash.
- Digital currencies are currencies that are only accessible with computers or mobile phones because they only exist in electronic form and are not tangible.
- Typical digital currencies do not require intermediaries and are often the cheapest method for trading currencies.
- All cryptocurrencies are digital currencies, but not all digital currencies are cryptocurrencies.
- Some of the advantages of digital currencies are that they enable seamless transfer of value and can make transaction costs cheaper.
- Some of the disadvantages of digital currencies are that they can volatile to trade and are susceptible to hacks.