Digital currency application and example

DIGITAL CURRENCY APPLICATION

-This form of currency is one available only in digital or electronic form, and not in physical form.

-Can also be referred to as digital money, electronic money or cyber cash.

-This system does not require any intermediary, therefore making it the cheapest to trade currencies.

By adopting this system, Finmail benefit as follows;

• Making it able easier for customers to purchase goods and pay for services
• Make payments across borders when connected to supported devices and networks
• Benefit from instant and low-cost transactions
• Proper and reliable record keeping and transparency in dealings

EXAMPLES OF DIGITAL CURRENCY

• Vitual currency
• Cryto currency
• Digital money
• Central Bank Digital Currency [CBDC]