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Digital currency application and example

Updated: Mar 5

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]