Digital currency application and example

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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]
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