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]