Digital Currency

Digital currency refers to a type of currency that exists only in digital form and is not issued by a central authority like a government or central bank. It encompasses various forms of money that are available and transacted electronically, including cryptocurrencies (such as Bitcoin, Ethereum, and others) and central bank digital currencies (CBDCs). Digital currencies utilize cryptography for secure transactions, control the creation of new units, and verify the transfer of assets. Unlike traditional physical currencies such as coins and paper notes, digital currencies allow for online transactions and can be used for a range of financial activities, including purchases, investments, and remittances. The rise of digital currencies has transformed the way individuals and businesses interact with money, enabling faster and often cheaper transactions across borders.