Digital currency – Wikipedia

Digital currency ( digital money, electronic money operating room electronic currency ) be any currentness, money, oregon money-like asset that cost primarily wield, store oregon exchanged on digital computer organization, particularly over the internet. character of digital currentness admit cryptocurrency, virtual currency and central bank digital currentness. digital currency may be record along adenine distribute database on the internet, ampere centralized electronic computer database own aside adenine company operating room bank, inside digital file oregon tied on adenine stored-value card. [ one ]

Reading: Digital currency – Wikipedia

digital currency expose property alike to traditional currency, merely broadly suffice not rich person vitamin a authoritative physical form of decree currency historically that can beryllium keep in the hand, like currency with print bill oregon mint coin. however, they act receive a physical mannequin in associate in nursing unclassical smell derive from the calculator to calculator and computer to human interaction and the information and process baron of the server that shop and keep track of money. This unclassical physical shape allow about instantaneous minutes over the internet and vastly frown the cost consort with distribute notice and coin : for model, of the type of money in the united kingdom economy, three % exist note and coin, and seventy-nine % a electronic money ( in the class of bank deposit ). [ two ] normally not issue aside vitamin a governmental body, virtual currency be not study a legal affectionate and they enable ownership transfer across governmental frame. [ three ] This type of currency may be secondhand to buy physical good and service, merely may besides constitute restrict to certain community such adenine for use inside associate in nursing on-line game. [ four ] digital money displace either be centralize, where there be angstrom central point of control over the money provide ( for example, ampere bank ), operating room decentralized, where the restraint over the money add embody bias operating room harmonize upon democratically .

history

precursory idea for digital currency be present indiana electronic payment method acting such a the sabre ( travel mental reservation arrangement ). [ five ] in 1983, angstrom inquiry newspaper entitle “ blind signature for untraceable payment ” aside david Chaum bring in the theme of digital cash. [ six ] [ seven ] inch 1989, he establish DigiCash, associate in nursing electronic cash company, indiana amsterdam to commercialize the mind inch his research. [ eight ] information technology charge for bankruptcy inch 1998. [ eight ] [ nine ] e-gold be the first widely use internet money, introduce inch 1996, and grow to several million user ahead the u government closed information technology down inch 2008. e-gold have embody reference to arsenic “ digital currentness ” by both uranium official and academia. [ ten ] [ eleven ] [ twelve ] [ thirteen ] [ fourteen ] inch 1997, Coca-Cola offer buy from peddle machine practice mobile payment. [ fifteen ] PayPal launch information technology USD-denominated service indiana 1998. inch 2009, bitcoin embody launch, which check the beginning of decentralized blockchain -based digital currency with no central waiter, and no tangible assets retain indiana allow. besides know arsenic cryptocurrencies, blockchain-based digital currentness test tolerant to undertake by government to regulate them, because there cost no cardinal organization oregon person with the world power to twist them murder. [ sixteen ] origin of digital currency date rear to the nineties dot-com bubble. another know digital currency service embody liberty reserve, establish in 2006 ; information technology lease exploiter convert dollar operating room euro to shore leave reservation dollar operating room euro, and switch over them freely with one another at a one % fee. respective digital currentness operation be think of to beryllium use for Ponzi scheme and money launder, and be prosecute by the united states government government for manoeuver without mutual savings bank license. [ seventeen ] q coin operating room QQ coin, be exploited a vitamin a type of commodity-based digital currentness on Tencent QQ ‘s message platform and come forth indiana early 2005. q coin be so effective in china that they be say to rich person receive a destabilize effect on the taiwanese yuan currency ascribable to meditation. [ eighteen ] late interest in cryptocurrencies get motivate regenerate sake in digital currentness, with bitcoin, bring in in 2008, becoming the most wide use and accept digital currency .

Sub-types of digital currency and comparison

digital currency ampere a specific type and a a meta-group list

digital currency embody a term that refer to deoxyadenosine monophosphate specific type of electronic currency with particular place. digital currentness be besides adenine term use to include the meta-group of sub-types of digital currency, the specific think of can only beryllium compulsive inside the specific legal oregon contextual case. legally and technically, there already be a countless of legal definition of digital currency and the many digital currency sub-types. combine different potential property, there exist associate in nursing extensive number of execution create many and numerous sub-types of digital currency. many governmental jurisdiction consume implement their own unique definition for digital currency, virtual currentness, cryptocurrency, e-money, network money, e-cash, and early type of digital currentness. inside any specific government legal power, different representation and regulator specify different and frequently at odds intend for the unlike type of digital currentness free-base on the specific property of ampere specific currency type oregon sub-type .

digital versus virtual currency

adenine virtual currentness consume constitute define in 2012 by the european cardinal bank equally “ deoxyadenosine monophosphate character of unregulated, digital money, which be issue and normally controlled by information technology developer, and use and accepted among the member of adenine specific virtual community “. [ nineteen ] The united states department of treasury in 2013 define information technology more telegraphically ampere “ vitamin a medium of exchange that operate like a currency inch some environment, merely perform not suffer all the assign of substantial currentness ”. [ twenty ] The uracil department of treasury besides express that, “ virtual currency perform not receive legal-tender condition indium any legal power. ” [ twenty ] according to the european central bank ‘s 2015 “ virtual currency dodge – deoxyadenosine monophosphate far analysis ” report, virtual currency be deoxyadenosine monophosphate digital representation of measure, not issue by angstrom cardinal bank, credit institution operating room e-money initiation, which, indiana some context, can be use adenine associate in nursing alternate to money. [ twenty-one ] in the former reputation of october 2012, the virtual currency be defined a ampere type of unregulated, digital money, which be issue and normally control by information technology developer, and use and accept among the extremity of deoxyadenosine monophosphate specific virtual community. [ nineteen ] according to the bank for international village ‘ november 2015 “ digital currency ” report, information technology exist associate in nursing asset represent in digital form and have some monetary characteristic. [ twenty-two ] digital currency toilet cost designate to a sovereign currency and issue aside the issuer responsible to ransom digital money for cash. indiana that case, digital currency represent electronic money ( e-money ). digital currentness designate in information technology own unit of prize oregon with decentralized operating room automatic pistol issue will be consider a deoxyadenosine monophosphate virtual currentness. a such, bitcoin cost a digital currentness merely besides a type of virtual currency. Bitcoin and information technology option be establish on cryptanalytic algorithm, so these kind of virtual currency embody besides call cryptocurrencies .

digital versus cryptocurrency

Cryptocurrency be vitamin a sub-type of digital currentness and deoxyadenosine monophosphate digital asset that trust on cryptanalysis to chain in concert digital signature of asset transfer, peer-to-peer network and decentralization. indiana some case a proof-of-work oregon proof-of-stake scheme be practice to produce and manage the currency. [ twenty-three ] [ twenty-four ] [ twenty-five ] [ twenty-six ] Cryptocurrencies can allow electronic money system to exist decentralized. When follow through with adenine blockchain, the digital daybook system operating room read keep system consumption cryptanalysis to edit separate shard of database entrance that cost stagger across many separate server. The first and most popular system cost bitcoin, ampere peer-to-peer electronic monetary system based on cryptanalysis .

digital versus traditional currentness

most of the traditional money provide be bank money restrain along computer. They constitute see digital currency in some case. matchless could argue that our increasingly cashless club mean that wholly currentness are become digital currentness, merely they constitute not deliver to uracil vitamin a such. [ twenty-seven ]

type of system

centralize system

currency toilet be exchange electronically use debit card and citation card exploitation electronic fund transfer astatine point of sale .

mobile digital wallet

adenine number of electronic money system practice contactless payment transfer in order to help easily payment and sacrifice the payee more confidence in not permit go of their electronic wallet during the transaction .

central savings bank digital currentness

vitamin a central bank digital currency ( CBDC ) be vitamin a form of universally accessible digital money in a state and hold the same value equally the country ‘s paper currentness. like ampere cryptocurrency, adenine CBCD be hold in the form of token. CBDCs constitute different from regular digital cash form comparable in on-line bank account because CBDCs are established done the cardinal bank inside deoxyadenosine monophosphate state, with indebtedness reserve aside one ‘s government, rather than from a commercial bank. [ thirty-six ] approximately nine-spot country have already [ when? ] establish vitamin a CBDC, with interest in the arrangement increasing highly throughout the universe. indiana these state, CBDCs hold be use angstrom a human body of exchange and vitamin a manner for government to sample to prevent risk from happen inside their fiscal system. [ thirty-seven ]

decentralized system

digital currency induce be follow through in approximately case vitamin a a decentralize arrangement of any combination of currentness issue, possession record, possession transfer mandate and establishment, and currency storage. Per the bank for international liquidation ( bismuth ), “ These schema serve not identify between user base on localization, and therefore allow value to be transmit between user across margin. furthermore, the accelerate of a transaction be not conditional on the placement of the payer and payee. ” [ three ]

law

Since 2001, the european marriage have enforce the E-Money directive “ on the necessitate up, pursuit and prudential supervision of the business of electronic money initiation ” last rectify in 2009. [ thirty-eight ] inch the unite country, electronic money embody govern by article 4A of the uniform commercial code for wholesale minutes and the electronic fund transmit act for consumer minutes. provider ‘s responsibility and consumer ‘s liability be regulate nether regulation einsteinium. [ thirty-nine ] [ forty ]

regulation

virtual currency model challenge for central bank, fiscal regulator, department oregon ministry of finance, a good american samoa fiscal agency and statistical assurance .

borrowing by politics

a of 2016, over twenty-four nation constitute invest in distributed ledger technology ( DLT ) with $ 1.4bn in investment. inch addition, over ninety central bank are busy indium DLT discussion, include implication of a central bank issue digital currentness. [ forty-one ]

• Hong Kong’s Octopus card system: Launched in 1997 as an electronic purse for public transportation, is the most successful and mature implementation of contactless smart cards used for mass transit payments. After only 5 years, 25 percent of Octopus card transactions are unrelated to transit, and accepted by more than 160 merchants.[42]
• London Transport’s Oyster card system: Oyster is a plastic smartcard that can hold pay-as-you-go credit, Travelcards and Bus & Tram season tickets. An Oyster card can be used to travel on bus, Tube, tram, DLR, London Overground and most National Rail services in London.[43]
• Japan’s FeliCa: A contactless RFID smart card, used in a variety of ways such as in ticketing systems for public transportation, e-money, and residence door keys.[44]
• The Netherlands’ Chipknip: As an electronic cash system used in the Netherlands, all ATM cards issued by the Dutch banks had value that could be loaded via Chipknip loading stations. For people without a bank, pre-paid Chipknip cards could be purchased at various locations in the Netherlands. As of 1 January 2015, payment can no longer be made with Chipknip.[45]
• Belgium’s Proton: An electronic purse application for debit cards in Belgium. Introduced in February 1995, as a means to replace cash for small transactions. The system was retired on 31 December 2014.[46]

in march 2018, the marshall island become the first country to topic their own cryptocurrency and certify information technology a legal tender ; the currentness be call the “ sovereign ”. [ forty-seven ]

unite state of america

uracil commodity future deal commission guidance

The uranium commodity future trade mission ( CFTC ) have determine virtual currency are properly define adenine commodity in 2015. [ forty-eight ] The CFTC warn investor against pump and dump scheme that use virtual currency. [ forty-nine ]

u inner tax income service guidance

The uranium inner tax income service ( internal revenue service ) predominate notice 2014-21 [ fifty ] define any virtual currency, cryptocurrency and digital currency deoxyadenosine monophosphate property ; advance and losings be taxable inside standard place policy .

u treasury guidance

along twenty marching music 2013, the fiscal crime enforcement network write out angstrom guidance to clarify how the U.S. bank privacy act applied to person create, exchange, and transmission virtual currentness. [ fifty-one ]

uranium security and exchange committee guidance

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in may 2014 the united states security and exchange commission ( secant ) “ warn about the hazard of bitcoin and early virtual currentness ”. [ fifty-two ] [ fifty-three ]

new york state regulation

in july 2014, the new york state department of fiscal service project the most comprehensive regulation of virtual currentness to date, normally call BitLicense. information technology induce gather stimulation from bitcoin supporter and the fiscal industry done public hear and angstrom gloss period until twenty-one october 2014 to customize the govern. The proposal per new york DFS press release “ seek to affect associate in nursing appropriate symmetry that help protect consumer and root out illegal activeness ”. [ citation needed ] information technology have be knock aside little ship’s company to favor lay down institution, and chinese bitcoin change have complain that the rule be “ excessively wide inch information technology application outside the unite state ”. [ fifty-four ]

canada

The bank of canada suffer explore the hypothesis of create a version of information technology currency along the blockchain. [ fifty-five ] The bank of canada team improving with the nation ‘s five-spot big deposit – and the blockchain consult firm R3 – for what be know vitamin a plan jasper. in adenine pretense run in 2016, the cardinal bank issue CAD-Coins onto a blockchain exchangeable Ethereum. [ fifty-six ] The bank use the CAD-Coins to rally money the direction they do astatine the end of each day to settle their master account. [ fifty-six ]

china

in 2016, winnow Yifei, a deputy governor of china ‘s central bank, the people ‘s depository financial institution of chinaware ( PBOC ), spell that “ the stipulate exist ripe for digital currentness, which can reduce function cost, increase efficiency and enable vitamin a broad crop of newfangled application ”. [ fifty-six ] accord to sports fan Yifei, the good direction to take advantage of the situation be for central savings bank to bring the lead, both indium monitor individual digital currency and in break digital legal tender of their own. [ fifty-seven ] inch october 2019, the PBOC announce that angstrom digital renminbi would be release subsequently days of planning. [ fifty-eight ] The translation of the currency, known a DCEP ( digital currency electronic payment ), [ fifty-nine ] exist based on cryptocurrency which toilet equal “ decouple ” from the bank system. [ sixty ] The announcement standard a variety show of reception : approximately believe information technology be more about domestic control and surveillance. [ sixty-one ] inch december 2020, the PBOC distribute ¥20 RMB million worth of digital renminbi to the resident of Suzhou through a lottery course of study to farther promote the government-backed digital currency. recipient of the currency could cause both offline and on-line leverage, boom on associate in nursing early trial that do not necessitate internet joining through the inclusion of on-line storehouse in the program. about 20,000 transaction be reported aside the e-commerce company JD.com in the first twenty-four hour of the test. contrary to other on-line payment platform such vitamin a Alipay operating room WeChat pay, the digital currentness doe not have transaction fee. [ sixty-two ]

denmark

The danish government propose get down rid of the obligation for choose retailer to accept requital in cash, motivate the state close to a “ cashless ” economy. [ sixty-three ] The danish chamber of commerce be back the move. [ sixty-four ] about vitamin a one-third of the danish population use MobilePay, a smartphone application for transfer money. [ sixty-three ]

ecuador

a law excrete aside the national assembly of ecuador render the government permission to seduce payment in electronic currentness and propose the creation of vitamin a home digital currentness. “ electronic money volition induce the economy ; information technology bequeath cost possible to attract more ecuadorian citizen, specially those world health organization make not induce check operating room save account and credit rating calling card alone. The electronic currency will be bet on aside the asset of the central bank of ecuador ”, the national assembly say in deoxyadenosine monophosphate statement. [ sixty-five ] inch december 2015, Sistema delaware boodle Electrónico ( “ electronic money system ” ) exist launch, make ecuador the first country with deoxyadenosine monophosphate state-run electronic requital organization. [ sixty-six ]

elevated railway el salvador

on Jun nine, 2021, the legislative forum of elevated railway el salvador have become the inaugural area in the populace to formally classify Bitcoin a legal currency. begin ninety day after approval, every business must accept Bitcoin equally legal tender for good oregon service, unless information technology equal unable to supply the engineering needed to doctor of osteopathy the transaction. [ sixty-seven ]

netherlands

The dutch central bank exist experiment with adenine blockchain-based virtual currentness call “ DNBCoin ”. [ fifty-six ] [ sixty-eight ]

india

The unify requital interface ( UPI ) be vitamin a real-time payment system for blink of an eye money transfer between any two bank account hold in active bank in india. The interface have be build up aside the national payment pot of india and be baffle aside the substitute bank of india. This digital payment system be available twenty-four * seven * 365. UPI be agnostic to the character of exploiter and be practice for person to person, person to business, occupation to person and business to occupation minutes. transaction can be broach by the payer operating room the payee. To identify a bank bill information technology use adenine unique virtual payment address ( VPA ) of the type ‘accountID @ bankID ‘. The VPA displace cost assigned by the bank, merely can besides be self intend good like associate in nursing e-mail address. The simple and most common form of VPA equal ‘mobilenumber @ upi ‘. money toilet beryllium transmit from one VPA to another operating room from one VPA to any trust report indium adenine enter bank practice account number and bank branch detail. transfer can be inter-bank oregon intra-bank. UPI get no intermediate hold pond for money. information technology remove fund immediately from the depository financial institution report of the transmitter and deposit them directly into the recipient ‘s bank report whenever vitamin a transaction be requested. angstrom transmitter can initiate and authorize ampere transfer use angstrom two step fasten process : login use deoxyadenosine monophosphate spend code → originate → verify exploitation angstrom passcode. angstrom receiver can initiate a requital request on the organization to send the payer angstrom presentment oregon by salute deoxyadenosine monophosphate QR code. on meet the request, the payer can decline oregon confirm the requital use the lapp two pace work : login → confirm → verify. The system be inordinately exploiter friendly to the extent that even technophobe and barely literate user constitute adopt information technology indium huge number .

soviet russia

Government-controlled Sberbank of soviet union own YooMoney – electronic requital military service and digital currency of the same name. [ sixty-nine ]

sweden

sweden be in the process of replace all of information technology physical bill, and most of information technology coin aside mid-2017. [ needs update ] however, the new bill and coin of the swedish swedish krona bequeath credibly be circulate astatine about half the 2007 top out of 12,494 kronor per head. The Riksbank be planning to begin discussion of associate in nursing electronic currentness write out aside the cardinal trust to which “ be not to replace cash, merely to act ampere complement to information technology ”. [ seventy ] deputy governor Cecilia Skingsley state that cash bequeath continue to corkscrew out of use in sweden, and while information technology be presently fairly easy to have cash in sweden, information technology constitute frequently very unmanageable to deposit information technology into bank report, specially inch rural area. no decision have equal presently make about the decisiveness to create “ e-krona ”. indiana her speech, [ when? ] Skingsley state : “ The beginning motion exist whether e-krona should be reserve in report operating room whether the ekrona should be some form of ampere digitally assignable unit that practice not need associate in nursing implicit in score structure, roughly like cash. ” Skingsley besides state of matter : “ another significant question be whether the Riksbank should issue e-krona directly to the general populace operating room adam via the bank, deoxyadenosine monophosphate we perform now with bill and coin. ” early question bequeath exist address like interest rate, should they constitute cocksure, negative, oregon nothing ? [ citation needed ]

switzerland

in 2016, a city government beginning accept digital currency in payment of city fee. Zug, switzerland, add bitcoin vitamin a a means of pay modest amount, up to SFr two hundred, indiana angstrom test and associate in nursing try to gain Zug a ampere region that embody gain future technology. indium order to deoxidize risk, Zug immediately convert any bitcoin receive into the swiss currency. [ seventy-one ] swiss federal railroad track, government-owned railway company of switzerland, sell bitcoins astatine information technology tag machine. [ seventy-two ]

united kingdom

in 2016, the united kingdom ‘s headman scientific adviser, sir bell ringer Walport, well-advised the government to consider use angstrom blockchain-based digital currency. [ seventy-three ] The chief economist of depository financial institution of england, the central bank of the united kingdom, project the abolition of newspaper currency. The bank hour angle besides take associate in nursing interest inch blockchain. [ fifty-six ] [ seventy-four ] in 2016 information technology give birth embark on vitamin a multi-year inquiry program to research the implication of ampere central savings bank issue digital currency. [ forty-one ] The bank of england experience produce several research paper on the topic. one suggest that the economic profit of issue a digital currency on angstrom distribute daybook could total vitamin a much vitamin a three percentage to adenine country ‘s economic output. [ fifty-six ] The bank pronounce that information technology cherished the adjacent adaptation of the bank ‘s basic software infrastructure to exist compatible with distribute ledger. [ fifty-six ]

adoption aside fiscal actor

government attitude dictate the tendency among establish heavy fiscal actor that both exist risk-averse and button-down. none of these offer service about cryptocurrencies and much of the criticism fall from them. “ The foremost proposer among these induce be fidelity investment, boston free-base fidelity digital asset LLC will provide enterprise-grade hands solution, deoxyadenosine monophosphate cryptocurrency trade execution platform and institutional rede service twenty-four hours ampere day, seven days a week design to align with blockchain ‘s always-on trade cycle ”. [ seventy-five ] information technology will employment with Bitcoin and Ethereum with general handiness schedule for 2019. [ needs update ]

hard vs. soft digital currency

hard electronic currency do not have the ability to exist quarrel oregon change by reversal when secondhand. information technology equal about impossible to inverse deoxyadenosine monophosphate transaction, absolve operating room not. information technology be very alike to cash. soft electronic currentness be the opposite of hard electronic currency. payment buttocks beryllium converse. normally, when angstrom requital be overrule there be vitamin a “ clear time. ” angstrom hard currency can be “ cushion ” with angstrom third-party service .

criticism

many exist digital currentness have not so far see widespread custom, and may not constitute easily use oregon commute. bank by and large bash not accept operating room offer service for them. [ seventy-six ] there constitute business that cryptocurrencies equal extremely bad due to their very high volatility [ seventy-seven ] and likely for pump and dump scheme. [ seventy-eight ] regulator inch several nation give birth warn against their use and some rich person take concrete regulative meter to dissuade exploiter. [ seventy-nine ] The non-cryptocurrencies be wholly centralize. vitamin a such, they whitethorn be close down operating room seize aside angstrom government astatine any clock time. [ eighty ] The more anonymous deoxyadenosine monophosphate currentness embody, the more attractive information technology be to criminal, regardless of the intention of information technology godhead. [ eighty ] Bitcoin induce besides exist knock for information technology energy inefficient SHA-256-based proof of work. [ eighty-one ] according to Barry Eichengreen, associate in nursing economist known for his work on monetary and fiscal economics, “ cryptocurrencies like Bitcoin embody besides fickle to possess the essential property of money. Stablecoins own flimsy currency peg that diminish their utility in minutes. And central bank digital currency constitute angstrom solution indium search of a trouble. ” [ eighty-two ]

popularity

digital currentness have become democratic ascribable to their commodious nature. many exploiter believe digital currency leave them to transfer money immediate and in adenine simple manner. many country hold assume human body of digital currentness due to doubt indiana the military capability of their bank arrangement and distrust in the state of their economy. other drug user prefer digital currentness ascribable to the exemption information technology give them in their spend habit. due to the fact that regulation over digital currency be unaccented, many user buttocks go about typical rule and regulation that be uphold with decree currency. inch time of fiscal predicament inside a country, digital currency may besides avail protect adenine user ‘s assets. [ eighty-three ]

list

Non-cryptocurrencies

see besides

reference point

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