Abstract
Digital Currency (DC) is a form of currency that is available in digital or electronic form and not in physical form. Digitalization has remodeled money and payments systems. Although digital money itself is not new to modern economies, digital currencies now facilitate spontaneous peer-to-peer transfers of value in a way that was formerly impossible. Digital currency has already materialized in a variety of contexts. Digital Currency is an extent put away in a dispersed database on the Internet. This study is toted with the objective to highlight the concept of digital currency, its various forms, evolution and growth, global impact, impact during COVID-19 and the future of digital currency. This is an historical descriptive study which flashes the opinions given by distinctive researchers and disparate financial consultants and central banks.
Highlights
Money is a financial instrument which act as a mode of exchange, unit of record, store of significant worth and standard of deferred payment
Digital Currencies (DC) are those which do not have physical type of banknotes and coins yet which are digital or electronic. It is called as Digital Money, Electronic Money, Electronic Currency or Cyber Cash
This discussion and results deal with the concept of Digital Currency, various forms of digital currencies, emergence and growth of DC, global adaptability and its impact, DC impact during COVID-19 and followed by the Future of DC
Summary
Money is a financial instrument which act as a mode of exchange, unit of record, store of significant worth and standard of deferred payment. DC are those which do not have physical type of banknotes and coins yet which are digital or electronic. It is called as Digital Money, Electronic Money, Electronic Currency or Cyber Cash. The definition and meaning depends on the distinct legal and contextual properties within any limited jurisdiction and the distinct agencies and regulators define differently on the properties of a specific DC. These currencies may be used to buy physical goods and services.
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