Recently digital currency have gained a lot of attention from media. Digital currency uses technology for transfer of currency among entities. As a result of elimination of intermediaries digital currency allows swift transactions with the help of internet. Cryptography is used for increasing the security of monetary transactions. Also known as cyber cash and digital money can be used to purchase goods and services but is restricted to certain online communities. Digital currency does not fetch any interest as it is not accepted by banks. Cryptocurrencies and virtual currencies are categories of digital currencies. Block chain is the technology behind cryptocurrencies.
Paper No:
2293
