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More recently, we’ve been studying other uses of distributed ledger technology. Global regulations around cryptocurrency are yet to be fine-tuned around blockchain tech and central banks digital currencies. One of the most prominent efforts to build a global stablecoin was from Meta’s Diem Association and Libra project. Can Bitcoin Kill Central Banks? Online wallets with robust security are also necessary to store digital currencies. Most countries, including India, are now taking a look at the legality and acceptance of cryptocurrencies. Since these aren’t backed by any governing body, most traditional frameworks don’t assign any value to them. Looking to respond to a fast-changing environment, national central banks started working on digitised versions of their respective currencies. There are many advantages of ‘digital only’ currencies as they have proven to be more fit to the digital age. Some of the old rules on crossboundary money transfers have recently changed as e-com

As such, bitcoin is a digital currency but also a type of virtual currency. Bitcoin and its alternatives are based on cryptographic algorithms, so these kinds of virtual currencies are also called cryptocurrencies. A cryptocurrency is a digital or virtual currency, which is secured by cryptography that makes it impossible to double-spend on a distributed network. What Is Digital Money? Cryptocurrency – is not backed by a central figure but derives its purchasing power from its community of users. Technically, they are pieces of code created by ‘mining’ that are managed through a digital ledger called as blockchain to ensure transparency at each stage of its journey. Although coins like Bitcoin and Ethereum have many uses when it comes to NFTs and the upcoming metaverse, they cannot be utilised outside of blockchain as these are digital assets that can be traded but not used as a legal tender in India. Understanding the benefits and risks of digital currencies and electronic payment