What Is Digital Currency: Difference b/w digital currency & cryptocurrency

Difference b/w digital currency & cryptocurrency – Do you know, What is Digital Currency? If not, what is Digital Currency in this article today? You will know about it in detail about all the important information. The use of digital currency was maximum at that time, when the Prime Minister of India, Honorable Narendra Modi did demonetisation on November 8, 2016. At that time a lot of problems had to be faced, no one had new notes, so people did most of the transactions at that time only through digital currency.

However, in today’s time, a lot of Ewallet is used in India. If we do shopping from anywhere, or buy any thing, and we do not have money in cash, then we make online payment from our e-wallet. Apart from this, India has also made many changes in the field of banking, out of which internet banking is also a good step. With all Reserve Bank of India Together with the Government of India decided to bring digital currency. So let’s know, what is Digital Currency.

What Is Digital Currency:

What is Digital Currency?

The full name of digital currency is “Central Bank Digital Currency”, it is also known as E-Currency. We cannot touch the digital currency, you can only see it in your laptop, smartphone and computer etc. Apart from this, you can also transfer it online. Whereas if we talk about paper currency, then we have to deposit it in the bank. But digital currency is completely different, it is controlled through the internet.

Cryptocurrency or digital currency has also been recognized by the Central Bank of the Government of India. Digital currency in India is also known as “Digital Rupee”. If we understand in simple language what is digital currency, then it simply means, using money electronically. With this, you do not have to go to the banks in long queues, just after opening your bank account, you can use your money digitally.

What is the difference between a digital currency and a cryptocurrency?

What is the difference between a digital currency and a cryptocurrency, a central bank digital currency is usually a virtual currency, issued by a central bank in the form of a tender. And let us tell you that digital currency is legally recognized by the government. Digital currency is recognized by all the countries where the central bank issues this currency. This currency is used for contactless payments, for example whenever you transfer money from your bank account to one of your family accounts. Or you withdraw money from ATM.

If we talk, what is cryptocurrency? Bitcoin currency also comes under cryptocurrency, this currency is not physical. You cannot touch this currency. Such currency is not under the control of the government, nor is it kept in any digital wallet. Let us tell you that cryptocurrencies fluctuate from time to time, whereas digital currency does not fluctuate in any way.

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In which countries does the digital currency operate?

Let us tell you that digital currency runs in many countries of the world, including Japan, Sweden, and China, where the trail of digital currency has been started. Apart from this, the idea of ​​​​bringing digital currency in America is also being considered. The digital currency is currently being used in the Bahamas, Tunisia, and Ecuador.Difference b/w digital currency & cryptocurrency

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Advantages and Features of Digital Currency

  • The digital currency will be recognized by the government.
  • After the introduction of digital currency, people will get rid of cash.
  • The digital currency will be included in the balance sheet of the country’s central bank.
  • After this currency, the government will also have the advantage, that the cost of printing the government’s note will come down.
  • After this currency, people will also be saved from the troubles of depositing and withdrawing their money. Because it will be used electronically.
  • After the introduction of digital currency, people will feel good about the security of their money, because it is much safer than cash.

Disadvantages of Digital Currency

Whatever be the thing, the way it has its advantages, in the same way it also has its disadvantages. In the same way, digital currency has both advantages and disadvantages. Although we have come to know about the advantages of digital currency, so let us now know, what are the disadvantages of digital currency –

  • Bank employees have suffered after the introduction of digital currency.
  • After the introduction of digital currency, the number of employees in the bank has been reduced.
  • Most of the things have become electronic in banks, so the recruitment of employees in banks can also be less.
  • Those who work in the bank sector, they may feel insecurity about their job at some point or the other.
  • Although there is no such major disadvantage of digital currency, it is just a little problem for those working in the bank sector.

How to use Digital Currency?

The digital currency coming to India will work like any other crypto currency. But the only difference will be that this currency will be under the government. Guidelines will be issued by the Reserve Bank of India regarding how to use this currency. It is believed that this currency will be introduced with the help of Blockchain and other technology.

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Note – this article What is Digital Currency?  , Difference b/w digital currency & cryptocurrency, was about it. In which you have been given all the important information about digital currency. If you have any question related to this article, then you can tell us by commenting. If you liked this article, then please do share this article with your friends, thank you.

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