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It can make the financial system safer: Allowing individuals, private sector companies, and non-bank financial institutions to settle directly in central bank money (rather than bank deposits) significantly reduces the concentration of liquidity and credit risk in payment systems.

Types of digital currencies include cryptocurrency, virtual currency and central bank digital currency. Digital currency may be recorded on a distributed database on the internet, a centralized electronic computer database owned by a company or bank, within digital files or even on a stored-value card.

Digital money (or digital currency) refers to any means of payment that exists in a purely electronic form.Digital money is exchanged using technologies such as smartphones, credit cards, and online cryptocurrency exchanges. In some cases, it can be converted into physical cash through the use of an ATM.

In most modern economies, most of the money supply is created by private banks in the form of bank deposits.Money creation occurs when the quantity of monetary aggregates increase. Money issued by central banks is termed base money.

Digital money " refers to any means of payment that has cash equivalence but is stored in a purely digital form. It is used in the commercial transactions of goods and services in a highly connected world where trade is increasingly globalized and where the majority of the world's population is becoming urbanized.

What is a Digital Currency? Digital currency is a form of currency that is available only in digital or electronic form. It is also called digital money, electronic money, electronic currency, or cybercash.

The fanciful notion that somehow a CBDC would obviate the obligation of central banks to ensure access to cash-like payment instruments, or that a central bank could satisfy this policy requirement directly by issuing a digital currency, rests on viewing CBDC as a perfect substitute for cash, which it is not.