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LONDON, June 28 (Reuters) - A total of 130 countries representing 98% of the global economy are now exploring digital versions of their currencies, with almost half in advanced development, pilot or launch stages, a closely-followed study shows.

By employing fixed effects estimators, the researchers found that redenomination significantly decreases estimated rate of inflation, increase in estimated real GDP per capita. However, there is no significant effect of redenomination on real currency exchange rate. Further, Ullah et al.

Mining is the term used to describe the process of creating cryptocurrency. Transactions made with cryptocurrency need to be validated, and mining performs the validation and creates new cryptocurrency. Mining uses specialized hardware and software to add transactions to the blockchain.

The central bank, or other competent, state authorities (such as the treasury), are typically empowered to create new, physical currency, i.e. paper notes and coins, in order to meet the needs of commercial banks for cash withdrawals, and to replace worn and/or destroyed currency.

When a country introduces a new currency, normally only one institution--generally the central bank--is given authority to issue of the currency. This, in effect, gives the central bank the power to set either the quantity or the price of the currency.

In many countries, the issuance of private paper currencies and/or the minting of metal coins intended to be used as currency may even be a criminal act such as in the United States (18 U.S. Code § 486). Digital cryptocurrency is sometimes treated as an asset instead of a currency.

Wintergerst says introducing a new currency typically takes at least six months, and sometimes as long as two years.