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<span>Sub-types of digital currency and comparisons</span> </div> </a> <button aria-controls="toc-Sub-types_of_digital_currency_and_comparisons-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Sub-types of digital currency and comparisons subsection</span> </button> <ul id="toc-Sub-types_of_digital_currency_and_comparisons-sublist" class="vector-toc-list"> <li id="toc-Digital_currency_as_a_specific_type_and_as_a_meta-group_name" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Digital_currency_as_a_specific_type_and_as_a_meta-group_name"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.1</span> <span>Digital currency as a specific type and as a meta-group name</span> </div> </a> <ul id="toc-Digital_currency_as_a_specific_type_and_as_a_meta-group_name-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Digital_versus_virtual_currency" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Digital_versus_virtual_currency"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.2</span> <span>Digital versus virtual currency</span> </div> </a> <ul id="toc-Digital_versus_virtual_currency-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Digital_versus_cryptocurrency" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Digital_versus_cryptocurrency"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.3</span> <span>Digital versus cryptocurrency</span> </div> </a> <ul id="toc-Digital_versus_cryptocurrency-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Digital_versus_traditional_currency" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Digital_versus_traditional_currency"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.4</span> <span>Digital versus traditional currency</span> </div> </a> <ul id="toc-Digital_versus_traditional_currency-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Types_of_systems" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Types_of_systems"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Types of systems</span> </div> </a> <button aria-controls="toc-Types_of_systems-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Types of systems subsection</span> </button> <ul id="toc-Types_of_systems-sublist" class="vector-toc-list"> <li id="toc-Centralized_systems" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Centralized_systems"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.1</span> <span>Centralized systems</span> </div> </a> <ul id="toc-Centralized_systems-sublist" class="vector-toc-list"> <li id="toc-Mobile_digital_wallets" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Mobile_digital_wallets"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.1.1</span> <span>Mobile digital wallets</span> </div> </a> <ul id="toc-Mobile_digital_wallets-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Central_bank_digital_currency" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Central_bank_digital_currency"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.1.2</span> <span>Central bank digital currency</span> </div> </a> <ul id="toc-Central_bank_digital_currency-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Decentralized_systems" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Decentralized_systems"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.2</span> <span>Decentralized systems</span> </div> </a> <ul id="toc-Decentralized_systems-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Law" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Law"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Law</span> </div> </a> <ul id="toc-Law-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Regulation" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Regulation"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Regulation</span> </div> </a> <ul id="toc-Regulation-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Adoption_by_governments" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Adoption_by_governments"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>Adoption by governments</span> </div> </a> <button aria-controls="toc-Adoption_by_governments-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Adoption by governments subsection</span> </button> <ul id="toc-Adoption_by_governments-sublist" class="vector-toc-list"> <li id="toc-United_States_of_America" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#United_States_of_America"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.1</span> <span>United States of America</span> </div> </a> <ul id="toc-United_States_of_America-sublist" class="vector-toc-list"> <li id="toc-US_Commodity_Futures_Trading_Commission_guidance" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#US_Commodity_Futures_Trading_Commission_guidance"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.1.1</span> <span>US Commodity Futures Trading Commission guidance</span> </div> </a> <ul id="toc-US_Commodity_Futures_Trading_Commission_guidance-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-US_Internal_Revenue_Service_guidance" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#US_Internal_Revenue_Service_guidance"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.1.2</span> <span>US Internal Revenue Service guidance</span> </div> </a> <ul id="toc-US_Internal_Revenue_Service_guidance-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-US_Treasury_guidance" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#US_Treasury_guidance"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.1.3</span> <span>US Treasury guidance</span> </div> </a> <ul id="toc-US_Treasury_guidance-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-US_Securities_and_Exchange_Commission_guidance" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#US_Securities_and_Exchange_Commission_guidance"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.1.4</span> <span>US Securities and Exchange Commission guidance</span> </div> </a> <ul id="toc-US_Securities_and_Exchange_Commission_guidance-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-New_York_state_regulation" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#New_York_state_regulation"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.1.5</span> <span>New York state regulation</span> </div> </a> <ul id="toc-New_York_state_regulation-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Canada" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Canada"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.2</span> <span>Canada</span> </div> </a> <ul id="toc-Canada-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-China" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#China"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.3</span> <span>China</span> </div> </a> <ul id="toc-China-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Denmark" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Denmark"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.4</span> <span>Denmark</span> </div> </a> <ul id="toc-Denmark-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Ecuador" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Ecuador"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.5</span> <span>Ecuador</span> </div> </a> <ul id="toc-Ecuador-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-El_Salvador" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#El_Salvador"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.6</span> <span>El Salvador</span> </div> </a> <ul id="toc-El_Salvador-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Netherlands" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Netherlands"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.7</span> <span>Netherlands</span> </div> </a> <ul id="toc-Netherlands-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-India" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#India"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.8</span> <span>India</span> </div> </a> <ul id="toc-India-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Russia" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Russia"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.9</span> <span>Russia</span> </div> </a> <ul id="toc-Russia-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Sweden" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Sweden"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.10</span> <span>Sweden</span> </div> </a> <ul id="toc-Sweden-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Switzerland" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Switzerland"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.11</span> <span>Switzerland</span> </div> </a> <ul id="toc-Switzerland-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-UK" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#UK"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.12</span> <span>UK</span> </div> </a> <ul id="toc-UK-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Adoption_by_financial_actors" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Adoption_by_financial_actors"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>Adoption by financial actors</span> </div> </a> <ul id="toc-Adoption_by_financial_actors-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Hard_vs._soft_digital_currencies" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Hard_vs._soft_digital_currencies"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>Hard vs. soft digital currencies</span> </div> </a> <ul id="toc-Hard_vs._soft_digital_currencies-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Criticism" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Criticism"> <div class="vector-toc-text"> <span class="vector-toc-numb">9</span> <span>Criticism</span> </div> </a> <ul id="toc-Criticism-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-List" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#List"> <div class="vector-toc-text"> <span class="vector-toc-numb">10</span> <span>List</span> </div> </a> <button aria-controls="toc-List-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle List subsection</span> </button> <ul id="toc-List-sublist" class="vector-toc-list"> <li id="toc-Non-cryptocurrencies" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Non-cryptocurrencies"> <div class="vector-toc-text"> <span class="vector-toc-numb">10.1</span> <span>Non-cryptocurrencies</span> </div> </a> <ul id="toc-Non-cryptocurrencies-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">11</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">12</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-listBullet mw-ui-icon-wikimedia-listBullet"></span> <span class="vector-dropdown-label-text">Toggle the table of contents</span> </label> <div class="vector-dropdown-content"> <div id="vector-page-titlebar-toc-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading"><span class="mw-page-title-main">Digital currency</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. Available in 40 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-40" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">40 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%B9%D9%85%D9%84%D8%A9_%D8%B1%D9%82%D9%85%D9%8A%D8%A9" title="عملة رقمية – Arabic" lang="ar" hreflang="ar" data-title="عملة رقمية" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-as mw-list-item"><a href="https://as.wikipedia.org/wiki/%E0%A6%A1%E0%A6%BF%E0%A6%9C%E0%A6%BF%E0%A6%9F%E0%A7%87%E0%A6%B2_%E0%A6%AE%E0%A7%81%E0%A6%A6%E0%A7%8D%E0%A7%B0%E0%A6%BE" title="ডিজিটেল মুদ্ৰা – Assamese" lang="as" hreflang="as" data-title="ডিজিটেল মুদ্ৰা" data-language-autonym="অসমীয়া" data-language-local-name="Assamese" class="interlanguage-link-target"><span>অসমীয়া</span></a></li><li class="interlanguage-link interwiki-az mw-list-item"><a href="https://az.wikipedia.org/wiki/R%C9%99q%C9%99msal_valyuta" title="Rəqəmsal valyuta – Azerbaijani" lang="az" hreflang="az" data-title="Rəqəmsal valyuta" data-language-autonym="Azərbaycanca" data-language-local-name="Azerbaijani" class="interlanguage-link-target"><span>Azərbaycanca</span></a></li><li class="interlanguage-link interwiki-bn mw-list-item"><a href="https://bn.wikipedia.org/wiki/%E0%A6%A1%E0%A6%BF%E0%A6%9C%E0%A6%BF%E0%A6%9F%E0%A6%BE%E0%A6%B2_%E0%A6%AE%E0%A7%81%E0%A6%A6%E0%A7%8D%E0%A6%B0%E0%A6%BE" title="ডিজিটাল মুদ্রা – Bangla" lang="bn" hreflang="bn" data-title="ডিজিটাল মুদ্রা" data-language-autonym="বাংলা" data-language-local-name="Bangla" class="interlanguage-link-target"><span>বাংলা</span></a></li><li class="interlanguage-link interwiki-bg mw-list-item"><a href="https://bg.wikipedia.org/wiki/%D0%A6%D0%B8%D1%84%D1%80%D0%BE%D0%B2%D0%B0_%D0%B2%D0%B0%D0%BB%D1%83%D1%82%D0%B0" title="Цифрова валута – Bulgarian" lang="bg" hreflang="bg" data-title="Цифрова валута" data-language-autonym="Български" data-language-local-name="Bulgarian" class="interlanguage-link-target"><span>Български</span></a></li><li class="interlanguage-link interwiki-ca mw-list-item"><a href="https://ca.wikipedia.org/wiki/Monedes_digitals" title="Monedes digitals – Catalan" lang="ca" hreflang="ca" data-title="Monedes digitals" data-language-autonym="Català" data-language-local-name="Catalan" class="interlanguage-link-target"><span>Català</span></a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/Digit%C3%A1ln%C3%AD_m%C4%9Bna" title="Digitální měna – Czech" lang="cs" hreflang="cs" data-title="Digitální měna" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target"><span>Čeština</span></a></li><li class="interlanguage-link interwiki-et mw-list-item"><a href="https://et.wikipedia.org/wiki/Digiraha" title="Digiraha – Estonian" lang="et" hreflang="et" data-title="Digiraha" data-language-autonym="Eesti" data-language-local-name="Estonian" class="interlanguage-link-target"><span>Eesti</span></a></li><li class="interlanguage-link interwiki-el mw-list-item"><a href="https://el.wikipedia.org/wiki/%CE%A8%CE%B7%CF%86%CE%B9%CE%B1%CE%BA%CF%8C_%CE%BD%CF%8C%CE%BC%CE%B9%CF%83%CE%BC%CE%B1" title="Ψηφιακό νόμισμα – Greek" lang="el" hreflang="el" data-title="Ψηφιακό νόμισμα" data-language-autonym="Ελληνικά" data-language-local-name="Greek" class="interlanguage-link-target"><span>Ελληνικά</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Moneda_digital" title="Moneda digital – Spanish" lang="es" hreflang="es" data-title="Moneda digital" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-eo mw-list-item"><a href="https://eo.wikipedia.org/wiki/Cifereca_valuto" title="Cifereca valuto – Esperanto" lang="eo" hreflang="eo" data-title="Cifereca valuto" data-language-autonym="Esperanto" data-language-local-name="Esperanto" class="interlanguage-link-target"><span>Esperanto</span></a></li><li class="interlanguage-link interwiki-eu mw-list-item"><a href="https://eu.wikipedia.org/wiki/Diru_digital" title="Diru digital – Basque" lang="eu" hreflang="eu" data-title="Diru digital" data-language-autonym="Euskara" data-language-local-name="Basque" class="interlanguage-link-target"><span>Euskara</span></a></li><li class="interlanguage-link interwiki-fa badge-Q70893996 mw-list-item" title=""><a href="https://fa.wikipedia.org/wiki/%D8%A7%D8%B1%D8%B2_%D8%AF%DB%8C%D8%AC%DB%8C%D8%AA%D8%A7%D9%84" title="ارز دیجیتال – Persian" lang="fa" hreflang="fa" data-title="ارز دیجیتال" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EB%94%94%EC%A7%80%ED%84%B8_%ED%86%B5%ED%99%94" title="디지털 통화 – Korean" lang="ko" hreflang="ko" data-title="디지털 통화" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-hy mw-list-item"><a href="https://hy.wikipedia.org/wiki/%D4%B9%D5%BE%D5%A1%D5%B5%D5%AB%D5%B6_%D5%A1%D6%80%D5%AA%D5%B8%D6%82%D5%B5%D5%A9" title="Թվային արժույթ – Armenian" lang="hy" hreflang="hy" data-title="Թվային արժույթ" data-language-autonym="Հայերեն" data-language-local-name="Armenian" class="interlanguage-link-target"><span>Հայերեն</span></a></li><li class="interlanguage-link interwiki-hi mw-list-item"><a href="https://hi.wikipedia.org/wiki/%E0%A4%A1%E0%A4%BF%E0%A4%9C%E0%A4%BF%E0%A4%9F%E0%A4%B2_%E0%A4%AE%E0%A5%81%E0%A4%A6%E0%A5%8D%E0%A4%B0%E0%A4%BE" title="डिजिटल मुद्रा – Hindi" lang="hi" hreflang="hi" data-title="डिजिटल मुद्रा" data-language-autonym="हिन्दी" data-language-local-name="Hindi" class="interlanguage-link-target"><span>हिन्दी</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Mata_uang_digital" title="Mata uang digital – Indonesian" lang="id" hreflang="id" data-title="Mata uang digital" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-zu mw-list-item"><a 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href="https://ps.wikipedia.org/wiki/%DA%89%DB%8C%D8%AC%DB%8C%D9%BC%D9%84_%D9%BE%D9%88%D9%84%D9%8A_%D9%88%D8%A7%D8%AD%D8%AF" title="ډیجیټل پولي واحد – Pashto" lang="ps" hreflang="ps" data-title="ډیجیټل پولي واحد" data-language-autonym="پښتو" data-language-local-name="Pashto" class="interlanguage-link-target"><span>پښتو</span></a></li><li class="interlanguage-link interwiki-ro mw-list-item"><a href="https://ro.wikipedia.org/wiki/Moned%C4%83_digital%C4%83" title="Monedă digitală – Romanian" lang="ro" hreflang="ro" data-title="Monedă digitală" data-language-autonym="Română" data-language-local-name="Romanian" class="interlanguage-link-target"><span>Română</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%A6%D0%B8%D1%84%D1%80%D0%BE%D0%B2%D0%B0%D1%8F_%D0%B2%D0%B0%D0%BB%D1%8E%D1%82%D0%B0" title="Цифровая валюта – Russian" lang="ru" hreflang="ru" data-title="Цифровая валюта" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-ckb mw-list-item"><a href="https://ckb.wikipedia.org/wiki/%D8%AF%D8%B1%D8%A7%D9%88%DB%8C_%D8%AF%DB%8C%D8%AC%DB%8C%D8%AA%D8%A7%DA%B5" title="دراوی دیجیتاڵ – Central Kurdish" lang="ckb" hreflang="ckb" data-title="دراوی دیجیتاڵ" data-language-autonym="کوردی" data-language-local-name="Central Kurdish" class="interlanguage-link-target"><span>کوردی</span></a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/Digital_valuta" title="Digital valuta – Swedish" lang="sv" hreflang="sv" data-title="Digital valuta" data-language-autonym="Svenska" data-language-local-name="Swedish" class="interlanguage-link-target"><span>Svenska</span></a></li><li class="interlanguage-link interwiki-ta mw-list-item"><a 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srcset="//upload.wikimedia.org/wikipedia/en/thumb/1/1b/Semi-protection-shackle.svg/30px-Semi-protection-shackle.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/1/1b/Semi-protection-shackle.svg/40px-Semi-protection-shackle.svg.png 2x" data-file-width="512" data-file-height="512" /></a></span></div></div> </div> <div id="siteSub" class="noprint">From Wikipedia, the free encyclopedia</div> </div> <div id="contentSub"><div id="mw-content-subtitle"></div></div> <div id="mw-content-text" class="mw-body-content"><div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">Currency stored on electronic systems</div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">"E-cash" and "Internet money" redirect here. For the 20th century brand, see <a href="/wiki/Ecash" title="Ecash">Ecash</a>. For the record label, see <a href="/wiki/Internet_Money_Records" title="Internet Money Records">Internet Money Records</a>.</div> <p class="mw-empty-elt"> </p> <figure typeof="mw:File/Thumb"><a href="/wiki/File:Money_flower.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/8/86/Money_flower.png/450px-Money_flower.png" decoding="async" width="450" height="338" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/86/Money_flower.png/675px-Money_flower.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/86/Money_flower.png/900px-Money_flower.png 2x" data-file-width="960" data-file-height="720" /></a><figcaption>Taxonomy of money, based on "Central bank cryptocurrencies" by Morten Linnemann Bech and Rodney Garratt</figcaption></figure> <p><b>Digital currency</b> (<b>digital money</b>, <b>electronic money</b> or <b>electronic currency</b>) is any <a href="/wiki/Currency" title="Currency">currency</a>, <a href="/wiki/Money" title="Money">money</a>, or money-like asset that is primarily managed, stored or exchanged on digital computer systems, especially over the <a href="/wiki/Internet" title="Internet">internet</a>. Types of digital currencies include <a href="/wiki/Cryptocurrency" title="Cryptocurrency">cryptocurrency</a>, <a href="/wiki/Virtual_currency" title="Virtual currency">virtual currency</a> and <a href="/wiki/Central_bank_digital_currency" title="Central bank digital currency">central bank digital currency</a>. Digital currency may be recorded on a <a href="/wiki/Distributed_database" title="Distributed database">distributed database</a> on the internet, a centralized electronic <a href="/wiki/Database" title="Database">computer database</a> owned by a company or bank, within <a href="/wiki/Computer_file" title="Computer file">digital files</a> or even on a <a href="/wiki/Stored-value_card" title="Stored-value card">stored-value card</a>.<sup id="cite_ref-Al-Laham_1-0" class="reference"><a href="#cite_note-Al-Laham-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> </p><p>Digital currencies exhibit properties similar to traditional currencies, but generally do not have a classical physical form of <a href="/wiki/Fiat_money" title="Fiat money">fiat currency</a> historically that can be held in the hand, like currencies with printed <a href="/wiki/Banknotes" class="mw-redirect" title="Banknotes">banknotes</a> or minted <a href="/wiki/Coins" class="mw-redirect" title="Coins">coins</a>. However, they do have a physical form in an unclassical sense coming from the computer to computer and computer to human interactions and the information and processing power of the servers that store and keep track of money. This unclassical physical form allows nearly instantaneous transactions over the internet and vastly lowers the cost associated with distributing notes and coins: for example, of the types of money in the UK economy, 3% are notes and coins, and 79% as electronic money (in the form of bank deposits).<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> Usually not issued by a governmental body, virtual currencies are not considered a <a href="/wiki/Legal_tender" title="Legal tender">legal tender</a> and they enable <a href="/wiki/Ownership" title="Ownership">ownership</a> transfer across governmental <a href="/wiki/Border" title="Border">borders</a>.<sup id="cite_ref-BIS2015_3-0" class="reference"><a href="#cite_note-BIS2015-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> </p><p>This type of currency may be used to buy physical <a href="/wiki/Goods" title="Goods">goods</a> and <a href="/wiki/Service_(economics)" title="Service (economics)">services</a>, but may also be restricted to certain <a href="/wiki/Online_community" title="Online community">communities</a> such as for use inside an online game.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p><p>Digital money can either be centralized, where there is a central point of control over the money supply (for instance, a bank), or <a href="/wiki/Decentralization" title="Decentralization">decentralized</a>, where the control over the money supply is predetermined or agreed upon democratically. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="History">History</h2></div> <p>Precursory ideas for digital currencies were presented in electronic payment methods such as the <a href="/wiki/Sabre_(travel_reservation_system)" title="Sabre (travel reservation system)">Sabre (travel reservation system)</a>.<sup id="cite_ref-Goedicke_Neuhold_Rannenberg_2021_p._301_5-0" class="reference"><a href="#cite_note-Goedicke_Neuhold_Rannenberg_2021_p._301-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> In 1983, a research paper titled "Blind Signatures for Untraceable Payments" by <a href="/wiki/David_Chaum" title="David Chaum">David Chaum</a> introduced the idea of digital cash.<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> In 1989, he founded <a href="/wiki/DigiCash" title="DigiCash">DigiCash</a>, an electronic cash company, in Amsterdam to commercialize the ideas in his research.<sup id="cite_ref-requiem_8-0" class="reference"><a href="#cite_note-requiem-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> It filed for bankruptcy in 1998.<sup id="cite_ref-requiem_8-1" class="reference"><a href="#cite_note-requiem-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> </p><p><a href="/wiki/E-gold" title="E-gold">e-gold</a> was the first widely used Internet money, introduced in 1996, and grew to several million users before the US Government shut it down in 2008. e-gold has been referenced to as "digital currency" by both US officials and academia.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> In 1997, Coca-Cola offered buying from vending machines using mobile payments.<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> <a href="/wiki/PayPal" title="PayPal">PayPal</a> launched its USD-denominated service in 1998. In 2009, <a href="/wiki/Bitcoin" title="Bitcoin">bitcoin</a> was launched, which marked the start of decentralized <a href="/wiki/Blockchain" title="Blockchain">blockchain</a>-based digital currencies with no central server, and no tangible assets held in reserve. Also known as cryptocurrencies, blockchain-based digital currencies proved resistant to attempt by government to regulate them, because there was no central organization or person with the power to turn them off.<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> </p><p>Origins of digital currencies date back to the 1990s <a href="/wiki/Dot-com_bubble" title="Dot-com bubble">Dot-com bubble</a>. Another known digital currency service was <a href="/wiki/Liberty_Reserve" title="Liberty Reserve">Liberty Reserve</a>, founded in 2006; it lets users convert dollars or euros to Liberty Reserve Dollars or Euros, and exchange them freely with one another at a 1% fee. Several digital currency operations were reputed to be used for Ponzi schemes and money laundering, and were prosecuted by the U.S. government for operating without MSB licenses.<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> Q coins or QQ coins, were used as a type of commodity-based digital currency on <a href="/wiki/Tencent_QQ" title="Tencent QQ">Tencent QQ</a>'s messaging platform and emerged in early 2005. Q coins were so effective in China that they were said to have had a destabilizing effect on the Chinese Yuan currency due to speculation.<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> Recent interest in <a href="/wiki/Cryptocurrency" title="Cryptocurrency">cryptocurrencies</a> has prompted renewed interest in digital currencies, with <a href="/wiki/Bitcoin" title="Bitcoin">bitcoin</a>, introduced in 2008, becoming the most widely used and accepted digital currency. </p> <div class="mw-heading mw-heading2"><h2 id="Sub-types_of_digital_currency_and_comparisons">Sub-types of digital currency and comparisons</h2></div> <div class="mw-heading mw-heading3"><h3 id="Digital_currency_as_a_specific_type_and_as_a_meta-group_name">Digital currency as a specific type and as a meta-group name</h3></div> <p>Digital currency is a term that refers to a specific type of electronic currency with specific properties. Digital currency is also a term used to include the meta-group of sub-types of digital currency, the specific meaning can only be determined within the specific legal or contextual case. Legally and technically, there already are a myriad of legal definitions of digital currency and the many digital currency sub-types. Combining different possible properties, there exists an extensive number of implementations creating many and numerous sub-types of digital currency. Many governmental jurisdictions have implemented their own unique definition for digital currency, virtual currency, cryptocurrency, e-money, network money, e-cash, and other types of digital currency. Within any specific government jurisdiction, different agencies and regulators define different and often conflicting meanings for the different types of digital currency based on the specific properties of a specific currency type or sub-type. </p> <div class="mw-heading mw-heading3"><h3 id="Digital_versus_virtual_currency">Digital versus virtual currency</h3></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Virtual_currency" title="Virtual currency">Virtual currency</a></div> <p>A virtual currency has been defined in 2012 by the <a href="/wiki/European_Central_Bank" title="European Central Bank">European Central Bank</a> as "a type of unregulated, digital money, which is issued and usually controlled by its developers, and used and accepted among the members of a specific <a href="/wiki/Virtual_community" title="Virtual community">virtual community</a>".<sup id="cite_ref-:2_19-0" class="reference"><a href="#cite_note-:2-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> The <a href="/wiki/US_Department_of_Treasury" class="mw-redirect" title="US Department of Treasury">US Department of Treasury</a> in 2013 defined it more tersely as "a medium of exchange that operates like a currency in some environments, but does not have all the attributes of real currency".<sup id="cite_ref-auditreport_20-0" class="reference"><a href="#cite_note-auditreport-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> The US Department of Treasury also stated that, "Virtual currency does not have legal-tender status in any jurisdiction."<sup id="cite_ref-auditreport_20-1" class="reference"><a href="#cite_note-auditreport-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> </p><p>According to the <a href="/wiki/European_Central_Bank" title="European Central Bank">European Central Bank</a>'s 2015 "Virtual currency schemes – a further analysis" report, virtual currency is a digital representation of value, not issued by a central bank, credit institution or e-money institution, which, in some circumstances, can be used as an alternative to money.<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> In the previous report of October 2012, the virtual currency was defined as a type of unregulated, digital money, which is issued and usually controlled by its developers, and used and accepted among the members of a specific virtual community.<sup id="cite_ref-:2_19-1" class="reference"><a href="#cite_note-:2-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> </p><p>According to the <a href="/wiki/Bank_for_International_Settlements" title="Bank for International Settlements">Bank for International Settlements</a>' November 2015 "Digital currencies" report, it is an asset represented in digital form and having some monetary characteristics.<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> Digital currency can be denominated to a sovereign currency and issued by the issuer responsible to redeem digital money for cash. In that case, digital currency represents electronic money (e-money). Digital currency denominated in its own units of value or with decentralized or automatic issuance will be considered as a virtual currency. 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. </p> <div class="mw-heading mw-heading3"><h3 id="Digital_versus_cryptocurrency">Digital versus cryptocurrency</h3></div> <p><a href="/wiki/Cryptocurrency" title="Cryptocurrency">Cryptocurrency</a> is a sub-type of digital currency and a digital <a href="/wiki/Asset" title="Asset">asset</a> that relies on <a href="/wiki/Cryptography" title="Cryptography">cryptography</a> to chain together <a href="/wiki/Digital_signature" title="Digital signature">digital signatures</a> of asset transfers, <a href="/wiki/Peer-to-peer" title="Peer-to-peer">peer-to-peer</a> networking and <a href="/wiki/Decentralization" title="Decentralization">decentralization</a>. In some cases a <a href="/wiki/Proof-of-work" class="mw-redirect" title="Proof-of-work">proof-of-work</a> or <a href="/wiki/Proof-of-stake" class="mw-redirect" title="Proof-of-stake">proof-of-stake</a> scheme is used to create and manage the currency.<sup id="cite_ref-ars1_23-0" class="reference"><a href="#cite_note-ars1-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-tech_24-0" class="reference"><a href="#cite_note-tech-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-beyondbitcoin_26-0" class="reference"><a href="#cite_note-beyondbitcoin-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> Cryptocurrencies can allow electronic money systems to be decentralized. When implemented with a blockchain, the digital ledger system or record keeping system uses <a href="/wiki/Cryptography" title="Cryptography">cryptography</a> to edit separate shards of database entries that are distributed across many separate servers. The first and most popular system is <a href="/wiki/Bitcoin" title="Bitcoin">bitcoin</a>, a peer-to-peer electronic monetary system based on cryptography. </p> <div class="mw-heading mw-heading3"><h3 id="Digital_versus_traditional_currency">Digital versus traditional currency</h3></div> <p>Most of the traditional <a href="/wiki/Money_supply" title="Money supply">money supply</a> is <a href="/wiki/Demand_deposit" title="Demand deposit">bank money</a> held on computers. They are considered digital currency in some cases. One could argue that our increasingly cashless society means that all currencies are becoming digital currencies, but they are not presented to us as such.<sup id="cite_ref-ECB_27-0" class="reference"><a href="#cite_note-ECB-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Types_of_systems">Types of systems</h2></div> <div class="mw-heading mw-heading3"><h3 id="Centralized_systems">Centralized systems</h3></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Electronic_funds_transfer" title="Electronic funds transfer">Electronic funds transfer</a></div> <p>Currency can be exchanged electronically using <a href="/wiki/Debit_card" title="Debit card">debit cards</a> and <a href="/wiki/Credit_card" title="Credit card">credit cards</a> using <a href="/wiki/Electronic_funds_transfer_at_point_of_sale" class="mw-redirect" title="Electronic funds transfer at point of sale">electronic funds transfer at point of sale</a>. </p> <div class="mw-heading mw-heading4"><h4 id="Mobile_digital_wallets">Mobile digital wallets</h4></div> <p>A number of electronic money systems use <a href="/wiki/Contactless_payment" title="Contactless payment">contactless payment</a> transfer in order to facilitate easy payment and give the payee more confidence in not letting go of their electronic wallet during the transaction. </p> <ul><li>In 1994 <a href="/wiki/Mondex" title="Mondex">Mondex</a> and <a href="/wiki/National_Westminster_Bank" class="mw-redirect" title="National Westminster Bank">National Westminster Bank</a> provided an "electronic purse" to residents of <a href="/wiki/Swindon" title="Swindon">Swindon</a></li> <li>In about 2005 <a href="/wiki/Telef%C3%B3nica" title="Telefónica">Telefónica</a> and <a href="/wiki/Banco_Bilbao_Vizcaya_Argentaria" title="Banco Bilbao Vizcaya Argentaria">BBVA Bank</a> launched a payment system in <a href="/wiki/Spain" title="Spain">Spain</a> called Mobipay<sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> which used simple <a href="/wiki/Short_message_service" class="mw-redirect" title="Short message service">short message service</a> facilities of <a href="/wiki/Feature_phones" class="mw-redirect" title="Feature phones">feature phones</a> intended for pay-as-you-go services including taxis and pre-pay phone recharges via a BBVA current bank account debit.</li> <li>In January 2010, <a href="/wiki/Venmo" title="Venmo">Venmo</a> launched as a mobile payment system through SMS, which transformed into a social app where friends can pay each other for minor expenses like a cup of coffee, rent and pay a share of the restaurant bill when one has forgotten their wallet.<sup id="cite_ref-29" class="reference"><a href="#cite_note-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> It is popular with college students, but has some security issues.<sup id="cite_ref-30" class="reference"><a href="#cite_note-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> It can be linked to a bank account, credit/debit card or have a loaded value to limit the amount of loss in case of a security breach. Credit cards and non-major debit cards incur a 3% processing fee.<sup id="cite_ref-31" class="reference"><a href="#cite_note-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup></li> <li>On 19 September 2011, <a href="/wiki/Google_Wallet" title="Google Wallet">Google Wallet</a> released in the United States to make it easy to carry all one's credit/debit cards on a phone.<sup id="cite_ref-32" class="reference"><a href="#cite_note-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup></li> <li>In 2012 <a href="/wiki/Ireland" title="Ireland">Ireland</a>'s <a href="/wiki/O2_(Ireland)" title="O2 (Ireland)">O2</a> (owned by <a href="/wiki/Telef%C3%B3nica" title="Telefónica">Telefónica</a>) launched Easytrip to pay <a href="/wiki/Road_tolls" class="mw-redirect" title="Road tolls">road tolls</a> which were charged to the mobile phone account or prepay credit.<sup id="cite_ref-33" class="reference"><a href="#cite_note-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup></li> <li>The UK's <a href="/wiki/O2_(United_Kingdom)" class="mw-redirect" title="O2 (United Kingdom)">O2</a> invented O2 Wallet<sup id="cite_ref-34" class="reference"><a href="#cite_note-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup> at about the same time. The wallet can be charged with regular bank accounts or cards and discharged by participating retailers using a technique known as 'money messages'. The service closed in 2014.</li> <li>On 9 September 2014, <a href="/wiki/Apple_Pay" title="Apple Pay">Apple Pay</a> was announced at the <a href="/wiki/IPhone_6" title="IPhone 6">iPhone 6</a> event. In October 2014 it was released as an update to work on <a href="/wiki/IPhone_6" title="IPhone 6">iPhone 6</a> and <a href="/wiki/Apple_Watch" title="Apple Watch">Apple Watch</a>. It is very similar to <a href="/wiki/Google_Wallet" title="Google Wallet">Google Wallet</a>, but for Apple devices only.<sup id="cite_ref-35" class="reference"><a href="#cite_note-35"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup></li></ul> <div class="mw-heading mw-heading4"><h4 id="Central_bank_digital_currency">Central bank digital currency</h4></div> <p>A <a href="/wiki/Central_bank_digital_currency" title="Central bank digital currency">central bank digital currency</a> (CBDC) is a form of universally accessible digital money in a nation and holds the same value as the country's paper currency. Like a <a href="/wiki/Cryptocurrency" title="Cryptocurrency">cryptocurrency</a>, a CBCD is held in the form of tokens. CBDCs are different from regular digital cash forms like in online bank accounts because CBDCs are established through the central bank within a country, with liabilities held by one's government, rather than from a commercial bank.<sup id="cite_ref-36" class="reference"><a href="#cite_note-36"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup> Approximately nine countries have already<sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Manual_of_Style/Dates_and_numbers#Chronological_items" title="Wikipedia:Manual of Style/Dates and numbers"><span title="The time period mentioned near this tag is ambiguous. (June 2023)">when?</span></a></i>]</sup> established a CBDC, with interest in the system increasing highly throughout the world. In these nations, CBDCs have been used as a form of exchange and a way for governments to try to prevent risks from occurring within their <a href="/wiki/Financial_system" title="Financial system">financial systems</a>.<sup id="cite_ref-37" class="reference"><a href="#cite_note-37"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup> </p><p>A major problem with central bank digital currencies is deciding whether the currency should be easily trackable. If it's traceable, the government has more control than it currently does. Additionally, there's a technical aspect to consider: whether CBDCs should be based on tokens or accounts and how much anonymity users should have.<sup id="cite_ref-38" class="reference"><a href="#cite_note-38"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Decentralized_systems">Decentralized systems</h3></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Cryptocurrency" title="Cryptocurrency">Cryptocurrency</a></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/List_of_cryptocurrencies" title="List of cryptocurrencies">List of cryptocurrencies</a></div> <p>Digital Currency has been implemented in some cases as a <a href="/wiki/Decentralised_system" title="Decentralised system">decentralized</a> system of any combination of currency <a href="/wiki/Issuance_of_money" class="mw-redirect" title="Issuance of money">issuance</a>, <a href="/wiki/Ownership" title="Ownership">ownership</a> record, ownership transfer <a href="/wiki/Authorization" title="Authorization">authorization</a> and <a href="/wiki/Verification_and_validation" title="Verification and validation">validation</a>, and currency storage. </p><p>Per the <a href="/wiki/Bank_for_International_Settlements" title="Bank for International Settlements">Bank for International Settlements</a> (BIS), "These schemes do not distinguish between users based on location, and therefore allow value to be transferred between users across borders. Moreover, the speed of a transaction is not conditional on the location of the payer and payee."<sup id="cite_ref-BIS2015_3-1" class="reference"><a href="#cite_note-BIS2015-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Law">Law</h2></div> <p>Since 2001, the European Union has implemented the <a href="/wiki/E-Money_Directive" title="E-Money Directive">E-Money Directive</a> "on the taking up, pursuit and prudential supervision of the business of electronic money institutions" last amended in 2009.<sup id="cite_ref-39" class="reference"><a href="#cite_note-39"><span class="cite-bracket">[</span>39<span class="cite-bracket">]</span></a></sup> </p><p>In the United States, electronic money is governed by Article 4A of the <a href="/wiki/Uniform_Commercial_Code" title="Uniform Commercial Code">Uniform Commercial Code</a> for wholesale transactions and the <a href="/wiki/Electronic_Fund_Transfer_Act" title="Electronic Fund Transfer Act">Electronic Fund Transfer Act</a> for consumer transactions. Provider's responsibility and consumer's liability are regulated under Regulation E.<sup id="cite_ref-40" class="reference"><a href="#cite_note-40"><span class="cite-bracket">[</span>40<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-41" class="reference"><a href="#cite_note-41"><span class="cite-bracket">[</span>41<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Regulation">Regulation</h2></div> <p>Virtual currencies pose challenges for central banks, financial regulators, departments or ministries of finance, as well as fiscal authorities and statistical authorities. </p> <div class="mw-heading mw-heading2"><h2 id="Adoption_by_governments">Adoption by governments</h2></div> <p>As of 2016, over 24 countries are investing in distributed ledger technologies (DLT) with $1.4bn in investments. In addition, over 90 <a href="/wiki/Central_bank" title="Central bank">central banks</a> are engaged in DLT discussions, including implications of a <a href="/wiki/Central_bank_digital_currency" title="Central bank digital currency">central bank issued digital currency</a>.<sup id="cite_ref-econotimes.com_42-0" class="reference"><a href="#cite_note-econotimes.com-42"><span class="cite-bracket">[</span>42<span class="cite-bracket">]</span></a></sup> </p> <ul><li><a href="/wiki/Hong_Kong" title="Hong Kong">Hong Kong</a>'s <a href="/wiki/Octopus_card" title="Octopus card">Octopus card</a> system: Launched in 1997 as an electronic purse for public transportation, is the most successful and mature implementation of contactless smart cards used for mass transit payments. After only 5 years, 25 percent of Octopus card transactions are unrelated to transit, and accepted by more than 160 merchants.<sup id="cite_ref-43" class="reference"><a href="#cite_note-43"><span class="cite-bracket">[</span>43<span class="cite-bracket">]</span></a></sup></li> <li><a href="/wiki/London" title="London">London</a> Transport's <a href="/wiki/Oyster_card" title="Oyster card">Oyster card</a> system: Oyster is a plastic smartcard that can hold pay-as-you-go credit, Travelcards and Bus & Tram season tickets. An Oyster card can be used to travel on bus, Tube, tram, DLR, London Overground and most National Rail services in London.<sup id="cite_ref-44" class="reference"><a href="#cite_note-44"><span class="cite-bracket">[</span>44<span class="cite-bracket">]</span></a></sup></li> <li><a href="/wiki/Japan" title="Japan">Japan</a>'s <a href="/wiki/FeliCa" title="FeliCa">FeliCa</a>: A contactless RFID <a href="/wiki/Smart_card" title="Smart card">smart card</a>, used in a variety of ways such as in ticketing systems for public transportation, e-money, and residence door keys.<sup id="cite_ref-45" class="reference"><a href="#cite_note-45"><span class="cite-bracket">[</span>45<span class="cite-bracket">]</span></a></sup></li> <li>The <a href="/wiki/Netherlands" title="Netherlands">Netherlands</a>' <a href="/wiki/Chipknip" title="Chipknip">Chipknip</a>: As an electronic cash system used in the Netherlands, all ATM cards issued by the Dutch banks had value that could be loaded via Chipknip loading stations. For people without a bank, pre-paid Chipknip cards could be purchased at various locations in the Netherlands. As of 1 January 2015, payment can no longer be made with Chipknip.<sup id="cite_ref-46" class="reference"><a href="#cite_note-46"><span class="cite-bracket">[</span>46<span class="cite-bracket">]</span></a></sup></li> <li><a href="/wiki/Belgium" title="Belgium">Belgium</a>'s <a href="/wiki/Proton_(bank_card)" class="mw-redirect" title="Proton (bank card)">Proton</a>: An <a href="/wiki/Electronic_purse" class="mw-redirect" title="Electronic purse">electronic purse</a> application for <a href="/wiki/Debit_cards" class="mw-redirect" title="Debit cards">debit cards</a> in Belgium. Introduced in February 1995, as a means to replace cash for small transactions. The system was retired on 31 December 2014.<sup id="cite_ref-47" class="reference"><a href="#cite_note-47"><span class="cite-bracket">[</span>47<span class="cite-bracket">]</span></a></sup></li></ul> <p>In March 2018, the <a href="/wiki/Marshall_Islands" title="Marshall Islands">Marshall Islands</a> became the first country to issue their own cryptocurrency and certify it as legal tender; the currency is called the "sovereign".<sup id="cite_ref-48" class="reference"><a href="#cite_note-48"><span class="cite-bracket">[</span>48<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="United_States_of_America">United States of America</h3></div> <div class="mw-heading mw-heading4"><h4 id="US_Commodity_Futures_Trading_Commission_guidance">US Commodity Futures Trading Commission guidance</h4></div> <p>The US <a href="/wiki/Commodity_Futures_Trading_Commission" title="Commodity Futures Trading Commission">Commodity Futures Trading Commission</a> (CFTC) has determined virtual currencies are properly defined as commodities in 2015.<sup id="cite_ref-49" class="reference"><a href="#cite_note-49"><span class="cite-bracket">[</span>49<span class="cite-bracket">]</span></a></sup> The <a href="/wiki/Commodity_Futures_Trading_Commission" title="Commodity Futures Trading Commission">CFTC</a> warned investors against <a href="/wiki/Pump_and_dump" title="Pump and dump">pump and dump</a> schemes that use virtual currencies.<sup id="cite_ref-50" class="reference"><a href="#cite_note-50"><span class="cite-bracket">[</span>50<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="US_Internal_Revenue_Service_guidance">US Internal Revenue Service guidance</h4></div> <p>The <a href="/wiki/US_Internal_Revenue_Service" class="mw-redirect" title="US Internal Revenue Service">US Internal Revenue Service</a> (IRS) ruling Notice 2014-21<sup id="cite_ref-51" class="reference"><a href="#cite_note-51"><span class="cite-bracket">[</span>51<span class="cite-bracket">]</span></a></sup> defines any virtual currency, cryptocurrency and digital currency as property; gains and losses are taxable within standard property policies. </p> <div class="mw-heading mw-heading4"><h4 id="US_Treasury_guidance">US Treasury guidance</h4></div> <p>On 20 March 2013, the Financial Crimes Enforcement Network issued a guidance to clarify how the U.S. <a href="/wiki/Bank_Secrecy_Act" title="Bank Secrecy Act">Bank Secrecy Act</a> applied to persons creating, exchanging, and transmitting virtual currencies.<sup id="cite_ref-FinCEN_52-0" class="reference"><a href="#cite_note-FinCEN-52"><span class="cite-bracket">[</span>52<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="US_Securities_and_Exchange_Commission_guidance">US Securities and Exchange Commission guidance</h4></div> <p>In May 2014 the US <a href="/wiki/Securities_and_Exchange_Commission" class="mw-redirect" title="Securities and Exchange Commission">Securities and Exchange Commission</a> (SEC) "warned about the hazards of bitcoin and other virtual currencies".<sup id="cite_ref-53" class="reference"><a href="#cite_note-53"><span class="cite-bracket">[</span>53<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-54" class="reference"><a href="#cite_note-54"><span class="cite-bracket">[</span>54<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="New_York_state_regulation">New York state regulation</h4></div> <p>In July 2014, the <a href="/wiki/New_York_State_Department_of_Financial_Services" title="New York State Department of Financial Services">New York State Department of Financial Services</a> proposed the most comprehensive regulation of virtual currencies to date, commonly called <a href="/wiki/BitLicense" title="BitLicense">BitLicense</a>. It has gathered input from bitcoin supporters and the financial industry through public hearings and a comment period until 21 October 2014 to customize the rules. The proposal per NY DFS press release "sought to strike an appropriate balance that helps protect consumers and root out illegal activity".<sup id="cite_ref-55" class="reference"><a href="#cite_note-55"><span class="cite-bracket">[</span>55<span class="cite-bracket">]</span></a></sup> It has been criticized by smaller companies to favor established institutions, and Chinese bitcoin exchanges have complained that the rules are "overly broad in its application outside the United States".<sup id="cite_ref-56" class="reference"><a href="#cite_note-56"><span class="cite-bracket">[</span>56<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Canada">Canada</h3></div> <p>The <a href="/wiki/Bank_of_Canada" title="Bank of Canada">Bank of Canada</a> has explored the possibility of creating a version of its currency on the blockchain.<sup id="cite_ref-57" class="reference"><a href="#cite_note-57"><span class="cite-bracket">[</span>57<span class="cite-bracket">]</span></a></sup> </p><p>The Bank of Canada teamed up with the nation's five largest banks – and the blockchain consulting firm R3 – for what was known as Project Jasper. In a simulation run in 2016, the central bank issued CAD-Coins onto a blockchain similar <a href="/wiki/Ethereum" title="Ethereum">Ethereum</a>.<sup id="cite_ref-nytimes.com_58-0" class="reference"><a href="#cite_note-nytimes.com-58"><span class="cite-bracket">[</span>58<span class="cite-bracket">]</span></a></sup> The banks used the CAD-Coins to exchange money the way they do at the end of each day to settle their master accounts.<sup id="cite_ref-nytimes.com_58-1" class="reference"><a href="#cite_note-nytimes.com-58"><span class="cite-bracket">[</span>58<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="China">China</h3></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Digital_renminbi" title="Digital renminbi">Digital renminbi</a></div> <p>In 2016, Fan Yifei, a deputy governor of China's central bank, the <a href="/wiki/People%27s_Bank_of_China" title="People's Bank of China">People's Bank of China</a> (PBOC), wrote that "the conditions are ripe for digital currencies, which can reduce operating costs, increase efficiency and enable a wide range of new applications".<sup id="cite_ref-nytimes.com_58-2" class="reference"><a href="#cite_note-nytimes.com-58"><span class="cite-bracket">[</span>58<span class="cite-bracket">]</span></a></sup> According to Fan Yifei, the best way to take advantage of the situation is for central banks to take the lead, both in supervising private digital currencies and in developing digital legal tender of their own.<sup id="cite_ref-59" class="reference"><a href="#cite_note-59"><span class="cite-bracket">[</span>59<span class="cite-bracket">]</span></a></sup> </p><p>In October 2019, the PBOC announced that a digital <a href="/wiki/Renminbi" title="Renminbi">renminbi</a> would be released after years of preparation.<sup id="cite_ref-nikkeiasia-20191231_60-0" class="reference"><a href="#cite_note-nikkeiasia-20191231-60"><span class="cite-bracket">[</span>60<span class="cite-bracket">]</span></a></sup> The version of the currency, known as DCEP (<a href="/wiki/Digital_Currency_Electronic_Payment" class="mw-redirect" title="Digital Currency Electronic Payment">Digital Currency Electronic Payment</a>),<sup id="cite_ref-61" class="reference"><a href="#cite_note-61"><span class="cite-bracket">[</span>61<span class="cite-bracket">]</span></a></sup> is based on <a href="/wiki/Cryptocurrency" title="Cryptocurrency">cryptocurrency</a> which can be "decoupled" from the banking system.<sup id="cite_ref-62" class="reference"><a href="#cite_note-62"><span class="cite-bracket">[</span>62<span class="cite-bracket">]</span></a></sup> The announcement received a variety of responses: some believe it is more about domestic control and surveillance.<sup id="cite_ref-63" class="reference"><a href="#cite_note-63"><span class="cite-bracket">[</span>63<span class="cite-bracket">]</span></a></sup> </p><p>In December 2020, the PBOC distributed CN¥20 million worth of digital renminbi to the residents of <a href="/wiki/Suzhou" title="Suzhou">Suzhou</a> through a lottery program to further promote the government-backed digital currency. Recipients of the currency could make both offline and online purchases, expanding on an earlier trial that did not require internet connection through the inclusion of online stores in the program. Around 20,000 transactions were reported by the e-commerce company <a href="/wiki/JD.com" title="JD.com">JD.com</a> in the first 24 hours of the trial. Contrary to other <a href="/wiki/Online_payment" class="mw-redirect" title="Online payment">online payment</a> platforms such as <a href="/wiki/Alipay" title="Alipay">Alipay</a> or <a href="/wiki/WeChat_Pay" title="WeChat Pay">WeChat Pay</a>, the digital currency does not have transaction fees.<sup id="cite_ref-64" class="reference"><a href="#cite_note-64"><span class="cite-bracket">[</span>64<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Denmark">Denmark</h3></div> <p>The Danish government proposed getting rid of the obligation for selected retailers to accept payment in cash, moving the country closer to a "cashless" economy.<sup id="cite_ref-reuters.com_65-0" class="reference"><a href="#cite_note-reuters.com-65"><span class="cite-bracket">[</span>65<span class="cite-bracket">]</span></a></sup> The Danish Chamber of Commerce is backing the move.<sup id="cite_ref-66" class="reference"><a href="#cite_note-66"><span class="cite-bracket">[</span>66<span class="cite-bracket">]</span></a></sup> Nearly a third of the Danish population uses <a href="/wiki/MobilePay" title="MobilePay">MobilePay</a>, a smartphone application for transferring money.<sup id="cite_ref-reuters.com_65-1" class="reference"><a href="#cite_note-reuters.com-65"><span class="cite-bracket">[</span>65<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Ecuador">Ecuador</h3></div> <p>A law passed by the <a href="/wiki/National_Assembly_of_Ecuador" class="mw-redirect" title="National Assembly of Ecuador">National Assembly of Ecuador</a> gives the government permission to make payments in electronic currency and proposes the creation of a national digital currency. "Electronic money will stimulate the economy; it will be possible to attract more Ecuadorian citizens, especially those who do not have checking or savings accounts and credit cards alone. The electronic currency will be backed by the assets of the Central Bank of Ecuador", the National Assembly said in a statement.<sup id="cite_ref-67" class="reference"><a href="#cite_note-67"><span class="cite-bracket">[</span>67<span class="cite-bracket">]</span></a></sup> In December 2015, Sistema de Dinero Electrónico ("electronic money system") was launched, making Ecuador the first country with a state-run electronic payment system.<sup id="cite_ref-68" class="reference"><a href="#cite_note-68"><span class="cite-bracket">[</span>68<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="El_Salvador">El Salvador</h3></div> <p>On Jun 9, 2021, the <a href="/wiki/Legislative_Assembly_of_El_Salvador" title="Legislative Assembly of El Salvador">Legislative Assembly of El Salvador</a> has become the first country in the world to officially classify <a href="/wiki/Bitcoin" title="Bitcoin">bitcoin</a> as <a href="/wiki/Legal_tender" title="Legal tender">legal currency</a>. Starting 90 days after approval, every business must accept <a href="/wiki/Bitcoin" title="Bitcoin">bitcoin</a> as legal tender for goods or services, unless it is unable to provide the technology needed to do the transaction.<sup id="cite_ref-69" class="reference"><a href="#cite_note-69"><span class="cite-bracket">[</span>69<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Netherlands">Netherlands</h3></div> <p>The <a href="/wiki/De_Nederlandsche_Bank" title="De Nederlandsche Bank">Dutch central bank</a> is experimenting with a blockchain-based virtual currency called "DNBCoin".<sup id="cite_ref-nytimes.com_58-3" class="reference"><a href="#cite_note-nytimes.com-58"><span class="cite-bracket">[</span>58<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-70" class="reference"><a href="#cite_note-70"><span class="cite-bracket">[</span>70<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="India">India</h3></div> <style data-mw-deduplicate="TemplateStyles:r1251242444">.mw-parser-output .ambox{border:1px solid #a2a9b1;border-left:10px solid #36c;background-color:#fbfbfb;box-sizing:border-box}.mw-parser-output .ambox+link+.ambox,.mw-parser-output .ambox+link+style+.ambox,.mw-parser-output .ambox+link+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+style+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+link+.ambox{margin-top:-1px}html body.mediawiki .mw-parser-output .ambox.mbox-small-left{margin:4px 1em 4px 0;overflow:hidden;width:238px;border-collapse:collapse;font-size:88%;line-height:1.25em}.mw-parser-output .ambox-speedy{border-left:10px solid #b32424;background-color:#fee7e6}.mw-parser-output .ambox-delete{border-left:10px solid #b32424}.mw-parser-output .ambox-content{border-left:10px solid #f28500}.mw-parser-output .ambox-style{border-left:10px solid #fc3}.mw-parser-output .ambox-move{border-left:10px solid #9932cc}.mw-parser-output .ambox-protection{border-left:10px solid #a2a9b1}.mw-parser-output .ambox .mbox-text{border:none;padding:0.25em 0.5em;width:100%}.mw-parser-output .ambox .mbox-image{border:none;padding:2px 0 2px 0.5em;text-align:center}.mw-parser-output .ambox .mbox-imageright{border:none;padding:2px 0.5em 2px 0;text-align:center}.mw-parser-output .ambox .mbox-empty-cell{border:none;padding:0;width:1px}.mw-parser-output .ambox .mbox-image-div{width:52px}@media(min-width:720px){.mw-parser-output .ambox{margin:0 10%}}@media print{body.ns-0 .mw-parser-output .ambox{display:none!important}}</style><table class="box-Unreferenced_section plainlinks metadata ambox ambox-content ambox-Unreferenced" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><a href="/wiki/File:Question_book-new.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/50px-Question_book-new.svg.png" decoding="async" width="50" height="39" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/75px-Question_book-new.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/100px-Question_book-new.svg.png 2x" data-file-width="512" data-file-height="399" /></a></span></div></td><td class="mbox-text"><div class="mbox-text-span">This section <b>does not <a href="/wiki/Wikipedia:Citing_sources" title="Wikipedia:Citing sources">cite</a> any <a href="/wiki/Wikipedia:Verifiability" title="Wikipedia:Verifiability">sources</a></b>.<span class="hide-when-compact"> Please help <a href="/wiki/Special:EditPage/Digital_currency" title="Special:EditPage/Digital currency">improve this section</a> by <a href="/wiki/Help:Referencing_for_beginners" title="Help:Referencing for beginners">adding citations to reliable sources</a>. Unsourced material may be challenged and <a href="/wiki/Wikipedia:Verifiability#Burden_of_evidence" title="Wikipedia:Verifiability">removed</a>.</span> <span class="date-container"><i>(<span class="date">February 2022</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <p>The Unified Payments Interface (UPI) is a real-time payment system for instant money transfers between any two bank accounts held in participating banks in India. The interface has been developed by the National Payments Corporation of India and is regulated by the Reserve Bank of India. This digital payment system is available 24 hours a day, every day of the year. UPI is agnostic to the type of user and is used for person to person, person to business, business to person and business to business transactions. </p><p>Transactions can be initiated by the payer or the payee. To identify a bank account it uses a unique Virtual Payment Address (VPA) of the type 'accountID@bankID'. The VPA can be assigned by the bank, but can also be self specified just like an email address. The simplest and most common form of VPA is 'mobilenumber@upi'. Money can be transferred from one VPA to another or from one VPA to any bank account in a participating bank using account number and bank branch details. Transfers can be inter-bank or intra-bank. </p><p>UPI has no intermediate holding pond for money. It withdraws funds directly from the bank account of the sender and deposits them directly into the recipient's bank account whenever a transaction is requested. A sender can initiate and authorise a transfer using a two step secure process: login using a pass code → initiate → verify using a passcode. A receiver can initiate a payment request on the system to send the payer a notification or by presenting a QR code. On receiving the request, the payer can decline or confirm the payment using the same two step process: login → confirm → verify. The system is extraordinarily user friendly to the extent that even technophobes and barely literate users are adopting it in huge numbers. </p> <div class="mw-heading mw-heading3"><h3 id="Russia">Russia</h3></div> <p>Government-controlled <a href="/wiki/Sberbank_of_Russia" class="mw-redirect" title="Sberbank of Russia">Sberbank of Russia</a> owns <a href="/wiki/YooMoney" title="YooMoney">YooMoney</a> – electronic payment service and digital currency of the same name.<sup id="cite_ref-71" class="reference"><a href="#cite_note-71"><span class="cite-bracket">[</span>71<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Sweden">Sweden</h3></div> <p><a href="/wiki/Sweden" title="Sweden">Sweden</a> is in the process of replacing all of its physical banknotes, and most of its coins by mid-2017.<sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Manual_of_Style/Dates_and_numbers#Chronological_items" title="Wikipedia:Manual of Style/Dates and numbers"><span title="The date of the event predicted near this tag has passed. (May 2021)">needs update</span></a></i>]</sup> However, the new banknotes and coins of the <a href="/wiki/Swedish_krona" title="Swedish krona">Swedish krona</a> will probably be circulating at about half the 2007 peak of 12,494 kronor per capita. The <a href="/wiki/Riksbank" class="mw-redirect" title="Riksbank">Riksbank</a> is planning to begin discussions of an electronic currency issued by the central bank to which "is not to replace cash, but to act as complement to it".<sup id="cite_ref-72" class="reference"><a href="#cite_note-72"><span class="cite-bracket">[</span>72<span class="cite-bracket">]</span></a></sup> Deputy Governor <a href="/wiki/Cecilia_Skingsley" title="Cecilia Skingsley">Cecilia Skingsley</a> states that cash will continue to spiral out of use in Sweden, and while it is currently fairly easy to get cash in Sweden, it is often very difficult to deposit it into bank accounts, especially in rural areas. No decision has been currently made about the decision to create "e-krona". </p><p>In her speech,<sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Manual_of_Style/Dates_and_numbers#Chronological_items" title="Wikipedia:Manual of Style/Dates and numbers"><span title="The time period mentioned near this tag is ambiguous. (May 2021)">when?</span></a></i>]</sup> Skingsley states: "The first question is whether e-krona should be booked in accounts or whether the ekrona should be some form of a digitally transferable unit that does not need an underlying account structure, roughly like cash." Skingsley also states: "Another important question is whether the Riksbank should issue e-krona directly to the general public or go via the banks, as we do now with banknotes and coins." Other questions will be addressed like interest rates, should they be positive, negative, or zero?<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (May 2021)">citation needed</span></a></i>]</sup> </p> <div class="mw-heading mw-heading3"><h3 id="Switzerland">Switzerland</h3></div> <p>In 2016, a <a href="/wiki/City_government" class="mw-redirect" title="City government">city government</a> first accepted digital currency in payment of city fees. <a href="/wiki/Zug,_Switzerland" class="mw-redirect" title="Zug, Switzerland">Zug, Switzerland</a>, added bitcoin as a means of paying small amounts, up to SFr 200, in a test and an attempt to advance Zug as a region that is advancing future technologies. In order to reduce risk, Zug immediately converts any bitcoin received into the Swiss currency.<sup id="cite_ref-dwf20160701_73-0" class="reference"><a href="#cite_note-dwf20160701-73"><span class="cite-bracket">[</span>73<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Swiss_Federal_Railways" title="Swiss Federal Railways">Swiss Federal Railways</a>, government-owned railway company of Switzerland, sells bitcoins at its ticket machines.<sup id="cite_ref-sbb.ch_74-0" class="reference"><a href="#cite_note-sbb.ch-74"><span class="cite-bracket">[</span>74<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="UK">UK</h3></div> <p>In 2016, the UK's chief scientific adviser, <a href="/wiki/Mark_Walport" title="Mark Walport">Sir Mark Walport</a>, advised the government to consider using a blockchain-based digital currency.<sup id="cite_ref-75" class="reference"><a href="#cite_note-75"><span class="cite-bracket">[</span>75<span class="cite-bracket">]</span></a></sup> </p><p>The chief economist of <a href="/wiki/Bank_of_England" title="Bank of England">Bank of England</a>, the central bank of the United Kingdom, proposed the abolition of paper currency. The Bank has also taken an interest in blockchain.<sup id="cite_ref-nytimes.com_58-4" class="reference"><a href="#cite_note-nytimes.com-58"><span class="cite-bracket">[</span>58<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-76" class="reference"><a href="#cite_note-76"><span class="cite-bracket">[</span>76<span class="cite-bracket">]</span></a></sup> In 2016 it has embarked on a multi-year research programme to explore the implications of a central bank issued digital currency.<sup id="cite_ref-econotimes.com_42-1" class="reference"><a href="#cite_note-econotimes.com-42"><span class="cite-bracket">[</span>42<span class="cite-bracket">]</span></a></sup> The Bank of England has produced several research papers on the topic. One suggests that the economic benefits of issuing a digital currency on a distributed ledger could add as much as 3 percent to a country's economic output.<sup id="cite_ref-nytimes.com_58-5" class="reference"><a href="#cite_note-nytimes.com-58"><span class="cite-bracket">[</span>58<span class="cite-bracket">]</span></a></sup> The Bank said that it wanted the next version of the bank's basic software infrastructure to be compatible with distributed ledgers.<sup id="cite_ref-nytimes.com_58-6" class="reference"><a href="#cite_note-nytimes.com-58"><span class="cite-bracket">[</span>58<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Adoption_by_financial_actors">Adoption by financial actors</h2></div> <p>Government attitude dictates the tendency among established heavy financial actors that both are risk-averse and conservative. None of these offered services around cryptocurrencies and much of the criticism came from them. "The first mover among these has been <a href="/wiki/Fidelity_Investments" title="Fidelity Investments">Fidelity Investments</a>, <a href="/wiki/Boston" title="Boston">Boston</a> based <a href="/w/index.php?title=Fidelity_Digital_Assets&action=edit&redlink=1" class="new" title="Fidelity Digital Assets (page does not exist)">Fidelity Digital Assets</a> LLC will provide enterprise-grade custody solutions, a cryptocurrency trading execution platform and institutional advising services 24 hours a day, seven days a week designed to align with blockchain's always-on trading cycle".<sup id="cite_ref-77" class="reference"><a href="#cite_note-77"><span class="cite-bracket">[</span>77<span class="cite-bracket">]</span></a></sup> It will work with <a href="/wiki/Bitcoin" title="Bitcoin">bitcoin</a> and <a href="/wiki/Ethereum" title="Ethereum">Ethereum</a> with general availability scheduled for 2019.<sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Manual_of_Style/Dates_and_numbers#Chronological_items" title="Wikipedia:Manual of Style/Dates and numbers"><span title="The date of the event predicted near this tag has passed. (January 2023)">needs update</span></a></i>]</sup> </p> <div class="mw-heading mw-heading2"><h2 id="Hard_vs._soft_digital_currencies">Hard vs. soft digital currencies</h2></div> <p>Hard electronic currency does not have the ability to be disputed or reversed when used. It is nearly impossible to reverse a transaction, justified or not. It is very similar to cash. Contrarily, soft electronic currency payments can be reversed. Usually, when a payment is reversed there is a "clearing time." A hard currency can be "softened" with a third-party service. </p> <div class="mw-heading mw-heading2"><h2 id="Criticism">Criticism</h2></div> <p>Many existing digital currencies have not yet seen widespread usage, and may not be easily used or exchanged. Banks generally do not accept or offer services for them.<sup id="cite_ref-78" class="reference"><a href="#cite_note-78"><span class="cite-bracket">[</span>78<span class="cite-bracket">]</span></a></sup> There are concerns that cryptocurrencies are extremely risky due to their very high <a href="/wiki/Volatility_(finance)" title="Volatility (finance)">volatility</a><sup id="cite_ref-79" class="reference"><a href="#cite_note-79"><span class="cite-bracket">[</span>79<span class="cite-bracket">]</span></a></sup> and potential for <a href="/wiki/Pump_and_dump" title="Pump and dump">pump and dump</a> schemes.<sup id="cite_ref-80" class="reference"><a href="#cite_note-80"><span class="cite-bracket">[</span>80<span class="cite-bracket">]</span></a></sup> Regulators in several countries have warned against their use and some have taken concrete regulatory measures to dissuade users.<sup id="cite_ref-81" class="reference"><a href="#cite_note-81"><span class="cite-bracket">[</span>81<span class="cite-bracket">]</span></a></sup> The non-cryptocurrencies are all <a href="/wiki/Centralized" class="mw-redirect" title="Centralized">centralized</a>. As such, they may be shut down or seized by a government at any time.<sup id="cite_ref-egold_82-0" class="reference"><a href="#cite_note-egold-82"><span class="cite-bracket">[</span>82<span class="cite-bracket">]</span></a></sup> The more anonymous a currency is, the more attractive it is to criminals, regardless of the intentions of its creators.<sup id="cite_ref-egold_82-1" class="reference"><a href="#cite_note-egold-82"><span class="cite-bracket">[</span>82<span class="cite-bracket">]</span></a></sup> bitcoin has also been criticised for its energy inefficient SHA-256-based <a href="/wiki/Proof_of_work" title="Proof of work">proof of work</a>.<sup id="cite_ref-hadc_83-0" class="reference"><a href="#cite_note-hadc-83"><span class="cite-bracket">[</span>83<span class="cite-bracket">]</span></a></sup> </p><p>According to <a href="/wiki/Barry_Eichengreen" title="Barry Eichengreen">Barry Eichengreen</a>, an economist known for his work on monetary and financial economics, "cryptocurrencies like bitcoin are too volatile to possess the essential attributes of money. Stablecoins have fragile currency pegs that diminish their utility in transactions. And central bank digital currencies are a solution in search of a problem."<sup id="cite_ref-84" class="reference"><a href="#cite_note-84"><span class="cite-bracket">[</span>84<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="List">List</h2></div> <div class="mw-heading mw-heading3"><h3 id="Non-cryptocurrencies">Non-cryptocurrencies</h3></div> <table class="wikitable sortable"> <tbody><tr> <th>Currency</th> <th>Code</th> <th>Year Est.</th> <th>Active</th> <th>Founder</th> <th><a href="/wiki/Monetary_base" title="Monetary base">Monetary base</a> (April 2013)</th> <th>Notes </th></tr> <tr> <td><a href="/wiki/Beenz" class="mw-redirect" title="Beenz">Beenz</a></td> <td></td> <td>1998</td> <td style="background:#FFC7C7;color:black;vertical-align:middle;text-align:center;" class="table-no">No</td> <td>Charles Cohen<sup id="cite_ref-85" class="reference"><a href="#cite_note-85"><span class="cite-bracket">[</span>85<span class="cite-bracket">]</span></a></sup></td> <td data-sort-value="" style="background: var(--background-color-interactive, #ececec); color: var(--color-base, inherit); vertical-align: middle; text-align: center;" class="table-na">—</td> <td> </td></tr> <tr> <td><a href="/wiki/E-gold" title="E-gold">e-gold</a></td> <td></td> <td>1996</td> <td style="background:#FFC7C7;color:black;vertical-align:middle;text-align:center;" class="table-no">No</td> <td>Gold & Silver Reserve Inc.</td> <td data-sort-value="" style="background: var(--background-color-interactive, #ececec); color: var(--color-base, inherit); vertical-align: middle; text-align: center;" class="table-na">—</td> <td> </td></tr> <tr> <td><a href="/wiki/Digital_Monetary_Trust#DMT_rand" class="mw-redirect" title="Digital Monetary Trust">Rand</a></td> <td></td> <td>1999</td> <td style="background:#FFC7C7;color:black;vertical-align:middle;text-align:center;" class="table-no">No</td> <td><a href="/wiki/James_Orlin_Grabbe" title="James Orlin Grabbe">James Orlin Grabbe</a></td> <td data-sort-value="" style="background: var(--background-color-interactive, #ececec); color: var(--color-base, inherit); vertical-align: middle; text-align: center;" class="table-na">—</td> <td>Not related to <a href="/wiki/South_African_rand" title="South African rand">South African rand</a> </td></tr> <tr> <td><a href="/wiki/Ven_(currency)" title="Ven (currency)">Ven</a></td> <td></td> <td>2007</td> <td style="background:#9EFF9E;color:black;vertical-align:middle;text-align:center;" class="table-yes">Yes</td> <td><a href="/wiki/Hub_Culture" title="Hub Culture">Hub Culture</a></td> <td data-sort-value="" style="background: var(--background-color-interactive, #ececec); color: var(--color-base, inherit); vertical-align: middle; text-align: center;" class="table-na">—</td> <td> </td></tr> </tbody></table> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2></div> <ul><li><a href="/wiki/Complementary_currency" title="Complementary currency">Complementary currency</a></li> <li><a href="/wiki/Automated_clearing_house" title="Automated clearing house">Automated clearing house</a></li> <li><a href="/wiki/Cashless_catering" title="Cashless catering">Cashless catering</a></li> <li><a href="/wiki/Cashless_society" title="Cashless society">Cashless society</a></li> <li><a href="/wiki/Community_Exchange_System" title="Community Exchange System">Community Exchange System</a></li> <li><a href="/wiki/Cryptocurrency_exchange" title="Cryptocurrency exchange">Cryptocurrency exchange</a></li> <li><a href="/wiki/Cryptocurrency_wallet" title="Cryptocurrency wallet">Cryptocurrency wallet</a></li> <li><a href="/wiki/Central_bank_digital_currency" title="Central bank digital currency">Central bank digital currency</a></li> <li><a href="/wiki/Digital_wallet" title="Digital wallet">Digital wallet</a></li> <li><a href="/wiki/E-commerce_payment_system" title="E-commerce payment system">E-commerce payment system</a></li> <li><a href="/wiki/Electronic_Money_Association" title="Electronic Money Association">Electronic Money Association</a></li> <li><a href="/wiki/Electronic_funds_transfer" title="Electronic funds transfer">Electronic funds transfer</a></li> <li><a href="/wiki/Local_exchange_trading_system" title="Local exchange trading system">Local exchange trading system</a></li> <li><a href="/wiki/Payment_system" title="Payment system">Payment system</a></li> <li><a href="/wiki/Private_currency" title="Private currency">Private currency</a></li> <li><a href="/wiki/Privacy" title="Privacy">Privacy</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-Al-Laham-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-Al-Laham_1-0">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free 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style="width:1%">Technology</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Blockchain" title="Blockchain">Blockchain</a></li> <li><a href="/wiki/Cryptocurrency_tumbler" title="Cryptocurrency tumbler">Cryptocurrency tumbler</a></li> <li><a href="/wiki/Cryptocurrency_wallet" title="Cryptocurrency wallet">Cryptocurrency wallet</a></li> <li><a href="/wiki/Cryptographic_hash_function" title="Cryptographic hash function">Cryptographic hash function</a></li> <li><a href="/wiki/Decentralized_finance#Decentralized_exchanges" title="Decentralized finance">Decentralized exchange</a></li> <li><a href="/wiki/Decentralized_finance" title="Decentralized finance">Decentralized finance</a></li> <li><a href="/wiki/Distributed_ledger" title="Distributed ledger">Distributed ledger</a></li> <li><a href="/wiki/Fork_(blockchain)" title="Fork (blockchain)">Fork</a></li> <li><a href="/wiki/Lightning_Network" title="Lightning Network">Lightning Network</a></li> <li><a href="/wiki/MetaMask" title="MetaMask">MetaMask</a></li> <li><a href="/wiki/Non-fungible_token" title="Non-fungible token">Non-fungible token</a></li> <li><a href="/wiki/Smart_contract" title="Smart contract">Smart contract</a></li> <li><a href="/wiki/Web3" title="Web3">Web3</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Consensus_(computer_science)" title="Consensus (computer science)">Consensus</a> mechanisms</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Proof_of_authority" title="Proof of authority">Proof of authority</a></li> <li><a href="/wiki/Proof_of_space" title="Proof of space">Proof of space</a></li> <li><a href="/wiki/Proof_of_stake" title="Proof of stake">Proof of stake</a></li> <li><a href="/wiki/Proof_of_work" title="Proof of work">Proof of work</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Proof_of_work" title="Proof of work">Proof of work</a> currencies</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/SHA-2" title="SHA-2">SHA-256</a>-based</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bitcoin" title="Bitcoin">Bitcoin</a></li> <li><a href="/wiki/Bitcoin_Cash" title="Bitcoin Cash">Bitcoin Cash</a></li> <li><a href="/wiki/Counterparty_(platform)" title="Counterparty (platform)">Counterparty</a></li> <li><a href="/wiki/LBRY" title="LBRY">LBRY</a></li> <li><a href="/wiki/MazaCoin" title="MazaCoin">MazaCoin</a></li> <li><a href="/wiki/Namecoin" title="Namecoin">Namecoin</a></li> <li><a href="/wiki/Peercoin" title="Peercoin">Peercoin</a></li> <li><a href="/wiki/Titcoin" title="Titcoin">Titcoin</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Ethereum" title="Ethereum">Ethash</a>-based</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Ethereum" title="Ethereum">Ethereum</a> (1.0)</li> <li><a href="/wiki/Ethereum_Classic" title="Ethereum Classic">Ethereum Classic</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Scrypt" title="Scrypt">Scrypt</a>-based</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Auroracoin" title="Auroracoin">Auroracoin</a></li> <li><a href="/wiki/Bitconnect" title="Bitconnect">Bitconnect</a></li> <li><a href="/wiki/Coinye" title="Coinye">Coinye</a></li> <li><a href="/wiki/Dogecoin" title="Dogecoin">Dogecoin</a></li> <li><a href="/wiki/Litecoin" title="Litecoin">Litecoin</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Equihash" title="Equihash">Equihash</a>-based</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bitcoin_Gold" title="Bitcoin Gold">Bitcoin Gold</a></li> <li><a href="/wiki/Zcash" title="Zcash">Zcash</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">RandomX-based</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Monero" title="Monero">Monero</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Dash_(cryptocurrency)#X11" title="Dash (cryptocurrency)">X11</a>-based</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Dash_(cryptocurrency)" title="Dash (cryptocurrency)">Dash</a></li> <li><a href="/wiki/Petro_(cryptocurrency)" class="mw-redirect" title="Petro (cryptocurrency)">Petro</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Other</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/AmbaCoin" title="AmbaCoin">AmbaCoin</a></li> <li><a href="/wiki/Firo_(cryptocurrency)" title="Firo (cryptocurrency)">Firo</a></li> <li><a href="/wiki/IOTA_(technology)" title="IOTA (technology)">IOTA</a></li> <li><a href="/wiki/Nervos_Network" title="Nervos Network">Nervos Network</a></li> <li><a href="/wiki/Primecoin" title="Primecoin">Primecoin</a></li> <li><a href="/wiki/Verge_(cryptocurrency)" title="Verge (cryptocurrency)">Verge</a></li> <li><a href="/wiki/Vertcoin" title="Vertcoin">Vertcoin</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Proof_of_stake" title="Proof of stake">Proof of stake</a> currencies</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Algorand" title="Algorand">Algorand</a></li> <li><a href="/wiki/Avalanche_(blockchain_platform)" title="Avalanche (blockchain platform)">Avalanche</a></li> <li><a href="/wiki/Cardano_(blockchain_platform)" title="Cardano (blockchain platform)">Cardano</a></li> <li><a href="/wiki/EOS.IO" title="EOS.IO">EOS.IO</a></li> <li><a href="/wiki/Ethereum" title="Ethereum">Ethereum</a> (2.0)</li> <li><a href="/wiki/Gridcoin" title="Gridcoin">Gridcoin</a></li> <li><a href="/wiki/Injective_(blockchain)" title="Injective (blockchain)">Injective</a></li> <li><a href="/wiki/Kin_(cryptocurrency)" class="mw-redirect" title="Kin (cryptocurrency)">Kin</a></li> <li><a href="/wiki/Nxt" title="Nxt">Nxt</a></li> <li><a href="/wiki/Peercoin" title="Peercoin">Peercoin</a></li> <li><a href="/wiki/Polkadot_(cryptocurrency)" class="mw-redirect" title="Polkadot (cryptocurrency)">Polkadot</a></li> <li><a href="/wiki/Solana_(blockchain_platform)" title="Solana (blockchain platform)">Solana</a></li> <li><a href="/wiki/Steemit" title="Steemit">Steem</a></li> <li><a href="/wiki/Tezos" title="Tezos">Tezos</a></li> <li><a href="/wiki/The_Open_Network" title="The Open Network">TON</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/ERC-20" class="mw-redirect" title="ERC-20">ERC-20</a> tokens</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Augur_(software)" title="Augur (software)">Augur</a></li> <li><a href="/wiki/Aventus_Protocol" class="mw-redirect" title="Aventus Protocol">Aventus</a></li> <li><a href="/wiki/Brave_(web_browser)#Basic_Attention_Token" title="Brave (web browser)">Basic Attention Token</a></li> <li><a href="/wiki/Chainlink_(blockchain)" title="Chainlink (blockchain)">Chainlink</a></li> <li><a href="/wiki/Kin_(cryptocurrency)" class="mw-redirect" title="Kin (cryptocurrency)">Kin</a></li> <li><a href="/wiki/KodakCoin" title="KodakCoin">KodakCoin</a></li> <li><a href="/wiki/Minds_(social_network)" title="Minds (social network)">Minds</a></li> <li><a href="/wiki/Polygon_(blockchain)" title="Polygon (blockchain)">Polygon</a></li> <li><a href="/wiki/Shiba_Inu_(cryptocurrency)" title="Shiba Inu (cryptocurrency)">Shiba Inu</a></li> <li><a href="/wiki/The_DAO_(organization)" class="mw-redirect" title="The DAO (organization)">The DAO</a></li> <li><a href="/wiki/Tron_(cryptocurrency)" class="mw-redirect" title="Tron (cryptocurrency)">TRON</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Stablecoin" title="Stablecoin">Stablecoins</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Dai_(cryptocurrency)" title="Dai (cryptocurrency)">Dai</a></li> <li><a href="/wiki/Diem_(digital_currency)" title="Diem (digital currency)">Diem</a></li> <li><a href="/wiki/Paxos_Trust_Company#Paxos_Standard" title="Paxos Trust Company">Pax</a></li> <li><a href="/wiki/Terra_(blockchain)" title="Terra (blockchain)">Terra</a></li> <li><a href="/wiki/Tether_(cryptocurrency)" title="Tether (cryptocurrency)">Tether</a></li> <li><a href="/wiki/USD_Coin" title="USD Coin">USD Coin</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Other currencies</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Chia_(cryptocurrency)" title="Chia (cryptocurrency)">Chia</a></li> <li><a href="/wiki/Filecoin" title="Filecoin">Filecoin</a></li> <li><a href="/wiki/Hashgraph" title="Hashgraph">HBAR (Hashgraph)</a></li> <li><a href="/wiki/Helium_Network" title="Helium Network">Helium</a></li> <li><a href="/wiki/Terra_(blockchain)" title="Terra (blockchain)">Luna</a></li> <li><a href="/wiki/MobileCoin" title="MobileCoin">MobileCoin</a></li> <li><a href="/wiki/Nano_(cryptocurrency)" title="Nano (cryptocurrency)">Nano</a></li> <li><a href="/wiki/NEO_(cryptocurrency)" title="NEO (cryptocurrency)">NEO</a></li> <li><a href="/wiki/SafeMoon" title="SafeMoon">SafeMoon</a></li> <li><a href="/wiki/Stellar_(payment_network)" title="Stellar (payment network)">Stellar</a></li> <li><a href="/wiki/WhopperCoin" title="WhopperCoin">WhopperCoin</a></li> <li><a href="/wiki/XRP_Ledger" title="XRP Ledger">XRP Ledger</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/List_of_cryptocurrencies#Inactive_currencies" title="List of cryptocurrencies">Inactive currencies</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bitconnect" title="Bitconnect">BitConnect</a></li> <li><a href="/wiki/Coinye" title="Coinye">Coinye</a></li> <li><a href="/wiki/KodakCoin" title="KodakCoin">KodakCoin</a></li> <li><a href="/wiki/OneCoin" title="OneCoin">OneCoin</a></li> <li><a href="/wiki/Petro_(cryptocurrency)" class="mw-redirect" title="Petro (cryptocurrency)">Petro</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Crypto service companies</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Hyperledger" title="Hyperledger">Hyperledger</a></li> <li><a href="/wiki/IQ.Wiki" class="mw-redirect" title="IQ.Wiki">IQ.Wiki</a></li> <li><a href="/wiki/Quahl" title="Quahl">Initiative Q</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related topics</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Airdrop_(cryptocurrency)" title="Airdrop (cryptocurrency)">Airdrop</a></li> <li><a href="/wiki/BitLicense" title="BitLicense">BitLicense</a></li> <li><a href="/wiki/Blockchain_game" title="Blockchain game">Blockchain game</a></li> <li><a href="/wiki/Complementary_currency" title="Complementary currency">Complementary currency</a></li> <li><a href="/wiki/Crypto-anarchism" class="mw-redirect" title="Crypto-anarchism">Crypto-anarchism</a></li> <li><a href="/wiki/Cryptocurrency_bubble" title="Cryptocurrency bubble">Cryptocurrency bubble</a></li> <li><a href="/wiki/Cryptocurrency_in_Nigeria" title="Cryptocurrency in Nigeria">Cryptocurrency in Nigeria</a></li> <li><a href="/wiki/Category:Cryptocurrency_scams" title="Category:Cryptocurrency scams">Cryptocurrency scams</a></li> <li><a class="mw-selflink selflink">Digital currency</a></li> <li><a href="/wiki/Decentralized_autonomous_organization" title="Decentralized autonomous organization">Decentralized autonomous organization</a></li> <li><a href="/wiki/Decentralized_application" title="Decentralized application">Decentralized application</a></li> <li><a href="/wiki/Distributed_ledger_technology_law" title="Distributed ledger technology law">Distributed ledger technology law</a></li> <li><a href="/wiki/Double-spending" title="Double-spending">Double-spending</a></li> <li><a href="/wiki/Environmental_impact_of_cryptocurrencies" class="mw-redirect" title="Environmental impact of cryptocurrencies">Environmental impact</a></li> <li><a href="/wiki/Initial_coin_offering" title="Initial coin offering">Initial coin offering</a></li> <li><a href="/wiki/Initial_exchange_offering" title="Initial exchange offering">Initial exchange offering</a></li> <li><a href="/wiki/List_of_cryptocurrencies" title="List of cryptocurrencies">List of cryptocurrencies</a></li> <li><a href="/wiki/Token_money" title="Token money">Token money</a></li> <li><a href="/wiki/Virtual_currency" title="Virtual currency">Virtual currency</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <b><a href="/wiki/Category:Cryptocurrencies" 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srcset="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/23px-Symbol_list_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/31px-Symbol_list_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <b><a href="/wiki/List_of_cryptocurrencies" title="List of cryptocurrencies">List</a></b></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"><style data-mw-deduplicate="TemplateStyles:r1259569809">.mw-parser-output .portalbox{padding:0;margin:0.5em 0;display:table;box-sizing:border-box;max-width:175px;list-style:none}.mw-parser-output .portalborder{border:1px solid var(--border-color-base,#a2a9b1);padding:0.1em;background:var(--background-color-neutral-subtle,#f8f9fa)}.mw-parser-output .portalbox-entry{display:table-row;font-size:85%;line-height:110%;height:1.9em;font-style:italic;font-weight:bold}.mw-parser-output .portalbox-image{display:table-cell;padding:0.2em;vertical-align:middle;text-align:center}.mw-parser-output .portalbox-link{display:table-cell;padding:0.2em 0.2em 0.2em 0.3em;vertical-align:middle}@media(min-width:720px){.mw-parser-output .portalleft{clear:left;float:left;margin:0.5em 1em 0.5em 0}.mw-parser-output .portalright{clear:right;float:right;margin:0.5em 0 0.5em 1em}}</style></div><div role="navigation" class="navbox" aria-labelledby="Medium_of_exchange" style="padding:3px"><table class="nowraplinks mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="3"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar 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href="/wiki/Axe-monies" title="Axe-monies">Axe-money</a> (W. Mesoamerica & N. Andes)</li> <li><a href="/wiki/Cocoa_bean" title="Cocoa bean">Cocoa bean</a> (Mesoamerica)</li> <li><a href="/wiki/Koku" title="Koku">Koku</a> (rice)</li> <li><a href="/wiki/Manilla_(money)" title="Manilla (money)">Manilla</a> (W. Africa)</li> <li><a href="/wiki/Precious_metal" title="Precious metal">Precious metals</a></li> <li><a href="/wiki/Quachtli" title="Quachtli">Quachtli</a> (cotton cloth)</li> <li><a href="/wiki/Salt" title="Salt">Salt</a> (Roman world)</li> <li><a href="/wiki/Shekel" title="Shekel">Shekel</a> (barley)</li> <li><a href="/wiki/Shell_money" title="Shell money">Shells</a></li> <li><a href="/wiki/Trade_beads" title="Trade beads">Trade bead</a></li></ul> </div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%">Domestic animals</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Water_buffalo" title="Water buffalo">Water buffalo</a> (SE Asia)</li> <li><a href="/wiki/Cattle" title="Cattle">Cow</a> (Hindu)</li> <li><a href="/wiki/Camel" title="Camel">Camel</a> (Arabia)</li> <li><a href="/wiki/Yak" title="Yak">Yak</a> (Tibet, China)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Representative_money" title="Representative money">Representative money</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bimetallism" title="Bimetallism">Bimetallism</a></li> <li><a href="/wiki/Gold_certificate_(United_States)" title="Gold certificate (United States)">Gold certificates</a></li></ul> </div></td></tr></tbody></table><div> </div></td><td class="noviewer navbox-image" rowspan="3" style="width:1px;padding:0 0 0 2px"><div><ul role="navigation" aria-label="Portals" class="noprint portalbox portalborder portalright"> <li class="portalbox-entry"><span class="portalbox-image"><span class="noviewer" typeof="mw:File"><span><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/32px-Bills_and_coins.svg.png" decoding="async" width="32" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/48px-Bills_and_coins.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/64px-Bills_and_coins.svg.png 2x" data-file-width="960" data-file-height="465" /></span></span></span><span class="portalbox-link"><a href="/wiki/Portal:Money" title="Portal:Money">Money portal</a></span></li></ul></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Money" title="Money">Money</a><br />(<a href="/wiki/Fiat_money" title="Fiat money">Fiat</a>/<a href="/wiki/Token_money" title="Token money">Token</a>)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bailment" title="Bailment">Bailment</a></li> <li><a href="/wiki/Banknote" title="Banknote">Banknote</a></li> <li><a href="/wiki/Central_bank_digital_currency" title="Central bank digital currency">Central bank digital currency</a></li> <li><a href="/wiki/Personal_property" title="Personal property">Chattel/movable property</a></li> <li><a href="/wiki/Cheque" title="Cheque">Cheque</a></li> <li><a href="/wiki/Clearing_(finance)" title="Clearing (finance)">Clearing</a> <ul><li><a href="/wiki/Cheque_clearing" title="Cheque clearing">Cheque clearing</a></li></ul></li> <li><a href="/wiki/Clay_tablet" title="Clay tablet">Clay token</a></li> <li><a href="/wiki/Coin" title="Coin">Coinage</a></li> <li><a href="/wiki/Currency" title="Currency">Currency</a></li> <li><a href="/wiki/Deposit_(finance)" title="Deposit (finance)">Deposit</a> <ul><li><a href="/wiki/Deposit_account" title="Deposit account">Deposit account</a></li></ul></li> <li><a href="/wiki/Legal_tender" title="Legal tender">Legal tender</a></li> <li><a href="/wiki/Notary" title="Notary">Notary</a></li> <li><a href="/wiki/Possession_(law)" title="Possession (law)">Possession</a></li> <li><a href="/wiki/Promissory_note" title="Promissory note">Promissory note</a></li> <li><a href="/wiki/Redemption_value" title="Redemption value">Redemption</a></li> <li><a href="/wiki/Safe" title="Safe">Safekeeping</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">General</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/List_of_historical_currencies" title="List of historical currencies">List of historical currencies</a></li> <li><a href="/wiki/Barter" title="Barter">Barter</a> <ul><li><a href="/wiki/Coincidence_of_wants" title="Coincidence of wants">Coincidence of wants</a></li></ul></li> <li><a href="/wiki/Bureau_de_change" title="Bureau de change">Bureau de change</a></li> <li><a href="/wiki/Central_bank" title="Central bank">Central bank</a></li> <li><a href="/wiki/Clearing_house_(finance)" title="Clearing house (finance)">Clearinghouse bank</a></li> <li><a href="/wiki/Savings_bank" title="Savings bank">Savings bank</a> <ul><li><a href="/wiki/Depository_institution" title="Depository institution">Depository institution</a></li></ul></li> <li><a href="/wiki/Mint_(facility)" title="Mint (facility)">Mint</a></li> <li><a href="/wiki/Ancient_Mesopotamian_units_of_measurement" title="Ancient Mesopotamian units of measurement">Akkadian standards of measurement</a> (<abbr title="circa">c.</abbr><span style="white-space:nowrap;"> 2150 BC</span>)</li> <li><a href="/wiki/Code_of_Hammurabi" title="Code of Hammurabi">Code of Hammurabi</a> (<a href="/wiki/Banker_(ancient)" title="Banker (ancient)">§100; §122–125</a>; c. 1750 BC)</li> <li><a href="/wiki/Metallism" title="Metallism">Commodity theory of money (Metallism)</a></li> <li><a href="/wiki/Credit_theory_of_money" title="Credit theory of money">Credit theory of money</a> <ul><li><a href="/wiki/Chartalism" title="Chartalism">Chartalism</a></li></ul></li> <li><a href="/wiki/Quantity_theory_of_money" title="Quantity theory of money">Quantity theory of money</a> <ul><li><a href="/wiki/Monetarism" title="Monetarism">Monetarism</a></li> <li><a href="/wiki/Market_monetarism" title="Market monetarism">Market monetarism</a></li></ul></li> <li><a href="/wiki/Standard_of_deferred_payment" title="Standard of deferred payment">Standard of deferred payment</a></li> <li><a href="/wiki/Store_of_value" title="Store of value">Store of value</a></li> <li><a href="/wiki/Unit_of_account" title="Unit of account">Unit of account</a></li> <li><a class="mw-selflink selflink">Digital currency</a> <ul><li><a href="/wiki/Cryptocurrency" title="Cryptocurrency">Cryptocurrency</a></li> <li><a href="/wiki/Digital_gold_currency" title="Digital gold currency">Digital gold currency</a></li> <li><a href="/wiki/Virtual_currency" title="Virtual currency">Virtual currency</a></li></ul></li> <li><a href="/wiki/Local_currency" title="Local currency">Local currency</a> <ul><li><a href="/wiki/Complementary_currency" title="Complementary currency">Complementary currency</a></li> <li><a href="/wiki/Sectoral_currency" title="Sectoral currency">Sectoral currency</a></li> <li><a href="/wiki/Time-based_currency" title="Time-based currency">Time-based currency</a></li></ul></li></ul> </div></td></tr></tbody></table></div> <style data-mw-deduplicate="TemplateStyles:r1130092004">.mw-parser-output .portal-bar{font-size:88%;font-weight:bold;display:flex;justify-content:center;align-items:baseline}.mw-parser-output .portal-bar-bordered{padding:0 2em;background-color:#fdfdfd;border:1px solid #a2a9b1;clear:both;margin:1em auto 0}.mw-parser-output .portal-bar-related{font-size:100%;justify-content:flex-start}.mw-parser-output .portal-bar-unbordered{padding:0 1.7em;margin-left:0}.mw-parser-output .portal-bar-header{margin:0 1em 0 0.5em;flex:0 0 auto;min-height:24px}.mw-parser-output .portal-bar-content{display:flex;flex-flow:row wrap;flex:0 1 auto;padding:0.15em 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