Digital Currency: The Future of Money
Keywords:
digitalization, digital currency, virtual currency, money, cash, echash, digital money
Abstract
Digital currency is any currency that is available exclusively in electronic form. It has the potential to completely change how society thinks about money. It can reduce operating costs, increase efficiency, and enable a wide range of new applications. Digital currencies have become popular due to their convenient nature and for the fact that they allow users to transfer money quicker and in a simpler manner. However, many existing digital currencies have not yet seen widespread usage and banks generally do not accept or offer services for them. This paper provides an introduction to digital currencies.
References
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https://home.treasury.gov/system/files/136/Future-of-Money-and-Payments.pdf
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3. M. N. O. Sadiku, U. C. Chukwu, A. Ajayi-Majebi, and S. M. Musa, “Digitalization: A primer,” International Journal of Trend in Scientific Research and Development, vol. 6, no. 4, May- June 2022, pp. 1765-1773.
4. M. N. O. Sadiku, Y. Wang, S. Cui, and S. M. Musa, “A primer on blockchain,” International Journal of Advances in Scientific Research and Engineering, vol. 4, no. 2, February 2018, pp. 40-44.
5. T. Richards, “The future of payments: cryptocurrencies, stablecoins or central bank digital currencies?
https://www.rba.gov.au/speeches/2021/sp-so-2021-11-18.html
6. V. Kumar, “Charting the significance of programmable money in digital currency age,” November 2020,
https://www.analyticsinsight.net/charting-the-significance-of-programmable-money-in-digital-currency-age/
7. M. Chorzempa, “How are central bank digital currencies different from other payment methods?” April 2021,
https://www.piie.com/research/piie-charts/how-are-central-bank-digital-currencies-different-other-payment-methods
8. J. Frankenfield, “Digital currency types, characteristics, pros & cons, future uses,” April 2023,
https://www.investopedia.com/terms/d/digital-currency.asp
9. “Central bank digital currency: Central banking for all,”
https://www.bluechippartners.com/blog/central-bank-digital-currency-central-banking-for-all/
10. C. Look, “Central banks are getting serious about digital money,” October 2021,
https://www.bloomberg.com/news/articles/2021-10-26/central-banks-are-getting-serious-about-digital-money-map#xj4y7vzkg
11. “Different types of digital currency and their impact on the financial industry| infiniti research,” August 2018,
https://www.businesswire.com/news/home/20180810005169/en/Different-Types-of-Digital-Currency-and-Their-Impact-on-the-Financial-Industry-Infiniti-Research
12. D. Rodeck and M. Adams, “Digital currency: The future of your money,” February 2023,
https://www.forbes.com/advisor/investing/cryptocurrency/digital-currency/
13. “Risks to consumers posed by virtual currencies,” August 2014,
https://files.consumerfinance.gov/f/201408_cfpb_consumer-advisory_virtual-currencies.pdf
14. M. I. Agur, Digital Currencies and Energy Consumption. International Monetary Fund, 2022.
15. H. Halaburda, M. Sarvary, and G. Haeringer, Beyond Bitcoin: Economics of Digital Currencies and Blockchain Technologies. Palgrave Macmillan, 2nd ed., 2022.
16. D. L. K. Chen, Handbook of Digital Currency: Bitcoin, Innovation, Financial Instruments, and Big Data. Elsevier Science, 2015.
17. P. Mullan, The Digital Currency Challenge: Shaping Online Payment Systems Through U.S. Financial Regulations. Palgrave Macmillan, 2014.
18. Information Resources Management Association (ed.), Digital Currency: Breakthroughs in Research and Practice. IGI Global, 2018.
19. G. Soderberg et al., Behind the Scenes of Central Bank Digital Currency: Emerging Trends, Insights, and Policy Lessons. International Monetary Fund, 2022.
20. J. H. Matsuura, Digital Currency: An International Legal and Regulatory Compliance Guide. Bentham Science Publishers, 2016.
21. R. Aneja and R. Dygas (eds.), Digital Currencies and the New Global Financial System. Taylor & Francis, 2022.
Published
2023-09-30
How to Cite
Matthew N. O. Sadiku, Uwakwe C. Chukwu, & Janet O. Sadiku. (2023). Digital Currency: The Future of Money. International Journal on Economics, Finance and Sustainable Development, 5(9), 230-241. https://doi.org/10.31149/ijefsd.v5i9.4839
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