What Is Digital Currency?

P. Carl Mullan
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P. Carl Mullan: PDX Currency Corporation

Chapter 1 in The Digital Currency Challenge: Shaping Online Payment Systems through US Financial Regulations, 2014, pp 4-12 from Palgrave Macmillan

Abstract: Abstract Privately issued digital currency is value that circulates over the Internet. Digital currency provides an instantly clearing accessible method of transferring funds and conducting business on a global scale. It is a code or serial number representing value that is circulated online. Most often this represents a physical value stored offline. Other decentralized virtual currency systems such as Bitcoin circulate units with a value determined by the liquidity of market supply and demand. As smaller digital currency systems become more commercially accepted by retail users and merchants, these systems also tend to evolve into highly regulated enterprises. The most important part of any digital currency system is the point where digital units are swapped for national currency providing liquidity for consumers and merchants.

Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-38255-9_2

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DOI: 10.1057/9781137382559_2

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