Digital Currency

  Originally Published by   ProgressSoft Blogs   By Othman Darwish Traditional money today Money is a social institution that has evolved over millennia, with each form of money unequally serving one or more of the necessary functions as a reliable medium of exchange, unit of account, or store of value. None of the existing forms of money, however, have proven to satisfy all the necessary functions at once. For example, while electronic money is a convenient medium of exchange, it does not serve the function of being a reliable store of value, unlike gold or diamonds. Today, central banks provide these forms of money along with risk-free means of payments for the general public, banks and financial institutions. Traditionally, the general public can hold central bank money in the form of banknotes, whereas banks and financial institutions can hold central bank money in the form of electronic money in bank reserves. Coronavirus and the shift towards digital money With the growing demand