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What I learned most about my topic that surprised me the most was the change in the economy with digital currency. At first, with the bit of knowledge I had about the subject, I presumed that switching to digital currency would not be difficult since it is so convenient, but it's a lot more problematic. Banks generally control mainly everything concerning banking and play a significant role in our economy. If digital currency could put banks out of business, that could dissemble several functions in the economy.

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This topic is very relevant to me. I don't carry physical cash anymore and have not for a long time. All my purchases are made digitally through apple pay, e-transfers, or other features. I don't need my wallet anymore if I need to pay for gas or food. My life is starting to have some digital currency, and it will soon be a move only to be that type. I can say promptly all the topics covered apply to me.

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This image shows the Taxonomy of money based on Central Bank Crypto currencies just breaks it up into category's electronic you can use virtual currency, Central bank issued digital currency but also could be used on the electronic side and then Peer to Peer is Local currency or cash

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I appreciate this image. It is simple and implies numerous representations of the digital currency globe. It describes how much of an impact digital currency has made on the world. I chose this image because It's not a  prolonged created image. It's simple but brings out its meaning,

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What is digital currency and how do you use it? Digital currency is electronic money and its not available in bills or coins. Cryptocurrencies are a type of digital currency created using a computer algorithms. The most popular cryptocurrency is Bitcoin. Not one single organization creates digital currencies Digital currencies are based on a decentralized peer to peer network (P2P). Peers in this network are the people that take part in digital currency transactions, and their computers make up the network. You can use digital currencies to buy goods and services on the internet and in stores that accept it. You also buy and sell digital currency on open exchanges, called digital currency or cryptocurrency exchanges. an open exchange is similar to a stock market but to use digital currency you need to create a digital wallet to store your currencies and transfer them. you need a public and a private key to use your wallet keys are made up of random numbers and letters. Public keys are used to identify your wallet and private is used to unlock your wallet.

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This page is about cryptocurrencies, which are not issued or governed by a government or central bank.

Digital currency is electronic money. It's not available as bills or coins.

Cryptocurrencies are a type of digital currency created using computer algorithms. The most popular cryptocurrency is Bitcoin.

No single organization, such as a central bank, creates digital currencies. Digital currencies are based on a decentralized, peer-to-peer (P2P) network. The "peers" in this network are the people that take part in digital currency transactions, and their computers make up the network.

Using digital currencies

You can use digital currencies to buy goods and services on the Internet and in stores that accept digital currencies. You may also buy and sell digital currency on open exchanges, called digital currency or cryptocurrency exchanges. An open exchange is similar to a stock market.

To use digital currencies, you need to create a digital currency wallet to store and transfer digital currencies. You can store your wallet yourself or have a wallet provider manage your digital currency for you.

You need a "public key" and a "private key" to use your wallet. Keys are made up of a random sequence of numbers and letters.

Public keys are used to identify your wallet.

Private keys are used to unlock your wallet and access your money. Private keys should be kept secret.

All transactions are recorded to a public ledger or "blockchain" that everyone can see.

Digital currencies are not a legal tender

Digital currencies, such as Bitcoin or other cryptocurrencies, are not legal tender in Canada. Only the Canadian dollar is considered official currency in Canada.

The Currency Act defines legal tender.

Legal tender is defined as:

bank notes issued by the Bank of Canada under the Bank of Canada Act

coins issued under the Royal Canadian Mint Act

Digital currencies are not supported by any government or central authority, such as the Bank of Canada.

Financial institutions, such as banks or credit unions, don't manage or oversee digital currency.

Automated exchangers (Bitcoin ATMs)

Automated exchangers are commonly referred to as Bitcoin ATM s. They are vending machines that allow you to insert cash in exchange for bitcoins, and in some cases bitcoins for cash.

Unlike traditional ATMs, they are not connected to your bank, credit union or the Interac network. You may be charged a transaction fee for using a Bitcoin ATM. Shop around as exchange fees vary and you may be able to get lower rates elsewhere.

Generally, when you use a Bitcoin ATM, the machine:

reads the bills you insert

converts the amount into an amount of bitcoins

sends the equivalent of bitcoins to the Bitcoin address you enter

How tax rules apply to digital currency

Tax rules apply to digital currency transactions, including those made with cryptocurrencies. Using digital currency does not exempt consumers from Canadian tax obligations.

This means digital currencies are subject to the Income Tax Act.

Buying goods or services using digital currency

Goods purchased using digital currency must be included in the seller's income for tax purposes. GST/ HST also applies on the fair market value of any goods or services you buy using digital currency.

Buying and selling digital currency like a commodity

When you file your taxes you must report any gains or losses from selling or buying digital currencies.

Digital currencies are considered a commodity and are subject to the barter rules of the Income Tax Act. Not reporting income from such transactions is illegal.
Learn more about the Canada Revenue Agency's reporting requirements for digital currencies.​

Risks of using digital currency

Using digital currency has certain risks.

You may have fewer protections

You may not have access to a complaint-handling procedure like you would with other payment methods, such as debit and credit cards.

Even if you use a wallet provider to help you manage your digital currency, the provider does not have to help you get your funds back if something goes wrong with your transaction.

Your deposit is not insured

It's your responsibility to protect your digital currency wallet.

Federal or provincial deposit insurance plans don't cover digital currency.

For example, the Canada Deposit Insurance Corporation only covers eligible deposits in Canadian dollars at member financial institutions if the institution fails.

If the currency exchange or wallet provider that has your digital currency fails or goes bankrupt, your funds won't be protected.

Your investment may be high risk

Digital currencies can be risky investments because their value can change quickly. The value of a digital currency can increase or decrease over a very short period of time. Such changes in value can be difficult to predict.

When you exchange your digital currency for traditional currency, such as the Canadian dollar, it may be worth less than when you bought it.

You may have a hard time exchanging your digital currency

Digital currencies can be difficult to buy and use. You may not be able to exchange them easily for cash or to purchase goods and services.

Merchants don't have to accept digital currencies as payment. They don't have to exchange digital currencies for traditional currencies, such as the Canadian dollar.

You may be exposed to fraud

Digital currencies may be vulnerable to fraud, theft and hackers.

All transactions are recorded to a public ledger or "blockchain". The blockchain may include information such as transaction amounts, wallet addresses and the public keys of the sender and recipient.

Digital currencies are also sometimes used to support illegal activities.

Transactions are not reversible

Purchases and transactions made with digital currencies are not reversible.

This means:

you can't reverse the charges if you didn't receive the product

you can't get your money back unless the seller agrees

you might not be able to stop a payment

Tips for using digital currency

Here are a few tips to help you protect yourself when using digital currency.

Protect your wallet

Take steps to protect your wallet:

keep your wallet, and any backups, in a safe place

encrypt your wallet using encryption software

encrypt any copies you make or online backups

set a password to help prevent thieves from withdrawing your funds

use a strong password that contains letters, numbers and symbols

Know the merchant's refund, return and dispute policies

Before you make a purchase, find out:

what the exchange rate will be

if refunds are available

if refunds will be processed in digital currency, Canadian dollars or store credit

how to contact someone if there's a problem

Wait for multiple confirmations before completing a transaction

It can take 10 minutes or more for a digital currency transaction to be confirmed. Confirmation happens when users on the network verify the transaction. During that time, a transaction could be reversed and you could lose your funds to a dishonest user.

Understand what the actual costs will be

Find out if there are any mark-ups or other fees. Find out what will happen if the rate changes before the exchange is completed.

Think about the future

Consider what will happen if you fall ill or die and can no longer access your wallet.

If no one knows the locations and passwords of your wallets when you are gone, the funds can't be recovered.

Consider having a backup plan for your peers and family.

Related links

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personal finance; consumer protection; currency; banking; income tax; taxes

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This page is about cryptocurrencies, which are not issued or governed by a government or central bank. Digital currency is electronic money. It's not available as bills or coins. Cryptocurrencies are a type of digital currency created using computer algorithms. The most popular cryptocurrency is Bitcoin.

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Website #2 The future of Digital Currencies 

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Website #2 The future of Digital Currencies 

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Digital Currency has the potential to completely change how society thinks about money. The rise of bitcoin and Ethereum and thousands of other cryptocurrencies that exist in only electronic form has led global central banks to research how national digital currencies work. The future of cryptocurrency's are going to move towards central bank digital currency (CBDC) what is this you might ask. A central bank digital currency (CBDC) is a digital currency that would be issued and overseen by a country's central bank. think of it like Bitcoin, but if Bitcoin were managed by the Bank of Canada and had the full support of the Canadian government. A reason why i choose this website because its not like other websites it goes in depth and talks about a lot of things that other websites don't like the Disadvantages of Digital currency and How would Digital currency affect me. one thing i found useful on this website is how Digital currencies work around the world not just Canada so then I know how everything works if i want to move or go on vacation and use my digital currency in a different country.

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Digital currency has the potential to completely change how society thinks about money. The rise of Bitcoin, Ethereum and thousands of other cryptocurrencies that exist only in electronic form has led global central banks to research how national digital currencies might work.

What Is Digital Currency?

Digital currency is any currency that's available exclusively in electronic form. Electronic versions of currency already predominate most countries' financial systems. In Canada, for instance, the physical Canadian currency in circulation is less than 5% of the overall money supply; the remainder is held as commercial bank deposits that translate as data points on spreadsheets and other records tracking transactions among people and businesses.

What differentiates digital currency from the electronic currency currently in most bank accounts is that it never takes physical form. Right now, you could go to an ATM and turn an electronic record of your currency holdings into physical dollars. Digital currency, however, never takes physical form. It always remains on a computer network and is exchanged via digital means.

For example, instead of using physical dollar bills, you'd make purchases by transferring digital currency to retailers using your mobile device. Functionally, this may be no different than how you currently treat your money using payment apps like Wealthsimple Cash, Paypal or Apple Pay.

Following the successful launch of decentralized cryptocurrencies like Bitcoin and Ethereum, which store value but are not managed by any central authorities, governments and central banks around the world are researching the possibility of creating their own digital currencies, commonly known as central bank digital currencies.

What Is a Central Bank Digital Currency (CBDC)?

A central bank digital currency (CBDC) is a digital currency that would be issued and overseen by a country's central bank. Think of it like Bitcoin, but if Bitcoin were managed by the Bank of Canada and had the full backing of the Canadian government.

As of 2022, only a handful of countries and territories have a CBDC and many more are exploring central bank digital currencies or have plans to issue them. Some places CBDC is already available include the Central Bank of The Bahamas (Sand Dollar), the Eastern Caribbean Central Bank (DCash), the Central Bank of Nigeria (e-Naira) and the Bank of Jamaica (JamDex).

Are their plans for CBDC in Canada?

Canada's central bank, the Bank of Canada, has stated that they do not have plans to issue a digital currency any time soon. That said, they are researching digital currency systems and business models while working on building the capability to issue a digital version of the Canadian dollar (a CBDC).

Still, the final say on whether or not Canada will have a CBDC (and when it will be issued) is up to Parliament and the Government of Canada.

How Would a CBDC Work?

While an Canadian CBDC may be far off currently, Jim Cunha, senior vice president at the Federal Reserve Bank of Boston, shared how a CBDC or a digital dollar might work across the border in the U.S. A CBDC would function similar to actual cash, Cunha said. "If I gave you CBDC, it's as if I'm handing you physical money, like a $100 bill. You'd have that money in your account and it's yours. I couldn't take it back."

This is a key difference versus other forms of electronic payment today, such as PayPal. "If I send you money through PayPal, it's just a promise that money is coming. Your balance may show the funds, but money hasn't actually moved between banks yet."

Because of that, the transactions are not irrevocable and it's possible for the other party to reverse; there are 60 days when an ACH transfer can be potentially unwound. With transfers through CBDC, the funds would be sent close to instantly and the other party couldn't cancel after.

Another key advantage of a CBDC is that it could be deemed legal tender. That means all economic actors must accept it for any legal purposes. "You could pay your taxes with it. Anyone you owe debt to, like the bank or individuals, legally are required to take it," Cunha said.

This is in contrast to other digital currencies, which are not legal tender. Only certain vendors accept crypto directly, so people may need to convert their cryptocurrency into U.S. or Canadian dollars before making most transactions. When you use crypto as a form of payment, you also currently create a taxable event, which means you may owe capital gains taxes each time you purchase something with Bitcoin or Ether. This is in addition to any sales taxes. With a CBDC, you would only owe any applicable sales taxes, just like you do using physical currency.

How Have Digital Currencies Worked Around the World?

Despite the potential benefits of a Canadian CBDC, it still remains a concept for now. Around the world, other countries are a little further along with digital currencies such as the Bahamas' Sand Dollar, which launched in October 2020, and China's digital yuan, which is one of the largest CBDC programs, launching a pilot project in 2014.

"They are testing a pilot in five cities. They gave out millions in currency through lotteries just to prove it works," said Cunha. People who win the lottery receive free CBDC, which they can spend at local shops that accept it.

While it's not at national scale yet, once China has the platform ready, it will expand through banks and mobile providers, like Alipay. The central banks of China and UAE are also working on a project to use blockchain and CBDC for regional payments between nations. If these projects are a success, they could give more motivation for other nations to create their own CBDC.

Because of these trends, Lilya Tessler, head of Sidley's FinTech and Blockchain group, is optimistic about the future use of digital currencies. "We certainly will see mass adoption of digital currencies, but it is difficult to predict how it will look. A CBDC may replace the paper version of the U.S. dollar. At the same time, society may focus on mainstream adoption of a decentralized cryptocurrency."

Digital Currency Benefits

Faster payments. Using digital currency you can complete payments much faster than current means, like electronic fund transfers or wire transfers, which can take days for financial institutions to confirm a transaction.

Less expensive international transfers. International currency transactions are very expensive; individuals are charged high fees to move funds from one country to another, especially when it involves currency conversions. "Digital assets are disrupting this marketing by making it faster and less costly," said Andrew Kiguel, CEO of Tokens.com.

24/7 access. Existing money transfers often take more time during weekends and outside normal business hours because banks are closed and can't confirm transactions. With digital currency, transactions work at the same speed 24 hours a day, seven days a week.

Support for the unbanked and underbanked. It's estimated 10% to 20% of Canadians are either unbanked or underbanked, meaning they have limited access to everyday banking service. They end up paying costly fees to cash their paycheques and send payments to others through money orders or remittances. If Canada launched a CBDC, unbanked individuals could access their money and pay their bills without extra charges.

More efficient government payments. If the government developed a CBDC, it could send payments like tax refunds and child benefits to people instantly, rather than trying to mail them a cheque or using other methods.

Digital Currency Disadvantages

Too many currencies to navigate at the moment. The current popularity of cryptocurrency is actually a downside. "There are so many digital currencies being created across different blockchains that all have their own limitations. It will take time to determine which digital currencies may be appropriate for certain use cases, including whether some are designed to scale for mass adoption," said Tessler.

Takes effort to learn how to use them. Digital currencies require work on the part of the user to learn how to perform fundamental tasks, like how to open a digital wallet and properly store digital assets securely. For digital currencies to be more widely adopted, the system needs to get simpler.

Blockchain transactions can be expensive. Cryptocurrencies use the blockchain, where computers must solve complex equations to verify and record transactions. This takes considerable electricity and gets more expensive as there are more transactions. These would probably not exist for a CBDC, however, since it would likely be controlled by the central bank and the complex consensus processes are not needed.

Large swings in digital currency prices. Cryptocurrency prices and value can change suddenly. Cunha believes this is why businesses are reluctant to use it as a medium of exchange. "As a business, do I want to accept something that's volatile? What if I hold a Bitcoin for a week and it loses 20% of value?" With CBDC, though, the value is much stabler, like paper currency, and cannot fluctuate like this.

Developing a CBDC will take time and tax dollars. A Canadian CBDC is still hypothetical. If the government decides to create one, there will be costs associated with its development.

How Would Digital Currency Affect You?

If Canada adopts a digital currency, it would work as an alternative to cash but would also have the built-in advantage of quick money transfer since it's electronic. Cunha has a few ideas on what a similar digital currency for U.S. currency would look like for consumers across the border. "Our presumption is that it will be free or near free, like cash. Other private sector players may innovate on top of it and possibly add fees, but that has to be fleshed out more."

Even though a digital currency would be electronic, it still needs to be as accessible as cash. "Anyone should be able use it, not just those with the latest smartphones," Cunha said, suggesting chip-based cards, POS systems and web accounts as alternative ways to access the CBDC. He also believes a way to handle transactions offline will need to be developed, so two people could exchange CBDC even if they aren't on a cell or wifi network.

There's a lot to be done and a lot of industry input needed, Cunha admits, but it could be well worth the investment. "While no decision has been made to move past this research, I truly believe a CBDC should be fully investigated and holds great potential," he said. "Just think of the internet and how far it's come since the early days. With CBDC, the possibilities are endless."

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Digital Currency: The Future Of Your Money

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Digital currency has the potential to completely change how society thinks about money. The rise of Bitcoin, Ethereum and thousands of other cryptocurrencies that exist only in electronic form has led global central banks to research how national digital currencies might work. What Is Digital Cur

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Website #3 New era of digital currency on the 

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Website #3 New era of digital currency on the 

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This Article from Toronto writer Michelle Singerman is about how Canadian digital currency will soon become a regular specialty for Canadians. The article talks about the effectiveness CBDCs have in this popularity gain and why it is not suitable for CPAs in Canada.
The reason for picking this website is that it gave readers a look into CPAs perspectives and other people who are directly affected by this new path. Judging by whom Michelle interviewed, the writer wants us to judge for ourselves if we, as a civilization, want to move forward with this system and likely see CPAs and physical forms of currency fall. Regarding Canada, it goes to the government for a final decision.

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New era of digital currency on the horizon

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The Bank of Canada is examining a strategy for digitized banknotes. Here’s what CPAs need to know for now

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Website #4 Central Bank Digital Currency (CBDC) & Its impact on Economy

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Website #4 Central Bank Digital Currency (CBDC) & Its impact on Economy

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This website has a clear insight into the impact of Digital currencies and how CBDCs are primarily involved with the economy. It has vital definitions of digital currencies and has different points for the impact they will have on us.
This website has excellent information that is put together nicely for people new to the space. The site talks about currency, digital currency, and CBDCs separately and relates them together to show the distinction between each other. Valuable information I took from this site was that monetary transmission would improve with digital currency. The website demonstrates that if banks start issuing currencies that bear interest. The rate of direction for interest will mirror the market, and interest rates from there, interest will not incline. One point from many excellent ones this website shows.

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🔊 Listen to this Article

Background:
Payment systems are at core of the economic development. It supports financial stability and helps in financial inclusion. The endeavour of any central bank is to setup payment system which should be safe, secure, reliable, accessible, affordable and efficient.

With technological advancement in recent years, discussions on digital currencies are taking centre stage. These discussions are further fuelled by falling faith in the present payment system where banks act as intermediaries.

Historically, commercial banks have acted as an intermediary for payments. A bank deposit which is convertible into cash makes the current mode of settling transactions safe and attractive. It also provides stability as deposits are issued by banks under the licence of the sovereign issuer of currency. This payment system is called an account based payment system. The account based payment system favours banks as they have created their own walled garden around payments. By monetising the customers' information and low cost funds to provide a host of product offers to avoid customers to shop around, help banks to improve profitability.

Technologies have transformed financial markets and intermediation activities. With the development of new technologies like Machine Learning and Artificial Intelligence; & expansion of FinTech and BigTech companies in finance has accelerated digitalization of financial services. Adoption of digitalization is perceived to bring efficiency gains in payments and data processing. Hence there is a need to look for alternative payment systems which are more agile and efficient.
Currency, Digital Currency and CBDC
Currency
Money has an intrinsic value. It acts as a medium of exchange and to store value. Money can be in the form of commodities (Gold, Silver etc) or in the form of debt instruments as currency. Hence, Currency is essentially a debt instrument. It is a liability of the issuer and an asset for the holder of currency. In modern times, currencies are issued by Central Banks and it is a claim on the assets and resources of the country.

Digital Currency
Similar to physical currency, digital currency is a debt instrument issued in digital form. With advancement of technologies, private digital currencies are being issued and getting accepted by people despite having no underlying or credible issuer. Hence, it carries credit risk and its wider acceptance can destabilise the economic environment too.

Since private digital currencies can be used as a conduit for money laundering and terrorism financing, governments and regulators across the globe are keeping a close eye on its usage. Further, Private digital currencies can make monetary action by central banks ineffective and destabilize economies.

Central Bank Digital Currencies (CBDC)
A CBDC is a legal tender issued by a Central Bank in digital form. It is similar to fiat currency in usage. In other words, CBDC is a sovereign currency issued digitally.

Main objective of issuance of CBDC is to mitigate the threat posed by private digital currencies to economies. It will also improve efficiency and reduce cost of payment transactions by eliminating intermediation by banks, hence helping economies to increase financial inclusion.

Also Read | Cyber attacks can paralyse business activities and halt businesses - Harish Madaan

Though CBDC will bring efficiency by reducing cost and time to execute payment transactions, there are many concerns regarding design and structure of the currency. Should it be centralized or decentralized? Would it disrupt the existing banking system? Would it impact monetary transmission? How would data be protected? If cyber attacks happen, how would the continuity of payments be ensured? etc.

There are so many questions which need to be answered. I have put down some possible impacts of digital currencies.

1. Cashless economy: Digitalization will reduce cash in the economy that would help channelize the cash to support economic activities. It will help to formalize the economy that would result in higher income for the Government which could be used for development activities and also reduces Government's Fiscal Deficit.

2. Enhance Financial Inclusion: Financial Inclusion means businesses and individuals can access financial services at a reasonable cost. With the development of technologies, reaching corners of the countries at reasonable cost would be possible. Without opening a banking account, the financial system can be accessed by people that would enhance financial inclusion. Government programs to reach the intended section of societies can be monitored. With specific coding, intended use for currencies by beneficiaries of Government schemes can be monitored.

3. Improve monetary transmission: Increase in digitalization of payment would reduce cash circulation and make monetary transmission more effective. If central banks issue currencies which are interest bearing, this would further improve transmission as interest rate direction will be mirrored in the market. Further, there would be no lower bound for interest rates to push growth and fight disinflationary forces in the market.

Increase efficiency by incentivising innovation and competition:

Digital revolution is changing the payment landscape. Under CBDC, banks' intermediation as payment providers would be taken away. All transactions will be centralized. This will allow entry of new Fintech players to compete with legacy players like banks and card payment network providers. Innovation and technology development would result in long term improvements and it will also avoid monopolisation by payment providers.

Protect the payment system from the rise of private digital currency:

It will keep in check the rise of private digital currencies which are speculative in nature. Private digital currencies can do harm to nations as transactions go undetected on KYC and AML which may help to finance illicit and terrorist activities that can pose threat to society and economy.

1. Increase run on banks: Funds would be transferred byclick of button; any run on bank would be amplified. Hence Central Banks should be quick to provide liquidity support to banks.
2. Increase cost of funds for banks (Depends upon design of currency): Increase in competition will take away CASA from Banks. To support business activities, banks will rely on wholesale funding which will increase cost of funds. On the other hand, cash in circulation which is around Rs 30 Lakh crore (Rs 30 Trillion as on August 12, 2022) will be back to the banking channel and increase liquidity in the banking channel which may reduce cost for banks.

Cyber security is the most important aspect of designing digital currencies architecture and its implementation. With increase in digitalization, cyber attacks can disrupt payments which will put users' data privacy at stake. Further, it may shake consumers' faith in payment systems and can destabilize the economy.

Use of Digital currencies for Cross Border Transactions:

Digital currencies will eliminate intermediaries for payments. Since settlements will happen directly without intermediaries, it will reduce transaction time. Further, settlement will be available 24/7 and transaction cost will also be reduced. Some countries are using SWIFT to enforce financial sanctions on specific countries/persons, which impact them economically. With the usage of digital currencies for cross border transactions, it would be difficult to enforce such restrictions as transactions will be directly settled between Central Banks unlike the present payment system where transactions are settled through intermediaries like SWIFT.

Summary: Implementation of Digital Currencies will bring efficiencies in the payment system, but its impact on the banking system needs to be weighed carefully before designing the structure of the currency. Further, threats of cyber attacks are real and with the increase in digitalization it can paralyse the economy. Hence adequate safeguards need to be taken.
Views expressed in this article are the personal opinion of Harish Madaan, Director, Industrial and Commercial Bank of China Limited.
Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔ www.eletsonline.com/subscription/

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Central Bank Digital Currency (CBDC) & Its impact on Economy - Elets BFSI

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🔊 Listen to this Article Background: Payment systems are at core of the economic development. It supports financial stability and helps in financial inclusion. The endeavour of any central bank is to setup payment system which should be safe, secure, reliable, accessible, affordable and efficient.

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If you could pass on your knowledge to a family member or friend, what
do you think is the most important thing to pass on?
The most important thing i think i could pass on is actually knowing what it is because without knowing what digital currency is you will be lost and i would just explain to them as easy as possible that its a class of digital assets or wallet created using cryptographic techniques that enable people to buy, sell or trade them securely on a computer or cellphone and that its just a lot faster to complete payments than cash or credit/debit cards.

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video #1 What is Central Bank Digital Currency?

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video #1 What is Central Bank Digital Currency?

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This video talks about the general knowledge of digital currencies. It explains how it affects the world globally and how it gets documents. It also talks about CBDCs and how you use it. CDBC stands for Central Bank Digital Currencies, a type of digital currency used because of its advantages, one being that the money used goes back to the country's economy.
I chose this video because it gives those with little knowledge about digital currencies an idea of how it works. This video provides information about how our world is slowly leaning away from physical forms of money and how everyone's finances will soon go digital, which includes purchasing and transactions.

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Central Bank Digital Currency | Explainer Series | J.P. Morgan

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J.P. Morgan's website and/or mobile terms, privacy and security policies don't apply to the site or app you're about to visit. Please review its terms, privacy and security policies to see how they apply to you. J.P.

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Video #2 Why Central banks want to launch digital currencies

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Video #2 Why Central banks want to launch digital currencies

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summary, This video talks about why central banks want to launch digital currencies because it will improve payment systems, promote financial inclusion, protect against financial fraud and accelerate the transition to a cashless society. But Most Central banks are worried that widespread adoption of these crypto currencies could weaken their control over the financial system it would cause financial instability especially because crypto currencies do not have the legal or regulatory safe guards that central banks money does. that's why they might have to launch a digital currencies on their own. i choose this video because the go into detail on why they should create their own digital currencies and why they shouldn't talks about the advantages and disadvantages the risks of launching your own digital currencies. one piece of information i found useful was the Trust that the banks need to have for people to invest in their currency it will take months or even years to surpass this because the trust in private money is built on the trust in the currency. this video is different than others because it is talking about all central banks across the world that should do this not just Canada or USA, England.

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Why central banks want to launch digital currencies | CNBC Reports

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video #3 Could digital currencies put banks out of business?

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video #3 Could digital currencies put banks out of business?

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Canada has introduced digital currency for us, but people need to understand it to a full extent. A visualizing video on the future possibilities that digital currencies can present for us and how fractional reserve banking operates.
I chose this video because the majority of topics related to digital currencies are about how it is the future for us and mainly good introspection. However, this video by The Economist demonstrates how banks generate their money and how digital currencies can interfere with the bank's revenue. A thrilling piece of information that I came across from this video was how gold originally started as a place to store gold. It leads to the bank loaning gold bars to people and getting interest back from lending the gold.

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Could digital currencies put banks out of business?

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Video #4 Canada Looking to create digital consumer currency 

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Video #4 Canada Looking to create digital consumer currency 

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Summary, This video talks about Digital consumer currency and how a loony ca be transferred into a legal digital dollar and how close we are to getting their because most major banks in Canada are considering some form of digital currency within the next couple years. But the Bank of Canada hasn't made their mind up yet a few researchers have tried to propose it to the Bank of Canada. the more we get into the future the less we will see cash and more of debit or credit cards on your phone and obviously crypto. "Canada is one of the most cash free spenders in the world". The bank of Canada is  studying the proposes from 3 university's for a home grown digital currency it would work by using a app on a cellphone a user sets up secure e-wallet its authenticated through a government agency and then its ready to go the merchant establishes a digital transaction to accept the funds. the reason why i choose this video is because it talks about how the bank of Canada could move to digital currency and I'm all for that. a piece of information i found useful was the private information so no one knows who you are when doing transactions you are kept unknown on the digital side of currency. this video is different from others because it talks about Canada solely and what could affect us in our everyday life.

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Canada looking to create digital consumer currency

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Hello,
Welcome to the Digital currency information board where you will learn about digital currency and how its used and why its used over other currency's. wew ill display our information in videos, websites, images, etc. here a little bit about digital currency if your not so sure. A digital currency is a medium of exchange that is generated, stored and transferred electronically. Digital currencies are not typically associated with any country's government or represented in physical forms like the coins and notes of traditional currencies.