Definition ∞ Digital currencies are forms of money that exist solely in electronic or digital form, lacking a physical embodiment. They can be centralized, issued and controlled by a central authority like a government or central bank, or decentralized, operating on distributed ledger technology. These currencies facilitate transactions and store value within the digital realm.
Context ∞ The landscape of digital currencies is rapidly evolving, with central bank digital currencies (CBDCs) gaining significant attention alongside the continued development of decentralized cryptocurrencies. Current discourse centers on the potential economic and monetary policy implications of CBDCs, their design choices, and the interplay between public and private digital currency initiatives. Meanwhile, the utility and scalability of existing decentralized digital currencies remain subjects of active development and debate.
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