Currency is the money that each country owns or generates. Each of these currencies differs and is important for various things. With the rise in black money and corruption, currencies are being handled quite carefully. To be able to save that and reduce it, India came up with demonetization, which, although it did reduce corruption but did not remove it completely. The same way other countries are trying different methods for the same.
Most of the world now is digital, and so has our currency. People only use hard money, such as debit cards, credit cards, or online payment methods. Almost every payment and banking method has gone online. Even using debit and credit cards, people can pay online. With the rise of various payment applications such as PayPal, Google Pay, and more, the online payment modes have only gone up, and with it, the decrease in corruption and fraud. Surely, people are still scared of online modes of payment, but they are secure when done from the right website and trusted application.
Right now, we are living in a world where online rules and forex trading on invexeo has become part and parcel of it. Trading is another source of income for most of us and also an online payment source. When we say online payment, we mean Forex and cryptocurrency. Forex helps direct payment via a trading platform, and we all have surely heard about cryptocurrency! A cryptocurrency is an online form of currency that does not hold any actual value under the government or is licensed but is used as a means to transfer money from one person to another. Cryptocurrency is now, and people from all around the globe trade and invests in the same. But have you ever thought that this form of currency could be the future?
Well, the government is certainly thinking about it. Many government officials from different countries have thought of creating a cryptocurrency that is legal and approved by the government. They are thinking of creating a currency that all government collectively owns, called Central Bank Digital Currency (CDBC). This currency is already making the talks and seems to take over the world soon. This method of currency or money exchange will revolutionize even the current online payment modes. CBDC will make the money reach the other person when it has been issued, which is not the case with net banking. Net banking transfers money when the banks open like cheques, but cryptocurrency would work like cash and is easier to track. Therefore, this method seems foolproof and interesting to work with!
Currently, different government bodies are researching over the same technology and are trying to come with something this revolutionary. Let us hope that digital currency helps the government and us keep track of any fraud taking place or preventing it. We surely think digital currencies are to take over the world. What is your view?