Digital currency payment transfer in order to facilitate easy payment and give the payee more confidence in not letting go of their electronic wallet during the transaction. A cryptocurrency is a type of digital asset that relies on cryptography for chaining together digital signatures of asset transfers, peer-to-peer networking and decentralization. In some cases a proof-of-work or proof-of-stake scheme is used to create and manage the currency. Cryptocurrencies allow electronic money systems to be decentralized. The first and most popular system is bitcoin, a peer-to-peer electronic monetary system based on cryptography. A virtual currency has been defined in 2012 by the European
Currency War of 2009–11 to brand China as a currency manipulator from his first day of office. In October, Alan Beatie and Alice Ross for the "Financial Times" noted that the global trade imbalances which had driven the currency war have been sharply reduced. However, they suggest that without further reforms, the imbalances may soon widen again. They also note that Mantega once more raised the alarm about competitive devaluation, following the United States's launch of QE3 in September. In mid January 2013, Japan's central bank signaled the intention to launch an open ended bond buying programme which would likely devalue the yen. This