Digital currency bitcoin is a digital currency but also a type of virtual currency. Bitcoin and its alternatives are based on cryptographic algorithms, so these kinds of virtual currencies are also called cryptocurrencies. Most of the traditional money supply is bank money held on computers. This is also considered digital currency. One could argue that our increasingly cashless society means that all currencies are becoming digital, but they are not presented to us as such. Currency can be exchanged electronically using debit cards and credit cards using electronic funds transfer at point of sale. A number of electronic money systems use contactless
Sovereign Currency Act of 2018 Sovereign Currency Act of 2018 Sovereign Currency Act of 2018 is a statute of the Legislature of the Marshall Islands which was passed on February 26, 2018. The Act creates and issues a digital decentralized currency (“cryptocurrency”) that will be used as the legal tender of the Republic of the Marshall Islands (RMI). The Sovereign Currency Act of 2018 creates and issues the Sovereign (SOV) its own cryptocurrency. This would lower the dependence on the USD. There are plans for a portion of the cryptocurrency's revenue to go towards radiation-related health care needs following nuclear tests from 1946 to 1958.