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
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