Digital Currency Replaces Legal Tender

Digital currencies, including crypto-currencies, will thrive. Governments are exploring frameworks and systems to regulate and manage digital currencies, which will make their ubiquity in our everyday financial vernacular more profound. Ecuador’s Congress recently approved a reform to create a digital currency, and the New York State Department of Financial Services is considering establishing virtual currency exchanges. The UK government is calling for information about the benefits and risks of digital currencies. We can expect digital currencies to be used interchangeably with legal tender, giving birth to a frictionless, agile, universal payment system that will expand beyond the current banking ecosystem.